This is a bad phase for short-term Bitcoin holders to expect profit from the downfall of Bitcoin
Bitcoin! The most popular cryptocurrency in millions of crypto wallets across the world. It is highly profitable for long-term Bitcoin holders. But is it for the short-term Bitcoin holders? The major drop in the cryptocurrency price of Bitcoin has affected their crypto wallets in recent times. These short-term Bitcoin holders are concerned about whether to do a Bitcoin sell-off in this highly volatile cryptocurrency market. Sell-off cryptos tend to affect crypto wallets, according to the cryptocurrency price situation in the cryptocurrency market.
Since the Bitcoin price has been crashed down to US$32,068.66 on May 10, 2022. Sell-off cryptos is a popular option for crypto investors to eliminate the loss in crypto wallets. The highly volatile cryptocurrency market is not offering any guarantee of when this bad phase will end for Bitcoin. This cryptocurrency has hit the lowest level since July. It is down more than 50% from its highest recorded price of reaching US$68k in November 2021.
Thus, short-term Bitcoin holders are opting for sell-off cryptos for the impact of the downhill of the blue-chip Dow Jones Industrial Average. Short-term Bitcoin holders are on the edge for the sell-off cryptos to save returns in their crypto wallets. The popular cryptocurrency has again disappointed millions of Bitcoin holders and they want to shift to stable coins in the future.
They are more concerned because the UST (Terra) which is known for being a stablecoin has lost one peg of the US dollar in recent times. It is known that the short-term Bitcoin holder bases indicate the current changing market conditions efficiently. The huge sell-off of cryptos happened among a particular range of short-term Bitcoin holders— one day to six months of Bitcoin in crypto wallets.
That being said, it is highly beneficial for short-term Bitcoin holders to consider sell-off cryptos like Bitcoin because they are not predicting any profit from this cryptocurrency in the nearby future. Bitcoin is below the US$35K range whereas it should have reached US$50k at this point in the highly volatile cryptocurrency market.
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Report: The Metaverse Might Contribute $320 Billion To Latam’s GDP In The Next 10 Years
A new report indicates that the metaverse might be a significant factor in the growth of economies in Latam and the world in the coming decade. The study, issued by Analysis Group, estimates that Latam might benefit from a surge of $320 billion or an approximate 5% of its GDP, in the next 10 years. This is the biggest percentage share of GDP of the regions in the study’s projection.
Analysis Group’s Metaverse Report
The metaverse is becoming a subject of intense focus in crypto and business at large, and many companies are already projecting the impact that it might have in several countries and areas in the future. In a recent report titled “The Potential Global Economic Impact of the Metaverse” issued by international economic consulting firm Analysis Group, the opportunities that the emergence of the metaverse could open in the next ten years are examined, assuming “adoption begins in 2022.”.
In the document, the researchers compare the rise of the metaverse with mobile technologies and examine the growth as if this new technology were to evolve in a similar way. This industry was selected “because of similarities to the metaverse in the way it combined existing and nascent innovations to fundamentally alter global technological and economic landscapes.”
Major Latam Growth and GDP Estimates
According to the report, the metaverse and its related activities have the potential of representing 5% of the GDP of Latam in the tenth year after adoption begins (2022), contributing $320 billion to the economies of the area. The report also projects that the growth in Latam will be the biggest percentage-wise, while the APAC region would have the biggest growth volume-wise, representing more than $1 trillion of its GDP.
Globally, the study estimates that the metaverse will generate $3.01 trillion, becoming more than 2% of the GDP of the world ten years from now. Per the report, this growth will only happen if the sector reaches its expected potential, having “far-reaching applications, with the potential to transform a wide range of economic sectors such as education, health care, manufacturing, job training, communications, entertainment, and retail.”
Other companies have also predicted the possible impact of this new activity and the economic opportunity it will present for different industries in the future. Grayscale, one of the leading cryptocurrency asset managers, estimated that the metaverse might become a $1 trillion business opportunity in the future. Goldman Sachs also predicts the metaverse will be an $8 trillion opportunity. JPMorgan has stated that this $1 trillion market “will likely infiltrate every sector.”
What do you think about Analysis Group’s metaverse report? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
ECB Survey Finds 10% Of Eurozone Households Own Crypto Assets
One in every 10 households in six eurozone countries has acquired cryptocurrencies, the European Central Bank (ECB) has found with a new survey. While the richest are most likely to own crypto assets, poor families are not far behind, the poll indicates.
