The crypto bear market is directly impacting the still very new industry, with Bank of America reporting a more than 50% drop in the number of active crypto users between its peak of one million in November and just 500,000 users in May.
"The Bank of America survey of the U.S. general population found that sentiment towards cryptocurrencies soured between April and June, with a rise from 21% to 30% in those saying they haven't invested and have no plans to do so," the bank said."Relatively few people view crypto assets as a reliable long-term investment."The 2022 crypto winter saw Bitcoin fall more than 70% from its November all-time highs, last trading just below $20,000.
And given how much attention crypto has been getting over the past couple of years, a surprising statistic was that nearly 70% of the U.S. population has not invested or is not interested in crypto. Between April and June, there was also a jump in respondents who had"very negative" reactions to cryptocurrency. On the other hand, there was a decline in those who were"very" or"somewhat positive."
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