Smaller cryptocurrency investors are reportedly starting to return to retail trading apps like Robinhood and Coinbase, as Bitcoin has surged 25% in the past month.
According to a new Bloomberg report, small “mom and pop” investors are once again creeping into cryptocurrency markets, although they are not near the same level of participation as the recent bull market.
Both Robinhood and Coinbase issued positive earnings reports last week. Specifically, Coinbase reported an increase in revenue and users, and had its first profitable quarter in two years, sending its stock price higher.
Kyle Doan, a trader at Arca, told Bloomberg:
“There are signs that the retail crowd is starting to return to the market, but not nearly to the extent of the recent bull market yet… Even crypto stocks like COIN and miners are showing greater volatility than many tokens.”
According to Owen Lau, an analyst at Oppenheimer & Co.,
“We are achieving just 16% of our recent peak retail volume. With funds coming back from bankrupt entities, there is a lot of room for potential run.”
Coinbase CFO Alicia Haas also told Bloomberg that the company has seen “good momentum drivers,” noting that the Bitcoin halving, which is scheduled for April and will halve miner rewards, has historically led to more retail participation and growth.
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