1 Out Of 10 People In Eurozone Cities Now Owns Cryptocurrencies

The poll was conducted in key EU economies such as France, Germany, Italy, Spain, Belgium, and the Netherlands.

The European Central Bank (ECB) released the findings of a new poll performed in six eurozone countries: the Netherlands, Spain, Italy, Belgium, France, and Germany on Tuesday. Approximately 10% of respondents from all of the nations polled indicated they hold cryptocurrency. Only 6% of those polled stated they have digital assets worth more than 30,000 euros. Meanwhile, 37% of those polled indicated they had up to 999 euros in cryptocurrency.

Investors in the fifth income quintile (or the wealthiest 20% of the population) consistently had the greatest share of cryptocurrency ownership compared to other income groups in all of the nations assessed. Adults aged 18 to 70 were questioned if they or anybody in their family had financial assets in several categories, such as crypto-assets, as part of the Consumer Expectation Survey.

The study was included in a new report released the same day by the European Central Bank (ECB) on the rising usage of crypto assets despite their risks. According to the ECB, a recent Fidelity study found that 56 percent of respondents have some exposure to crypto-assets, up from 45 percent in 2020.

Increased availability of crypto-based derivatives and securities, such as futures, exchange-traded notes, exchange-traded funds, and OTC-traded trusts, on regulated exchanges has added to the momentum.

Furthermore, growing regulation has been interpreted as an indication that governments support crypto. The ECB mentioned Germany as an example, where institutional funds can invest up to 20% of their assets in cryptocurrency. However, the ECB stated at the conclusion of the study that present trends in digital asset usage will eventually pose a danger to financial stability if they continue.

What is the outlook for Bitcoin in 2023?

“The basic case forecast for the next price trend is a summer range that begins with a rise and ends with a collapse back to the lows,” Kr├╝ger says.

Rekt Capital, a crypto trader and anonymous Twitter user, provided more insight into the price levels to watch for a suitable entry point in the future, uploading the chart below showing Bitcoin relative to its 200-day moving average.

According to Rekt Capital, “BTC has a history of bottoming at or below the 200-MA” (orange). For $BTC investors, the 200-MA tends to present possibilities with high returns (green). If BTC does really hit the 200-MA level of support, it is prudent to pay attention.”

The total market value of cryptocurrencies is currently $1.258 trillion, with Bitcoin commanding 44.5 percent of the market.

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