U.S. Consumers Say Crypto Is Here to Stay, Stablecoins Maybe Not: Deutsche Bank
Sentiment is somewhat bearish about the near-term outlook for bitcoin, the bank's consumer survey showed.
- Fewer than 1% of U.S. consumers called crypto a fad, according to a Deutsche Bank survey.
- Only 18% of respondents said they expected stablecoins to thrive; 42% expected them to fade.
- Sentiment about bitcoin's outlook was not so positive, the survey said.
U.S. consumers are warming up to crypto, with less than 1% calling it a "fad," a dramatic decline from previous years, Deutsche Bank (DB) said in a report on Wednesday.
Just over half of the people surveyed viewed crypto as an important asset class and method of payment, and 65% said they could see it replacing cash. The bank surveyed over 3,600 consumers in the U.S., U.K. and Europe in March and July.
"We expect cryptocurrency democratisation to advance further over the next 2-3 years driven by exchange-traded funds (ETFs), Federal Reserve policy, and regulation," analysts Marion Laboure and Sai Ravindran wrote.
It's not all good news, with bitcoin
A third of consumers said they thought the BTC price would be below $60,000 by year-end, and only 12%-14% thought it would cross $70,000. Bitcoin was trading around $58,200 at publication time. For the longer term, perceptions were mixed: 40% of respondents said they thought BTC would thrive in the coming years, while 38% said they expected it to disappear.
The outlook for stablecoins, a type of cryptocurrency that's designed to hold a steady value, was also viewed with circumspection. Just 18% of those surveyed said they expected stablecoins to thrive, whereas 42% expected them to fade. Those backed by a fiat currency such as the dollar or a traditional commodity like gold were most likely to keep their value, the survey said.
More than 50% of consumers said they were concerned about a cryptocurrency collapsing in the next two years.
Crypto adoption has remained steady in the U.S. and the U.K. in recent years, and the retail market now looks ready for a rebound, according to crypto platform Gemini's '2024 Global State of Crypto' report, published earlier this week.
Read more: Crypto Retail Market Is Poised for a Rebound: Gemini
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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