An analysis of cryptocurrency flows between personal and exchange-based wallets shows a “lack of directional conviction” in the market, Bank of America said in a note entitled “Digital Assets: In the Flow.”
Tightening by the U.S. Federal Reserve and macroeconomic headwinds are likely to limit upside for cryptocurrencies over the next six months. This won’t, however, be a “crypto winter” given the level of user adoption and growth in development activity, analysts led by Alkesh Shah wrote in the note Friday.
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