According to the latest survey, the Chinese crypto community still believes in the possibility of buying cryptocurrencies during the market downturn. Experts interviewed more than 2,200 citizens of the People’s Republic of China (PRC) and found exciting results.
Respondents answered questions from journalists in the Chinese crypto community on the Weibo website. According to official results, 8% said that Bitcoin and Ethereum could be bought in the fall when the price reaches $18,000 and $1,000, another 26% plan to purchase virtual assets at $15,000 and $800, while 40% of respondents assured that they placed orders for $10,000 and $500.
According to analysts, such data may mean that the crypto community is set to continue the bearish trend in the coming months; however, globally, it sees the growth of the cryptocurrency market.
Experts assured that they cannot give an accurate forecast and do not know if the price of the two leading digital assets will fall to the values that investors and traders expect. However, everyone agreed that the local price bottom has not yet been reached. Some crypto community members recalled that the head of MicroStrategy, Michael Saylor, recently advised buying cryptocurrencies in the fall.
Analysts also recalled that China has an ambiguous attitude towards this sector. The government banned the mining and trading of cryptocurrencies in the country. At the same time, it was announced that the Shanghai government plans to build a $52 billion metaverse industry over the next three years.
Earlier, the editors of Crypto.ru reported: that the financial regulator of China banned activities related to non-fungible tokens (NFT) from generating income. It is allowed in the country to collect tokens but not to benefit from their resale.