Why buy cryptocurrency

According to more detailed statistics published by Cointelegraph, around 32 per cent of all Bitcoin wallets have not moved their bitcoins in between one month and one year. Only 6 per cent of crypto-addresses have transferred BTC in the past month.

In addition to this, TipRanks also analysed the profitability of Bitcoin ownership. Among current holders of the cryptocurrency, 48 per cent right now can sell coins at a profit, while the same number of investor wallets are at a loss. The remaining 4 per cent will make only a marginal profit or loss when selling BTC right now.

Data on the movement of funds in the blockchain

The data on the movement of coins in the blockchain coincides with a recent survey conducted by the Appinio platform. According to its results, 55 percent of respondents said they had not sold bitcoins amid a serious drop in the cryptocurrency’s price. This confirms investors’ strong confidence in the future growth of BTC’s value.

Read also: Former MicroStrategy executive sued for possible tax evasion. What's going on?

Another survey – this time from cryptocurrency exchange Bitstamp – also shows the presence of optimistic sentiment in the market. As part of its recent report called Crypto Pulse, the platform reported on a survey of more than 28,000 respondents, which included both conventional and institutional investors. The survey was conducted between May 19 and June 6 this year and includes data from 23 countries.

Confidence among retail investors in crypto dipped to 65 percent in the second quarter of 2022, down from 67 percent in the first quarter. A similar small difference in support for crypto is seen among institutional professional investors: 67 percent in the second quarter compared to 70 percent in the first quarter of the year. This point in the report is accompanied by the following quote.

Considering the fact that we entered the “crypto-zima” period in the first quarter, these numbers are quite good and speak to the resilience of the industry.

Bitcoin exchange rate

The percentage of confidence in cryptocurrencies varies from country to country, with the US showing the biggest increase, from 61 per cent in the first quarter to 73 per cent in the second quarter of this year. Canada, on the other hand, was the only country where confidence in cryptocurrencies fell below 50 per cent in the second quarter. The figure also remained high in Brazil, Chile and Mexico with scores of 77 per cent, 69 per cent and 70 per cent respectively.

We see that cryptocurrencies have predominantly retained the trust of many investors and institutions around the world in difficult times for the industry. While confidence in cryptocurrencies has declined slightly in some regions, investors are taking the opportunity to either ramp up their crypto investments or spend more time exploring the crypto market.

Note that there will be a significant increase in attention to cryptocurrencies, even among those who have previously been critical of the digital asset sector – though that’s assuming the next global bull run is comparable to previous bull cycles in terms of profitability.

In the meantime, some investors are already cashing in on coins – and on a level playing field. The day before, Coinbase, a US cryptocurrency exchange, recorded an interesting price bug that allowed traders to earn without any effort. Specifically, the value of stabelcoin USDT suddenly jumped to around 290 Georgian GEL, even though the currency’s real exchange rate fluctuates around 2.86 GEL. At least 900 traders were able to make money from so-called arbitrage funds, and now Coinbase is looking for ways to get the money back.

How to make money from cryptocurrencies

Due to a mistake inside the exchange the Georgian users were able to convert GEL into USD at the exchange rate, which is a hundred times higher than the official one. The scheme of such earning is very simple – deposit GELs to the exchange, buy USDT and then withdraw the crypto or exchange it to other digital assets.

Coinbase itself estimates that only 0.001 percent of users, or about 900 people, made profit that way. The size of the loss was not specified, but it was hinted that the exchange did not lose too much money.

A message from one Twitter user about the Coinbase bug

At the time of writing, some users on Twitter had already reported that their banks had frozen cards appearing in transactions with Coinbase. One local bank, represented by TBC Bank, has even blocked all customer accounts if they were in any way associated with the crypto-exchange. It is not yet known exactly how Coinbase is going to recover the money. Most likely, it will be through the same banks that blocked the funds in the country.

🤩 MORE INTERESTING THINGS TO COME FROM US AT YANDEX.ZEN!

Another disappointing news this week comes from El Salvador. According to Cointelegraph, the country has once again postponed the deadline for issuing Bitcoin-backed bonds. Last September, the main cryptocurrency became official tender in the country. The Bitcoin City project, a city near a volcano whose energy is to be used to mine the cryptocurrency, was also announced at the initiative of President Nayib Buquele.

President Nayib Buquele of El Salvador

The project is planned to be financed by issuing the aforementioned billion dollar bonds. The initial deadline for this was the first quarter of 2022, but then the deadline was pushed back to September due to the fall of the crypto market. Earlier this week, Bitfinex and Tether CTO Paolo Ardoino said that crypto-bond issuance will be delayed until the end of the year.

According to him, another delay in the launch of the bonds is due to internal security issues – local police have to deal with a serious spike in criminal gang violence. This has diverted the attention of government resources. As a reminder, Bitfinex is a key infrastructure partner of the Salvadoran government, responsible for processing transactions from bond sales.


Such investor confidence in the prospects of cryptocurrencies makes it clear that coins and blockchain projects still have many fans even now. They are willing to buy back crypto at current and lower prices, so that the "market crash to zero" will clearly not happen. Well, when the willing sellers run out, the niche will be able to turn around and move on to preparing for the bull run. At least that's how it used to happen.


To get closer to the coveted bullrun, join our millionaire cryptochat. We’ll talk about other topics there too.