Key Takeaways
- Grayscale found out that over 25% of US households questioned possess Bitcoin.
- Major digital currencies were falling in price on Monday Morning.
- Binance Smart Chain collaborates with Animoca to invest in cryptocurrency gaming startups.
As per an analysis released on Monday by Grayscale Investments, more than 25% of U.S. investors (26%) stated they currently hold Bitcoin (BTC). Forty-six percent and 44 percent of this set of holders also had Ethereum (ETH) and Dogecoin (DOGE) in their accounts, respectively. A further three-quarter of those polled (77%) indicated they would most likely invest in Bitcoin through an exchange-traded fund.
A total of 1,000 people aged 25 to 64 took part in the poll. All had at least $10,000 in investable household assets (excluding employment retirement plans or real estate) and average earnings of at least $50,000. Most people buy cryptocurrencies using a trading app or a crypto exchange. Only a small percentage of Bitcoin investors use a typical self-brokerage or industry specialists to invest. The percentage of respondents who use a financial advisor for crypto exposure has dropped from 30% in 2020 to only 11% this year.
Three times as many investors would see Bitcoin as an asset rather than a currency based on investment planning. Also, more than half of respondents believe Bitcoin is a long-term investment that can be included in their entire portfolio plan. Seventy-seven percent stated they had bought BTC in the previous year. Ninety-one percent of those polled are now profiting from their investment.
Crypto tokens like bitcoin, ethereum, and Solana are all falling in value
After bitcoin's value took a beating over the weekend, virtual currencies were down on Monday morning.
As of Monday, Bitcoin (BTC-USD) was selling at $48,143 (£36,304), down over 3%. It's fallen over 30% from its record high of $69,000, which it reached last month. It had dropped to around $42,000 over the weekend.
The cryptocurrency was trading at two-month lows, with a price approaching $42,000, last seen in the first few days of October 2021.
Ethereum (ETH-USD), the world's second-largest cryptocurrency by market capitalization, was trading at $4,015, down nearly 5%.
Solana (SOL1-USD), often regarded as a rival to ethereum, was selling at $182, down over 9% as of Monday.
According to Kalkine Group CEO Kunal Sawhney, this has "reignited the worries around cryptocurrencies as investors responded unfavorably following the dismal Wall Street closing with Nasdaq down over 2%."
"The quick appearance of the Omicron variant in the UK, US, and some Asia-Pacific areas, along with the market-wide comeback of COVID incidents in several European countries, has storm-tossed all traditional assets, including stocks, oil, currencies, and fixed-income instruments," Sawhney added.
Investors are moving their emphasis to safe-haven assets as markets get more unpredictable, he added, and "a contagion effect has been witnessed in the crypto-ecosystem."
Binance Smart Chain and Animoca invest USD 200 million in cryptocurrency gaming startups
Binance Smart Chain (BSC) has announced a USD 200 million investment scheme collaborating with Animoca Brands. This firm specializes in non-fungible tokens (NFTs) and gaming digital property rights to fund early-stage blockchain-based gaming startups.
BSC is a blockchain platform created by Binance, a large cryptocurrency exchange, to host smart contract-based apps.
Animoca Brands stated in an announcement that the money would be given as part of the chain's USD 1 billion Growth Program. BSC and its partner will each invest up to $100 million in selected game businesses in "the multi-billion dollar crypto sector of GameFi" ('gaming' + 'decentralized finance (DeFi)').
The recent breakthrough comes as the gaming industry anticipates increased global sales in the coming years. As per a survey by market research firm Mordor Intelligence, the world gaming industry was estimated to be worth USD 173.7 billion in 2020 and is expected to reach USD 314.4 billion by 2026.
BSC has positioned itself as one of the leading blockchain ecosystems, with over 2.1 million daily active addresses recorded in recent weeks. As per the statement, games and play-to-earn options on the blockchain have resulted in a considerable increase in visitors and unique wallet interactions this year.
