Cryptoverse: Retail traders sit out bitcoin rally

Source: Reuters

“What’s happened to the army of retail traders who used to drive bitcoin’s biggest rallies? U.S. crypto exchange Coinbase reported just $56 billion in consumer trading volumes in the first quarter of 2024, when bitcoin leapt to record heights close to $74,000. While that represents a fledgling recovery in retail interest — almost double the level in the final quarter of last year — it’s way below the $133.75 billion quarterly average during the last comparable rally in 2021. … Some small-time investors are still nursing the chills of the more than two-year long crypto winter, when bitcoin stayed limp at levels between $20,000 to $30,000. Billions of customer 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.” (05/14/24)