Despite the bear market sentiment, most crypto holders have plans to purchase “some amount of crypto” before the end of the year.

The Bank of America has released a survey that shows Americans are still interested in cryptocurrency. More than 90% of respondents indicated they would buy crypto within the next six-months.

Jason Kupferberg (an analyst at Bank of America), stated that the survey was done on 1 June following the Terra Luna collapse. The sample size of the survey was 1,000 adults in the US.

In interview with CNBC’s ‘TechCheck’, Kupferberg added that the percentage of respondents looking to buy crypto was similar to the number that said they bought during the first six months of 2022.

Bitcoin adoption and Bitcoin payments

According to the bank, adoption of Bitcoins and other cryptocurrencies is not very strong.

However, with increased movement towards crypto-linked payment like Coinbase’ Visa card, the connection to merchants and users is much seamless and helpful towards new momentum in the sector.

Bank of America says that the crypto market will not see a significant shift in global adoption of cryptocurrencies or crypto exchanges. Kupferberg compares it to dotcom era. Some of the projects will most likely fade away before the ones that survive are more popular.

Correlation between stocks and bitcoin prices

BofA analysts also pointed out that Bitcoin is still closely associated with stocks, in particular high growth tech stocks. This lockstep trading causes a BTC price to tank and downturns in market prices, trending in a bearish market with major stocks selling-off.

Bitcoin prices fell almost 18% Monday due to negative headlines about Celsius Network. BTC/USD plunged to $22,725.