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72% of Institutional e-Traders Have No Plans To Trade Crypto: JP Morgan

A new survey conducted by Wall Street powerhouse JP Morgan has shown that 72% of institutional e-traders have no plans of trading crypto assets.

Institutional e-Traders Are Crypto-Sceptical

According to a blog post, the survey is JP Morgan’s seventh edition, and it interviewed 835 institutional traders in 60 global locations. The survey began on January 3, 2023, and ended 20 days later, on January 23.

The findings revealed that 72% of the respondents indicated zero interest in cryptocurrencies as they have no plans to trade digital coins. However, 14% are currently not trading crypto but plan to within five years. Among the remaining participants, a significant percentage are presently trading crypto, while fewer traders plan to do so within a year.

“This chart shows 72% of traders surveyed ‘have no plans to trade crypto / digital coin,’ with 14% predicting they’re not currently trading but plan to trade within 5 years. 8% are currently trading and 6% are not currently, but plan on within 1 year,” JP Morgan said.

The scepticism towards cryptocurrencies reflects findings from a different poll in the same survey where almost half of the traders predicted that volatile markets would be their greatest daily trading challenge in 2023.

Unfortunately, the crypto market is known for its volatility and ability to cause significant losses within a short period. Unfavourable effects of the market’s instability were seen last year when numerous crypto firms went bankrupt due to the plunge in prices of cryptocurrencies.

However, there is still hope for the crypto sector, as a different survey conducted last November by American crypto exchange Coinbase showed that institutional investors doubled down on their investments during the bear market. This indicates that despite the scepticism, investors still have a long-term view of digital assets.

Institutional Investors Still in Crypto

Furthermore, Crypto Saving Expert reported last month that veteran Bitcoin analyst Willy Woo discovered that institutional investors are behind Bitcoin’s recent rally.

Bitcoin had an impressive rally of over 40% in January, and the asset is still gathering steam as it recently hit the $24,000 price mark. The analyst noticed stablecoins flowing into exchanges during European and American working hours.

~ By William A. Frederick ~

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