Americans Predict Further Decline for Bitcoin in the Near term

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Following the recent crisis that has accompanied the sudden collapse of FTX, analysis shows that most average Americans now believe the world’s largest cryptocurrency, Bitcoin, may drop soon.

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According to a Morning Consult survey carried out on November 15 -17 after the collapse of FTX, United States adults predicted that Bitcoin (BTC) will likely drop by $11,500 in the next six months. Once this happens, it will mean BTC is dropping by $5,600 following earlier predictions in October and over $15,500 drop from the time it began tracking in January.

Despite the predictions, some crypto owners are positive that cryptocurrency will slightly increase from its current value. Although those with high expectations are fewer than those who predicted the downfall of the currency.

As a matter of fact, some users of cryptocurrencies still feel confident that the FTX collapse won’t ruin crypto, noting that cryptocurrencies will still be used in many years to come.

Interestingly, the crypto market is still competitive and as such, the purchase of cryptocurrencies is still ongoing as many of these crypto owners see it as an investment for the long term. They are therefore not ready to turn back on these investments as the move toward mainstream acceptance continues.

The call for Cryptocurrency Regulations Continues to Heighten

In the wake of the FTX disaster which has dampened investors’ belief in the nascent industry and reduced the chances that crypto will become mainstream in the near term, pressure for better regulations for the space continues to mount.

Crypto holders have advised the government to run thorough checks on other exchanges, so as not to have a recurrence as FTX’s. Similarly, almost all crypto owners want regulations on cryptocurrency. Governments should also make sure exchanges have more than enough to handle customers’ withdrawals when the need arises.

Meanwhile, according to an earlier report by TheCoinRise, President Joe Biden is leading a charge for global game-changing Bitcoin and crypto rules. During the recent G20 gathering held in Indonesia, the leaders called for international rules to govern the nascent crypto space to manage and control possible risks to financial stability.

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