- The next batch of BTC investors could be from Robinhood
- Robinhood investors are increasingly gaining control over the crypto markets
- Bitcoin needs to test new yearly highs for this trend to kick off
Bitcoin News Today – Bitcoin has been trading sideways over the past couple of weeks, as it remains stuck between the $9k and $10k range. Nevertheless, as the digital currency is trading sideways, investors are at the other end looking for what could push the price of the digital currency higher. Recently, one strategist pointed out that the digital currency could soon see an enormous influx of new capital from retail traders, especially those trading on Robinhood.
Investors on Robinhood Gain More Control Over the Crypto Market
There have been a series of a flock of return-hungry retail investors on the investment platform that has pushed the stock prices of several small firms higher. They have even helped to revive some that have gone bankrupt. An analyst is now saying that these retail traders might soon get bored with equities and channel their attention to Bitcoin, which the platform also offers.
Equipped with relatively small amounts of capital and smartphones, a group of retail investors has been exercising enormous influence over the equities market. Spectators in the crypto space are watching the dynamics among these retail investors that have been behind some bizarre market movements.
Bitcoin (BTC) Price Today – BTC / USD
To many digital currency veterans, this market dynamics is very similar to that seen by altcoins back in 2017, when Bitcoin skyrocketed and tested its all-time high. The massive increase in the price of Bitcoin also flowed down to altcoins, allowing many investors to bag enormous profits. In an interview with Bloomberg regarding the trend seen amongst investors on Robinhood, a managing partner at QVR Advisors – Benn Eifert – said that this is new dynamic stems from social media. He said:
“It’s a social media-like dynamic… Someone points out a stock that is moving and posts some charts, an influencer says, ‘Ok we’re buying it, buy the calls’ and then many people pile in.”
Bitcoin to See a Huge Inflow of New Capital from Robinhood and other Retail Traders
Miller Tabak + Co.’s chief market strategist – Matt Maley – believes that these investors would soon target the digital currency markets through the Robinhood platform, which also allows for the trading of Bitcoin and a few other digital currencies. He said:
“They’re playing in another sandbox right now, but they’re keeping their eyes on all the other sandboxes because they know that something like Bitcoin can make them a big profit very quickly.”
He also said that this trend could kick off Bitcoin (BTC) surges to a new yearly high, which means it has to break and settle over the $10k hurdle point.