The cryptocurrency market was firing on all cylinders in 2021 with Bitcoin BTC/USD and Ethereum ETH/USD hitting all-time highs in a bull market.
This year (2022) has been completely different than 2021 with the collapse of several crypto-related companies and investors having fears about what the future holds for the sector.
What Happened: Among the biggest stories for the cryptocurrency sector in 2022 is the collapse of Celsius and the recent bankruptcy of crypto platform FTX.
The price of Bitcoin and Ethereum are each down over 60% year-to-date in 2022. Given the collapse of FTX and its related FTX Token FTT/USD, Benzinga polled 1,000 people to ask about their cryptocurrency aspirations moving forward.
Related Link: Best FTX Alternatives: How To Keep Your Money Safe
The Poll Results: Among the questions asked in the exclusive Benzinga survey, several were directly related to the FTX bankruptcy and storyline.
Benzinga asked, “Has the FTX scandal changed your impression of the cryptocurrency market?”
The results were as follows:
Yes, for the worse: 48.9%
Yes, for the better: 19.6%
No: 31.5%
The answers from the poll could be viewed as surprising given the current crypto winter, with some investors or holders seeing the cryptocurrency market outlook better after what happened with FTX.
Many who have been around in the cryptocurrency market for years have come to understand and expect the volatility swings and remain unchanged in their opinions after the FTX bankruptcy.
Nearly 49% did say that the FTX scandal had made their impression of the cryptocurrency market worse, which could prove to be a major hurdle to continuing to onboard new users to crypto and keep some who were skeptical to stick around for what many believe will be a recovery.
Photo: StunningArt via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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