Chinese crypto community still believes in buying the dip, survey finds

Blockchain News

  • A recent survey of the Chinese crypto community reveals some interesting data.
  • The survey was conducted with more than 2,200 people in the community.
  • The majority of people believe in buying the dip.

According to a recent survey conducted on the Chinese crypto community, most of them believe in buying the dip. The survey included and collected the opinions of 2,200 people from the Chinese crypto community.

The survey that was conducted on the Weibo platform gathered the views of the crypto community on the current bear market. The subject of the survey included whether one should buy the dip.

Data from the study reveals that 8% of voters believed they were buying Bitcoin and Ethereum when they hit $18,000 and $1,000 respectively. A further 26% voted that they would only buy the dip when the price of BTC and ETH hit $15,000 and $800 respectively.

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

For now, it is not known whether the two major cryptocurrencies will fall at this price. Even though some bitcoin analysts think so, bitcoin followers like Michael Saylor think the downside is a good time to buy bitcoin.

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 it plans to build a $52 billion metaverse industry by the end of 2025.

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

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