Significant changes are reportedly coming in the crypto market in the short- and medium-term. According to crypto exchange Binance, the appetite for digital currencies among investors will rise within the next 10 years, with the number of those willing to invest in cryptocurrencies reaching 88%.
The Institutional Crypto Outlook Survey conducted by Binance Research and Binance VIP & Institutional revealed that nearly two-thirds (63.5%) of institutional investors and VIP platform users expressed a positive sentiment on digital assets. Many respondents are aware of the risks but still plan to invest in cryptocurrencies over the next 12 months.
Crypto investors are not afraid of high market volatility. On June 30, bitcoin briefly rose to $31,200. The first cryptocurrency added 1.8% per day and 2.17% per week. Its value increased sharply after the news that asset manager Fidelity applied for its own spot bitcoin ETF to the US Securities and Exchange Commission. Such a move was spurred by a number of similar filings from other issuers, including BlackRock, WisdomTree, Invesco, and Bitwise, which were also followed by a rise in BTC.
Likewise, other cryptocurrencies recorded gains. Within ten days, Bitcoin Cash tripled in value, reaching $313 compared to the previous $105 per coin. The altcoin surged to its highest level since April 26, 2022. Bitcoin Сash was one of the four tokens available for trading on the new EDX platform. Since the coin's debut on EDX, it has gained a staggering 198%.
In addition, Revolut, a cryptocurrency-friendly neobank, plans to delist a batch of digital assets on its platform in the United States due to regulatory developments in the country. According to the bank's management, American users will no longer be able to buy and sell Cardano (ADA), Polygon (MATIC), and Solana (SOL). These measures are set to come into force in September 2023.
Analysts estimated that Russia caught up with the US in terms of the cryptocurrency mining growth rate by the end of the first half of the year. Experts attribute this to the exponential growth of mining in Russia and its decline in the US. At the same time, stronger demand for digital assets bolsters the crypto mining market in both countries. Preliminary forecasts show that the global mining market will grow at a more rapid pace in the coming years.
