In what could be a concerning trend for the industry, a Federal Reserve survey found that the cryptocurrency market’s growth this year has not resulted in an equivalent rise in cryptocurrency ownership.
What Happened: A survey by the Consumer Finance Institute of the Federal Reserve Bank of Philadelphia revealed a disconnect between Bitcoin’s (CRYPTO: BTC) market price and ownership over the last two years.
The survey indicated a drop in ownership rates from 24.6% in January 2022 to 19.1% in October 2022, during the bearish crypto winter. Around this time, the price of Bitcoin tumbled nearly 60%.
Even with the market’s recovery over the subsequent months, the ownership rates did not see a corresponding …
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