Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Elon Musk and Reddit Among Top Crypto Influencers, Survey Shows
GamblersPick talked to 1,000 US investors recently on their crypto holdings, how they finance their portfolios and maintain their investments. The survey shows a third of the number consulted Reddit before making their crypto investments. Out of the total number, 35% admitted to having dived into crypto via Elon Musk’s influence.
The Influence of Reddit
According to survey outcomes, crypto enthusiasts have made funding calls after consulting Reddit. More so, over a 3rd of crypto holders reported getting information there.
Reddit has subreddits where people share their views and sentiments surrounding the crypto market. Their options are necessary and informative as most of them are investors with years of experience in the crypto space. Hence, most people will first go through the Reddit community before deciding on what crypto investment they will make eventually.
Based on the survey results, individuals also have a standard cryptocurrency value of $1,707. However, although gender and age significantly impact how and under which circumstances much is invested.
The study found that 37% of crypto traders would not contact their holdings despite a significant invoice or fee charged. In comparison, 51% are significantly less likely to spend money on a leisure or luxury shopping experience.
Elon Musk’s Tweets Influence Crypto Prices
Musk’s social media influence causes ripple effects on cryptocurrencies’ prices over time. He took up the mantle as one of bitcoin and dogecoin’s biggest influencers. Based on GamblersPick’s survey, 35% admitted that Elon Musk influenced their crypto-related decisions.
Musk tweeted in May this year that Tesla would no longer allow payments in Bitcoin. He said that it was environmentally degrading, citing the massive carbon footprint of Bitcoin mining. The tweet saw the Bitcoin price fall over 5% in just five minutes after the announcement.
In July, when he mentioned that they are reconsidering bitcoin payment, the price rose by 8% to $32,160. This was because he first needed confirmation that the percentage of renewable energy was at 50% or above it.
The same thing happens with dogecoin; the price shoots up because he is a known Dogecoin enthusiast.
Analysts believe that the more he tweets, the more the market will get immune for future purposes of stabilizing the crypto space more.
Taking Up Debt and Threshold
The poll also shows how specific aging teams have chosen to make various compromises to protect their crypto funding.
Child Boomers have seemed unlikely to handle crypto-debt in a bid to protect their current crypto-funding. In contrast, Millennials have probably skipped their pension savings. Also, almost one in six have already cut into bank card funds to boost their holdings.
Based on the results, gender also has a vital role in managing crypto portfolios. About 14% of women, as opposed to 9% of men, are willing to skip invoice funds to increase their crypto wealth.