Dutch Households Lead in Terms of Crypto Ownership, ECB Survey Shows
Every tenth eurozone household has purchased bitcoin or other cryptocurrencies, according to the latest Consumer Expectations Survey conducted by the European Central Bank (ECB). Europe’s financial authorities are now trying to establish if the crypto market downturn could affect household budgets, Reuters reported.
The results from the latest edition of the monthly poll were announced Tuesday. The study reveals that an average of 10% of the households in six participating eurozone countries hold crypto assets. Among them, the Netherlands had the largest proportion of crypto owners at 14% while France ranked last with just 6%.
Some 37% of the respondents said they were holding up to 999 euros worth of cryptocurrency (approx. $1,070 at the time of writing), the monetary authority detailed, and 29% had between 1,000 euros and 4,999 euros. Another 13% owned between 5,000 euros and 9,999 euros. The balance had invested more than that, the report unveils.
Across these nations – Belgium, France, Germany, Italy, the Netherlands, and Spain – the richest 20% of the polled were most likely to own cryptocurrencies. At the same time, a greater proportion of lower-income households hold digital assets than the segment between the two groups.
The authors of the survey have also noted that young adult males and highly educated people were more inclined to invest in crypto. “With regard to financial literacy, respondents who scored either at the top level or the bottom level in terms of financial literacy scores were highly likely to hold crypto assets,” the ECB pointed out.
The eurozone’s central bank didn’t miss the opportunity to reiterate its stance that cryptocurrencies are unsuitable for retail investors. The regulator also called on EU authorities to urgently approve new rules for crypto assets in the 27-member bloc. The data has been published as part of ECB’s Financial Stability Review as European legislators are working to finalize the Markets in Crypto Assets (MiCA) legislation.
Tags in this story
Central Bank, Consumers, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, data, ECB, EU, European Union, Eurozone, Expectations, households, Legislation, Poll, Regulation, study, Survey
What do you think about the findings in the ECB’s Consumer Expectations Survey? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Bitcoin Price Could Fall To $8,000, Says Guggenheim CIO
Hearing more negative speculation would be unpleasant for the investors as the recent bloodbath’s catastrophic effects already slowed down crypto markets. But unfortunately, an expert predicted Bitcoin would go far below.
Scott Minerd, Chief officer at Guggenheim Partners, a global investment and advisory firm handling $325 billion under its management, speculated that the Bitcoin price could plummet to $8,000. He is the same man who once said in December that “Bitcoin price should be $400,000.”
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The speculation refers to a nearly 70% drop from today’s price of BTC, fluctuating around $30,000.
BTC Could Fall With The Fed Being Restrictive
Speaking with the CNBC’s Andrew Ross Sorkin in an interview held on Monday at World Economic Forum, Switzerland, he said;
When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive.
Minerd highlighted the relationship between BTC price and Fed regulation and tightening policies.
Following its previous high of November 10, when BTC’s price marked $69,044, it decreased by around 58% of its value.
“Most of these currencies, they’re not currencies, they’re junk,” he added, saying that “I don’t think we’ve seen the dominant player in crypto yet.”
Comparing the current situation with the dotcom bubble of the early 2000s, he said;
“If we were sitting here in the internet bubble, we would be talking about how Yahoo and America Online were the great winners,” adding that “Everything else, we couldn’t tell you if Amazon or Pets.com was going to be the winner.”
In addition, he urges that digital currency is required to store value. As well as, become a medium of exchange and a unit of account. “I don’t think we have had the right prototype yet for crypto,” said Minerd.
Investors Seem Hesitant To Buy Bitcoin Dips
The collapse of stablecoins, including TerraUSD (UST) and its fellow token Luna, has caused the market to suffer a severe blow.
Edward Moya, an analyst from the well-known forex and CFD trading platform of America, OANDA, has commented that Bitcoin prices are steadied even with the broad risk rally on Wall Street. He added;
It looks like most crypto traders are hesitant to buy the dip. Which most likely means that the bottom has not been made.
Moreover, Moya talked about the European Central Bank President Christine, who previously said digital currencies are “worth nothing.”
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“It is unlikely that any head of a central bank will endorse bitcoin or the other top coins. Especially as we are years away from a digital euro or dollar,” Moya stated. “It looks like bitcoin won’t really attract massive inflows. Until investors believe most major central banks are nearing the end of their tightening cycles.”
He speculated that giant coin prices will possibly remain choppy this summer.
Featured image from Pixabay and chart from TradingView.com
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