According to a new report published by consumer intelligence research platform CivicScience, about 54% of investors have not sold their cryptocurrencies over the past few months.
Advertisement
Advertisement
However, roughly a fourth of cryptocurrency investors sold almost all of their holdings. Twenty percent of respondents only sold a small amount of crypto.
Unsurprisingly, there is a direct correlation between one's income and one's ability to hold onto a cryptocurrency stash. Those investors who earn more than $150,000 per year typically have a high level of conviction, with roughly 70% of them not selling anything over the past few months. Conversely, the majority of those whose annual income is below $50,000 did sell all or at least some of their holdings.
Tue, 07/26/2022 - 19:04
"Crypto King" Barry Silbert Hyping Up Ethereum's Merge Upgrade
The percentage of those who claim that cryptocurrency volatility affects their desire to invest in digital assets, such as Bitcoin, Dogecoin and Ethereum, has grown from 54% in January to 58% in July. This suggests that the recent crash made cryptocurrencies significantly less appealing to risk-averse investors.
Only a fifth of investors believe that crypto has not peaked in popularity, which once again confirms that it is currently in a bear market.
The top reason why investors are hesitant to get exposure to crypto is its perceived lack of legitimacy, according to 30% of the respondents.
Respondents are also reluctant to dip their toes into crypto because they do not understand it. Some are also concerned about its extreme volatility.
What's Next for XRP? Ripple CTO Set to Reveal Treasury Insights at Key Event
Will Dogecoin (DOGE) Price Rebound in November?
Crypto Market Prediction: Is Shiba Inu (SHIB) in Critical Condition? Ethereum (ETH) Bounce Must Happen, Bitcoin (BTC) Bounces Before $110,000
Major Date for XRP Holders Revealed, Michael Saylor Reacts to Bitcoin (BTC) Price Crash, Cardano (ADA) Confirms Death Cross — Crypto News Digest
Dan Burgin
Vladislav Sopov
U.Today Editorial Team