Active Crypto Users at Bank of America Fall by More Than 50% in a Bear Market

September 7, 2022

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Active Crypto Users at Bank of America Fall by More Than 50% in a Bear Market

The Central Bank of America reported that the number of customers actively working on encryption users decreased by more than 50 % in November last year. In addition, the bank shows that its data is “hard on encrypted websites”, “consumers kill their net investments in encryption operating systems.” Last November, the US Central Bank released a report last week, indicating a sharp decrease in the number of active encryption users. This bank explained:

Anonymous Bank’s internal customer data shows a sharp drop of more than 50% in the number of active cryptocurrency users from a peak of more than 1 million users in November 2021 to less than 500,000 in May. “We also found that‘ first-time ’users, customers who were dealing with the crypto platform without actually transacting, fell sharply,” the report added. Bank of America also noted that only about 33,000 customers made the first time with the cryptocurrency in May, down from 87 percent from 267,000 first-time users last October.

Additionally, Bank of America report details: Our data also show that outflows to crypto platforms have also sharply been reduced and now equal to outflows. In dollars, it reached $ 2.9 billion at the end of 2021 and fell to about $ 1 billion in May 2022, the bank said. In June, Bank of America released the results of a survey that found 91 percent of more than 1,000 current and potential U.S. crypto investors plan to buy more digital assets in the next six months. Also, nearly 40 percent of respondents indicated that they use digital currency as a means of payment. The bank’s research team noted at the time: “Overall, despite sharp corrections in valuations of cryptocurrencies, our findings suggest that consumer interest in the sector remains strong.”

Read more: Dogecoin payments will be accepted for rides on the Las Vegas Transit System Loop by Elon Musk’s Boring Company.

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