37% of American Investors Would Not Cash out Their Crypto Even in Critical Moments

According to a recent research, US cryptocurrency investors have allocated on average $1,707 in such assets. 37% of them admitted they would not touch these funds even if they must cover a necessary bill or an important payment.

Somewhat expectedly, the celebrity who influences most of the respondents’ crypto-related decisions is Elon Musk.

Many Americans Have ‘Diamond Hands’

The betting platform – GamblersPick – surveyed 1,000 US digital asset investors to conclude that a big chunk of them (37%) would hold to their crypto possessions at all costs. 51% went further, stating that they don’t find even luxury purchases as a tempting reason to cash out.

Taking a closer look at the different generations, Baby boomers are the group that has invested the most in the crypto market, while Generation Z ranked last. Male Americans have an average amount of $1,940 worth of digital assets and seem to have a greater interest in the matter than women. Female’s median number stands at $1,375.

GamblersPick revealed that the demand for cryptocurrencies among US investors is growing to such a level that loans and borrowing money from friends or family are common solutions to enter the market. Per the results, every fourth respondent purchased digital assets via their credit card.


Revealing their plans for the next 12 months, investors said they plan to allocate a further $1,645 of their wealth on average. Once again, men led the statistics saying they would invest $1,988 each while women – $1,100.

Elon Musk Dictates The Actions of 35%

The research also pointed out why investors decided to jump on the crypto bandwagon. The vast majority, 75%, stated they believe the digital assets’ value will increase in the future. 32% find crypto as a way to diversify their portfolios, while 24% think they will gain strong returns.

Keeping in mind the complicated condition of the economy, the mass printing of national currencies, and the ongoing COVID-19 pandemic, it is no surprise that 21% of the respondents picked “hedge against inflation” as a reason.

Social media and online forums appear to have a significant impact on US investors’ crypto-related decisions. Reddit ranked first with 34% influential power, while Twitter, YouTube, and Facebook followed closely with respectively 26%, 23%, and 16%.

One man, though, is more inspiring than any of the aforementioned companies. His name is Elon Musk, and 35% of the respondents admitted they had taken choices about their cryptocurrency investments according to his recent statements, tweets, or opinions. Warren Buffett ranked second with a mere 9%, while the rap star Snoop Dogg is third with 7%.


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Top Trader Warns Not To Sleep on Dogecoin, Flips Mega Bullish on This Solana-Based Altcoin

A widely followed crypto trader is warning people to not forget about leading meme crypto asset Dogecoin (DOGE), and he’s also flipping bullish on one Solana-based digital asset.

The pseudonymous trader known as Kaleo tells his 356,000 Twitter followers that he’s bullish on DOGE.



Looking at Dogecoin against Bitcoin (BTC), Kaleo says that DOGE/BTC will continue going on a tear until it meets the high timeframe (HTF) resistance of 0.000009 BTC, worth $0.44 at time of writing.

“Here’s the game planDogecoin will continue to melt higher until it hits the HTF resistance on the BTC pair around 900 [satoshis]. This is where you should be stacking, because when it breaks that line. It’s over (aka giga-send above $1.00).”

Source: Kaleo/Twitter

Kaleo is also bullish on Kin, the cryptocurrency for the messaging service Kik. The trader says that Kin is one of the cheapest coins in the Solana ecosystem and has been enjoying some promising price action. According to Kaleo, Kin may be ready to break out to the next major resistance.

“KIN looks ready for another leg higher”

Source: Kaleo/Twitter

At time of writing, Kin is trading at $0.00017, up more than 1,300% over the last year according to CoinGecko.

Last week, Kaleo said that Internet of Things blockchain Helium (HNT) was flirting with a critical resistance. With HNT above that resistance, the trader says that the nascent altcoin is in “price discovery” mode and could be ready to hit a price somewhere above $30.00.


There’s your price discovery breakout.

30s next.”

Source; Kaleo/Twitter

At time of writing, HNT is trading at $22.88, according to CoinGecko.

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Derivatives data shows pro traders turning bullish on EOS price

EOS rallied in May after Block.one, a blockchain software firm, announced a $10 billion funding round to build an EOS-based crypto exchange platform called Bullish. The EOSIO development company revealed that it had raised capital from Peter Thiel and Mike Novogratz, as well as hedge fund managers Alan Howard and Louis Bacon.

In light of the ‘bullish’ news, the recent $6 local top stands 60% below the $15 high reached on May 12, and this leaves investors with little reason to celebrate. At the moment, retail traders are not comfortable using leverage for bullish positions and professional traders have been neutral-to-optimistic since mid-July.

EOS price in USD at Kraken. Source: TradingView

Analysts also pointed to a May 2 report commissioned by Block.one that suggested an increase in the inflation rate from 1% to somewhere between 1.2% and 3.8%. The new issuance rate would be necessary to increase financial incentives for voters and block producers.

However, the lack of deliveries and partnerships caused EOS to quickly lose steam, and the price fell to a low at $3.04 on June 22. The bearish trend ended on June 23, as the little-known ‘Bullish’ exchange said it would be going public on the New York Stock Exchange via a special-purpose acquisition company, or SPAC.

A positive and lasting trend initiated as the ‘Bullish’ exchange released its private alpha version on July 27 and promised a full launch later in 2021. The project also mentioned that it would have spot trading, margin trading, and liquidity pools.

Finally, on Aug. 19, EOS announced free access to live pricing data using real-time market information provided by AlgoTrader. The Swiss-based startup oracle includes multiple assets from various exchanges and can create synthetic instruments, derivatives, and stablecoins.

Retail traders were momentarily bullish

To understand whether traders are leaning bullish as EOS price holds the $5 support, one should analyze the perpetual contracts futures data. This is the retail traders’ preferred leverage instrument because its price usually perfectly tracks the regular spot markets. There is also no need to manually roll over contracts nearing expiry, as required on quarterly futures.

In any futures contract, trade longs (buyers) and shorts (sellers) are matched at all times, but their leverage varies. Consequently, exchanges will charge whichever side is using more leverage at a funding rate to balance their risk, and this fee is paid to the opposing side.

Neutral markets tend to display a 0% to 0.03% positive funding rate, equivalent to 0.6% per week, indicating that longs are the ones paying it.

EOS perpetual futures 8-hour funding rate. Source: Bybt.com

Data reveals a modest excitement building up from Aug. 8, which lasted less than 10 days. The positive funding rate shows that longs (buyers) were the ones paying the fees, but the movement seems reactive to the price increase and faded as EOS failed to breach the $6 resistance.

Data shows pro traders have a bullish bias

It is also useful to analyze the premium quarterly futures contracts, as whales and arbitrage desks trade such instruments more frequently. In the fixed-month contracts, eventual demand imbalances are reflected by a price difference versus regular spot markets.

Healthy markets should display a 0.5% to 1% premium, which is equivalent to 3% to 6% annualized. If the futures contract’s premium is nonexistent, it is a bearish indicator because investors are not comfortable creating long positions using leverage.

Related: Bitcoin’s race to $50K heats up as solid institutional backing continues

EOS Sept. futures contracts premium at FTX. Source: TradingView

There has been no change in the 6% annualized premium this time despite EOS’s price movement. However, data shows that professional traders have been slightly bullish since mid-July, while retail traders were primarily flat apart from a brief 10-day period.

Although it remains unclear how the ‘Bullish’ exchange launch might impact the price of EOS, derivatives indicate that whales and arbitrage desks positively reacted to the news and have kept the bullish stance ever since.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.