Further downside is expected, but multiple data points suggest Bitcoin is undervalued

Traders are taking a hands-off approach to BTC, but a number of price metrics suggest Bitcoin is undervalued even though further downside is expected. The outlook across the cryptocurrency ecosystem continue to dim as the sharp downtrend that was initially sparked by the collapse of Terra now appears to have claimed the Singapore-based crypto venture capital firm Three Arrows Capital (3AC) as its next victim. As large crypto projects and investment firms begin to collapse on a weekly basis, the prospect of a long, drawn out bear market is a reality investors are beginning to accept. Based on a recent Twitter poll conducted by market analyst and pseudonymous Twitter user Plan C,  41.6% of respondents indicated that they thought the Bitcoin (BTC) bottom will fall between the $17,000 to $20,000 range.Total Bitcoin supply in profit held by short-term holders.

Bank Of America Survey Reveals 90% of Respondents Plan to Buy Crypto in 2022

The crypto winter seems scary, but according to a study by Bank of America, many people see it as an investment opportunity.

37% of Survey Participants Want Bitcoin Legalized Inside Their Countries

37% of the respondents wish BTC or other crypto assets could serve as an official means of payment in their countries.

11% of US insurers invest — or are interested in investing — in crypto

Of the 328 CFOs and CIOs representing around half of the global insurance industry, 6% responded their firm was either already invested or considering an investment into cryptocurrencies. United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their firm’s asset allocations and portfolios.The investment banking giant recently released its annual global insurance investment survey, which included responses regarding cryptocurrencies for the first time, finding that 11% of US insurance firms indicated either an interest in investing or a current investment in crypto.Speaking on the company’s Exchanges at Goldman Sachs podcast on Tuesday, Goldman Sachs global head of insurance asset management Mike Siegel said he was surprised to get any result:“We surveyed for the first time on crypto, which I thought would get no respondents, but I was surprised.

Developing countries love the Metaverse, rich nations not keen: WEF survey

Developing countries have more than double the amount of people positive that the Metaverse will impact their lives and they'd use it daily in comparison to developed countries. Excitement for the Metaverse and virtual or augmented reality (VR/AR) is much greater in developing countries than in high-income countries according to a survey conducted for the World Economic Forum (WEF).Market research firm Ipsos released the results of the survey on May 25 showing the concept is now widely recognized: 52% of more than 21,000 adults surveyed across 29 countries are familiar with the Metaverse and 50% have positive feelings about engaging with it in daily life.China, India, Peru, Saudi Arabia, and Colombia were the top five countries where two-thirds or more of respondents said they had positive feelings towards it.China had the highest, with 78% harboring positive feelings toward using a metaverse daily followed by India at 75%.Feelings by country of engaging in a metaverse in daily life, darker areas indicate higher percentage of positive feelings in that region.