Bank of America, in its latest report, revealed that there has been a 50% decrease in the use of crypto.
The North Carolina-based banking giant said the number of customers investing in cryptocurrencies fell below 500,000 in May. Last November, it was stated that there were over one million active crypto users.
The latest data shows that the sentiment in the crypto sector, which has been experiencing a big drop, is also moving in the bad direction.
Some analysts believe that the Fed’s monetary policy to reduce inflation will put the cryptocurrency industry under further pressure.
Renowned analyst Peter Brandt explained that the US dollar was in the midst of a major upside breakout last week.
Bank of America, unlike some rival banks, has not kept up with crypto services. The company’s CEO, Brian T. Moynihan, told Yahoo Finance that he didn’t think they missed anything.
