Bank of America Loses 50% of Its Active Crypto Users

Bank of America has lost more than 50% of its active crypto users between its peak of one million in November and just 500,000 users in May as Bitcoin (BTC) posts its worst quarter in more than a decade. Bank of America Sees Decline in Crypto Users Citing internal data from the bank, Bloomberg noted that Bank of America’s cryptocurrency users dropped below the 500,000 mark in May, from more than 1 million users back in November of last year when the flagship cryptocurrency was at its all-time highs and the industry’s total market capitalization was well above $1 trillion. Per ⁦@BankofAmerica⁩ data, bank’s number of crypto users shrunk to 1 million in November 2021 pic.twitter.com/FLJXzRg2Ae — Liz Ann Sonders (@LizAnnSonders) July 5, 2022 Bitcoin’s (BTC) price has since fallen by more than 70% from its November all-time highs to just below $20,000. Overall, cryptocurrency market capitalization has dropped from roughly $3 trillion in November 2021 to less than $1 trillion. The data was derived by looking at anonymized internal customer data and by analyzing the number of customers sending or receiving payments to or from a cryptocurrency platform. In the meantime, the data doesn’t show the actual transactions. Investors’ Declining Sentiment in Bitcoin Bitcoin has posted its worst quarterly performance in over a decade, as in the second quarter of this year it lost around 58% of its value, going from $45,524 to just under $19,000...