Bullish Sentiment Toward Crypto Assets Ticks up in Q3, Says Voyager Digital

  • Bitcoin is poised to rise above $56,000 by 12 months’s finish, a large majority of survey respondents informed Voyager Digital. 
  • The cryptocurrency-asset dealer additionally discovered that extra persons are bullish in bitcoin vs. the prior quarter. 
  • The uptick in bullish crypto sentiment comes in the face of elevated regulatory scrutiny. 

Crypto traders have grown extra optimistic concerning the value outlook for bitcoin and different digital property in the final quarter, even in the face of extra regulatory scrutiny, a brand new survey from Voyager Digital exhibits. 

According to the cryptocurrency-asset dealer’s third-quarter sentiment survey outcomes despatched to Insider, 8 out of 10 are bullish on bitcoin over the subsequent three months. That’s an uptick from the second quarter, when 7 out of 10 respondents held a bullish view available on the market. 

The newest survey additionally discovered 8 out of 10 see bitcoin topping $56,000 by the top of 2021, representing a 27% rise from Thursday’s value at round $44,000.

“As our person base continues to develop and digital asset adoption will increase, our survey outcomes recommend {that a} larger variety of traders see Bitcoin as a greater retailer of worth in comparison with extra conventional asset lessons reminiscent of shares, actual property, and authorities bonds,” Steve Ehrlich, Voyager’s founder and CEO, mentioned in the survey assertion.

“This is important when you think about that over a fifth (22%) of respondents have been investing in crypto for over two years,” and that it is possible a lot of them will contemplate not having publicity to conventional asset lessons once more, he mentioned. 

The outcomes additionally confirmed 40% count on bitcoin to commerce above $71,000 in some unspecified time in the future in the fourth quarter, topping the all-time excessive of $64,863 reached in April. The prior sentiment survey launched in June mentioned 38% had anticipated bitcoin to complete the third quarter between $56,000 and $70,000. 

Among altcoins, 40% of traders surveyed by Voyager had been bullish on Cardano’s ada token adopted by ethereum at 16%.

Scrutiny of the crypto market continued throughout the third quarter as US regulators sought extra avenues to supervise the market. The Treasury Department and different companies are rapidly shifting to focus on stablecoins for tighter regulation, The New York Times reported Thursday.

And Securities and Exchange Commissioner Gary Gensler likened steady cash to “poker chips” in an interview with the Washington Post this week.

He has additionally known as on lawmakers to provide the company authority to legally monitor crypto exchanges. Last week, he said those exchanges need to “come in and talk” to the agency, simply days after clashing with buying and selling platform Coinbase over a lending product. Coinbase has since dropped its plans for Lend

Meanwhile, big-money traders are shying away from bitcoin futures and pivoting to ethereum futures as expectations for bitcoin soften, based on JPMorgan analysts. They famous that in September, bitcoin futures on the Chicago Mercantile Exchange have traded under the value of an precise bitcoin.

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