Crypto Costs Would possibly Not Be Boosted By Mainstream Acceptance–Goldman Sachs – Tech Instances

Advertisements

RJ Pierce, Tech Times 28 January 2022, 07:01 am

Crypto prices have gone down an insane amount in recent times, sending a lot of investors on a spiral to liquidate their assets before everything crumbles. But even if the world is accepting these digital currencies more and more, there’s not a lot of confidence that their prices would be boosted.

(Photo : Executium via Unsplash)

This was the conclusion of Goldman Sachs, which believes that investors should remain “skeptical” that cryptocurrency adoption could result in higher prices overall, as reported by Bloomberg.

They were also mentioning how several central banks around the world (as well as the US Federal Reserve) are moving to tighten their monetary policies, which basically helped cause the crypto market to shrink to just around half of its peak ($1.76 trillion from over $ 3 trillion) late last year.

This news comes after the recent big crypto price crash, which saw the likes of Bitcoin and Ethereum go down in value by roughly half.

As of the moment, Bitcoin stands at around $36,500 US, a far cry from its peak of almost $70,000 in November. Ethereum, on the other hand, is down to roughly $2,400, from its peak of $4,300.

But it wasn’t all bad. It seems that prices have rebounded just a bit, according to Mint. This included both Bitcoin and Ethereum alongside other coins like Dogecoin, Solana, XRP, Stellar, Cardano, Polygon, and Avalanche.

All of these coins traded with slight gains over the past 24 hours (before the time of this writing), and the only ones that declined were Terra and Uniswap.

There were numerous reasons for the massive price crash, but most analysts agree that it is due to how governments around the world have been viewing cryptocurrency as a whole.

For instance, some point to the Russian Central Bank’s proposal to ban all crypto trade, as well as China’s hard crackdown on crypto mining, trading, and operations. These situations basically forced miners and investors to move their trade elsewhere, where regulations are a bit lighter.

Crypto mining china

(Photo : STR/AFP via Getty Images)
This photo taken on April 1, 2021 shows a worker adjusting cryptocurrency mining rigs at a cryptocurrency farm in Dujiangyan in China’s southwestern Sichuan province.

So read: With The Recent Crypto Price Crash, Is It Still Worth Investing In Cryptocurrency? Here’s What You Should Know

Adoption Is Still Growing Despite Decrease In Crypto Prices

Cryptocurrency used to be a fringe thing, with only a handful of people dabbling in it. But as per a recent survey by Pew Research, more people have been entering the fray, especially in the United States.

They revealed that at least 16% of Americans have invested in some form of crypto, with most of them being younger men aged between 18 to 29 years old. This data comes from a total of 10,731 adult individuals who Pew recruited at random.

As for testing, the crypto firm Triple A has discovered that there are now over 300 million cryptocurrency users globally. The Asian continent leads the entire world in terms of adoption (160 million users), followed by Europe (38 million), Africa (32 million), and North America (28 million).

The Beginner's Guide to Crypto Mining

(Photo : Pexels)

Related: Top 10 Most Promising Crypto Projects in 2022

This article is owned by Tech Times

Written by RJ Pierce

ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire Stellar

Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire

MIAMI, May 25, 2022 (GLOBE NEWSWIRE) -- BankLine announced a Master Licensing Agreement with...

By wpadminsonic164
Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds Stellar

Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds

The digital asset offering is provided by Apex Crypto LLC, which takes care of...

By wpadminsonic164
Cryptocurrencies Now Serving to Discover Area with Unistellar Telescopes – BlockTribune Stellar

Cryptocurrencies Now Serving to Discover Area with Unistellar Telescopes – BlockTribune

Cryptocurrencies Now Helping Explore Space with Unistellar Telescopes Announcements, News, Now Accepting | February...

By wpadminsonic164
What are altcoins and the way are they totally different from Bitcoin?  – Life-style Asia Stellar

What are altcoins and the way are they totally different from Bitcoin? – Life-style Asia

When Bitcoin was launched in 2009, it raised eyebrows and evoked a sense of...

By wpadminsonic164
How To Purchase Stellar Lumens (XLM) • Benzinga Crypto – Benzinga Stellar

How To Purchase Stellar Lumens (XLM) • Benzinga Crypto – Benzinga

Want to jump straight to the answer? You can buy XLM on Coinbase and...

By wpadminsonic164
Stellar (XLM/Lumens): A Complete Information – GOBankingRates Stellar

Stellar (XLM/Lumens): A Complete Information – GOBankingRates

Ridofranz/Getty Images/iStockphoto Stellar's XLM is just one of many crypto assets and payment exchanges...

By wpadminsonic164
Intuit’s income are so great it’s an outrage – Protocol Stellar

Intuit’s income are so great it’s an outrage – Protocol

Good morning, and welcome to Protocol Fintech. This Wednesday: Intuit's strong earnings, Adam Neumann's...

By wpadminsonic164
Bearish-Rated Stellar (XLM) Falls Friday to $0.1969621888 – InvestorsObserver Stellar

Bearish-Rated Stellar (XLM) Falls Friday to $0.1969621888 – InvestorsObserver

Stellar (XLM) gets a bearish rating from InvestorsObserver Friday. The coin is down 4.3%...

By wpadminsonic164

Latest Posts

[NEXT 6 HOURS] TIME IS TICKING for BITCOIN!!!!! BITCOIN Worth Prediction 2021 // Bitcoin Information At the moment Videos

[NEXT 6 HOURS] TIME IS TICKING for BITCOIN!!!!! BITCOIN Worth Prediction 2021 // Bitcoin Information At the moment

Bitcoin News Today - [NEXT 6 HOURS] TIME IS TICKING for BITCOIN!!!!! BITCOIN Price...

By wpadminsonic164
Raoul Pal – This Is The Bitcoin Market State of affairs Proper Now Videos

Raoul Pal – This Is The Bitcoin Market State of affairs Proper Now

We have partnered up with Delta to bring your personal investments to the next...

By wpadminsonic164
Torrential slide Vs. Polkadot (2022 Edition) – Securities.io Polkadot

Torrential slide Vs. Polkadot (2022 Edition) – Securities.io

The evolution of the crypto market can be seen in today's top-performing networks. Understanding...

By wpadminsonic164
Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire Stellar

Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire

MIAMI, May 25, 2022 (GLOBE NEWSWIRE) -- BankLine announced a Master Licensing Agreement with...

By wpadminsonic164
Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice Bitcoin

Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice

On Monday, the multinational investment bank and financial services company Goldman Sachs disclosed it...

By wpadminsonic164
Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds Stellar

Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds

The digital asset offering is provided by Apex Crypto LLC, which takes care of...

By wpadminsonic164
Cardano

Crypto Value Evaluation Jan-28: Ethereum, Ripple, Cardano, Solana, and Luna – CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Luna,...

By wpadminsonic164
Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics Binance

Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics

Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, has activated the street...

By wpadminsonic164