China’s Crypto Community Still Supports Dip Buying, According to Survey

0
2
China's Crypto Community Still Supports Dip Buying, According to Survey

The data from the study reveals that 8% of the voters believed in buying Bitcoin and Ethereum when they touched $18,000 and $1,000, respectively. Another 26% voted that they would only buy the dip when the price of BTC and ETH hit $15,000 and $800, respectively.

As of now, it is unclear as to whether the two top cryptocurrencies will plummet to that price. Even though certain Bitcoin analysts think so, Bitcoin believers like Michael Saylor believe that the dip is the right time to buy Bitcoin.

The country’s stance on crypto is still confusing to many as it bans crypto on one hand and paves the way for a flourishing metaverse on the other.

Even though crypto is banned in China, the Chinese crypto community is finding a way to get their hands on crypto. Recently, the Shanghai government announced that they are planning to build a $52 billion metaverse industry by the end of 2025.

Story Highlights

  • The majority of individuals think it’s wise to purchase the dip.
    The majority of the Chinese cryptocurrency community, according to a recent survey, believe in buying the downturn. 2,200 members of the Chinese crypto community participated in the survey and provided their comments.

  • But the vast majority, or 40% of the Chinese crypto community, stated that they would only buy the dip when the price of Bitcoin and Ethereum hit $10,000 and $500.