More Brits adults buy cryptocurrency than stocks
As many as 7% of British adults have bought cryptocurrencies in the previous year compared to adults who invested in stocks and shares ISAs, according to a recent survey by financial firm AJ Bell (individual savings accounts).
According to the study, people in the UK have developed a greater inclination to invest in cryptocurrency stocks compared to other asset classes due to high price, such as equities and investment trusts.
According to a financial expert at AJ Bell Laith Khalaf, when more people are buying cryptocurrencies than investing in a stock market ISA, this implies that the globe is definitely on the crypto bandwagon.
Britain’s crypto investors are mainly male and in their early thirties, according to the study. For every one respondent who said they had bought cryptocurrency assets, four said that they had made a profit, and one reported a loss in the previous year. Meanwhile, 17% of investors who reported having gained money or lost money say they were unaware if they had made a profit or loss with their crypto investments.
Read More: Bitcoin rises above $64,000 beating its own records
In contrast, a March survey by the UK think tank Parliament Street found that 52% of the 2,000 survey respondents were more likely to invest in traditional assets, like gold, and the stock market than in cryptocurrency stocks. One-third of those who participated responded that they will not invest in crypto because they felt they “missed the boat.”
Cryptocurrency Stocks Price
Following global regulatory crackdowns and environmental concerns, the price of bitcoin has been broken through the $36,000 support level. While down more than 5% on Saturday, cryptocurrencies were trading at $35,697 each as of press time.
From April’s record high of about $65,000 a token, its value has almost half. Many traders believe that the next halt on the way down will be $32,500, the current low price.
Bitcoin’s correction comes on the heels of a week in which traditional markets had yet another day of decline, as the US Federal Reserve expressed concerns about interest rate hikes being sooner than planned.
Regulatory measures tightening in China have put pressure on their prices as well.
“The death cross,” also known as the “continuous price fall,” occurs when the 50-day moving average (also known as the ‘is’ average) is below the 200-day moving average (also known as the ‘going forward’ average).
This could be a precursor to a huge stock sell-off. The value of bitcoin may enter a bear market if that happens.
Read More: Bitcoin faces crash in a record 19-hour weekend
Despite Bitcoin’s past mortality, which has resulted in 70% losses in 2018 and 47% losses in 2019, greater price falls are on the horizon. The deaths in 2020 occurred after the Covid pandemic-induced market meltdown in March, shortly after which the market crashed again.
A study claims that bitcoin would fall to $20, with a looming bearish cross-over happening between the 50-day moving average and the 200-day moving average, according to ITI Capital chief of markets Stephen Kelso.
Ulrik Lykke, the executive director of ARK36, a crypto hedge fund, explained in a CNBC interview that “Following a deluge of news, the crypto markets are processing a cascade of bears.”
