US-based crypto exchange Kraken has announced plans to expand its products with intention to expand globally too.
The sentiment surrounding cryptocurrency is poor from Wall Street investors, with the majority believing Bitcoin is set to drop even further. According to a recent survey conducted by MLIV Pulse, 60% of Wall Street investors foresee Bitcoin’s price declining to $10,000 USD (half of its current trading value) rather than rising to $30,000 USD.
According to the results from the poll, professional investors and traders are generally more optimistic about the cryptocurrency industry overall than retail investors.
Negative sentiment on Wall Street: Bearish about Bitcoin
The most recent dip in the cryptocurrency market has led to negative sentiment from Wall Street investors, with investors predicting that Bitcoin will sink further than it has since the latest decline. As it stands, Bitcoin is looking at its worse quarter in the past ten years. Trading now at just over $20,500 USD, Bitcoin is looking at more than 70% slashed from its all-time high trading value which it saw in November. With this downtrend, only 40% of Wall Street investors believe that there is an increase in Bitcoin’s price in the near future.
The survey also found that just under 30% see Bitcoin and cryptocurrencies as the next step in money, with 20% believing that digital assets are worthless and that the industry is a bubble set to burst. With regards to other digital assets, such as non-fungible tokens, only 9% of Wall Street investors in the survey believe that it makes a suitable investment option.
The macro-economy across the globe doesn’t help cryptocurrency’s case either. The global stock market has taken a knock, and other asset classes are struggling with challenges including increasing inflation and geopolitical issues. This means investors, in general, are fearful and sceptical about the bearish conditions. This has been highlighted especially in the crypto market, with the values across the industry shedding and companies across the market having to make massive lay-offs and wage decreases. As reported, Compass Mining stands as the latest cryptocurrency firm to lay off 15% of its staff and just last month, leading crypto exchange Coinbase announced that it was having to slice 18% of its staff.