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But market watchers say more pressing issues have captured headlines this month.
“It’s a bit in the shadows right now,” said Bryce Doty, portfolio manager of Sit Fixed Income Advisors. “Bitcoin gets attention when it seems the world is coming to an end, it’s the anti-vaccine trade. As stocks and everything else did better and people forgot about trade wars and things were eclipsed by the pandemic, Bitcoin took a back seat to all of that. “
Bitcoin gets attention when it seems the world is coming to an end, it is the anti-vaccine trade
Bryce Doty, portfolio manager at Sit Fixed Income Advisors
Matt Maley of Miller Tabak + Co. says institutional investors may be paying more attention to the crypto space – he has received a few calls about it in recent weeks. But individual investors, many of whom suffered the 2018 Bitcoin crash, may have their eyes on other issues. This year has been torturous and many are concerned about the pandemic and economic recession, says the company’s chief market strategist.
“The people – many of these people were badly burned – are less enthusiastic now,” he said. “It certainly isn’t the huge hustle and bustle we had in 2017 – which could change if it breaks through the 2017 highs.”
Guy Hirsch, chief executive for the United States at multi-asset brokerage eToro, is tracking a slightly non-traditional sentiment indicator: the total number of Tweets mentioning Bitcoin on a daily basis. At the height of the cryptocurrency boom, he was seeing around 120,000 Bitcoin-related tweets per day. That number now fluctuates between 30,000 and 60,000, according to data from eToro and The Tie.
