• Coinpaper Digest
  • Posts
  • Deutsche Bank Survey Participants Expect BTC To Dip Below $20K by End 2024!

Deutsche Bank Survey Participants Expect BTC To Dip Below $20K by End 2024!

The majority of the participants also predicted a full on crypto market crash within the next 2 years!

Here's what we've got for you today:

  • Deutsche Bank Survey Predicts BTC to Drop Below $20K by End 2024

  • Swan Bitcoin Expands to Mining and Sets Sights on Public Listing

  • Celsius Moves a Massive $1B Ethereum to CEXs: Repayments Coming?

  • Polygon Nearly Matches Ethereum in Crypto User Acquisition in 2023

Out of the 2,000 participants that took part in the survey, 42% expect Bitcoin (BTC) to completely vanish in the coming years.

  • Over half of the survey participants fear a major cryptocurrency market collapse within the next two years.

  • The Deutsche Bank survey also reveals that two-thirds of the people who took part have minimal to no understanding of cryptocurrencies like Bitcoin.

  • Adding fuel to the negative market sentiment, Bitcoin ETFs saw a record one-day net outflow of $158 million on Wednesday.

Mining might be a hot topic but it's not all good news as miners’ profit could be on the line after the Bitcoin halving in April and mining is predicted to push power consumption even higher in 2026.

  • Swan Bitcoin launched Swan Mining, successfully mining 750 Bitcoin and achieving a hash rate of 4.5 EH/s since starting in stealth mode last summer.

  • The company is gearing up for a public listing within the next year and plans to distribute its Series C funding across financial services, mining operations, and acquisitions.

  • The IEA's 2024 report predicts a big rise in energy demand from digital sectors, especially data centers, AI, and cryptocurrency mining.

On Jan. 25, the bankrupt crypto lending firm transferred a total of 443,961 Ethereum (ETH) across 13 transactions to Coinbase Prime, Paxos, and FalconX.

  • Spotonchain observed that the majority of the 297,454 ETH Celsius transferred to Coinbase was allocated to 12 new wallets, likely as part of an over-the-counter (OTC) transaction.

  • Just two days earlier, Celsius shifted 575,081 ETH using wallets called Celsius Network: Staked ETH and Celsius Network: Eth2 Depositor.

  • Since Nov. 13, 2023, Celsius relocated a total of 757,626 ETH to FalconX, Coinbase, OKX, and Paxos, and currently still holds 62,469 ETH worth about $138.8 million.

In 2023, the layer-2 scaling solution Polygon (MATIC) very nearly matched Ethereum (ETH) in attracting new cryptocurrency users.

  • Polygon attracted 15.24 million users in 2023, closely following Ethereum, which acquired 15.4 million users, according to Flipside.

  • Flipside defines an "acquired" user as someone who completed at least two transactions on a blockchain, with one transaction happening in 2023.

  • After initially leading in user acquisition in the first half of the year, Polygon was eventually overtaken by Ethereum, taking the lead in the latter half of the year.



How did you like today's newsletter?

Login or Subscribe to participate in polls.

That’s it for today. Don’t forget to share Coinpaper Digest with your friends!