Bitcoin

Retail Traders Stay Out of Bitcoin Rally

Published

8 months ago

14 May, 2024

SatoshiTimes Staff

Retail Traders Stay Out of Bitcoin Rally

By Medha Singh

(Reuters) – What happened to the army of retail traders who used to power bitcoin’s biggest rallies?

US crypto exchange Coinbase reported just $56 billion in consumer trading volumes in the first quarter of 2024, as bitcoin jumped to record levels near $74,000.

While this represents an incipient recovery in retail interest – almost double the level of the final quarter of last year – it is far below the quarterly average of $133.75 billion during the last comparable recovery in 2021.

The retail investor was in charge of that wild ride of 2021, as COVID lockdowns, cheap money and personal savings drove up “meme” stock prices and generated bouts of intense FOMO, or fear of missing out. On the other hand, the latest rally was a more solemn institutional affair, driven by the birth of bitcoin exchange-traded funds in the US.

“It’s the million-dollar question in crypto right now – when will retail traders return?” said Michael Rinko, analyst at Delphi Digital.

In another sign of retail retreat, Google trends data shows that search interest in the term “bitcoin” in March was just half the peak in 2021.

Some small investors are still weathering the chills of the more than two-year-old crypto winter when bitcoin remained weak at levels between $20,000 and $30,000.

Billions of client funds were also trapped in the implosion of high-profile crypto companies, including Three Arrows Capital, Celsius Network and FTX, whose founder Sam Bankman-Fried was sentenced to 25 years in prison for fraud.

“The main force behind the reduction in activity stems from lessons learned throughout the harrowing year that was 2022,” said Vetle Lunde, analyst at K33 Research.

“The contagion and collapse of a large portion of retail-oriented credit platforms illustrated that considerable risks were hidden behind the attractive yields.”

Some market participants assess that bitcoin, which represents more than half of the $2.26 trillion digital asset market capitalization, will be hit by a period of rotation as investors take profits from the currency and decide to buy altcoins. riskier, like no. 2 cryptoether and others.

In fact, Ether lags behind its biggest rival Bitcoin and has yet to surpass its 2021 peak.

“Rather than just blindly jumping into crypto on whatever seems to be hot at the moment, people are now much more focused on what is a safe and secure asset to invest in,” said John Glover, chief investment officer at the crypto trading platform. Ledn crypto loan.

It remains to be seen if or when speculative crypto traders will return to the market in force.

The story continues

At the moment, bitcoin’s drop to $62,809, 15% below its mid-March high, is serving as a reminder of the sharp volatility and risk that comes with the asset.

“The meme in crypto is: Bitcoin needs to hit $100,000 for retail to come back,” said Rinko of Delphi Digital. “Who knows if that’s the magic number, but we need to get to a number that really ignites FOMO.”

(Reporting by Medha Singh in Bengaluru; Editing by Vidya Ranganathan and Pravin Char)

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Related Topics:retail investor retail traders

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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