Interest in cryptocurrencies has increased since Donald Trump was elected president of the United States, and Bitcoin has reached all-time highs as a result of his campaign's pledge to assist the cryptocurrency sector.
According to market watchers, the increase in search interest and inflows points to a possible surge of new purchasers prepared to enter the cryptocurrency market as well as revived enthusiasm among ordinary investors.
According to Ryan Chow, co-founder and CEO of Solv Protocol, a Bitcoin (BTC) staking platform, Trump's win is a "major catalyst for launching the next bull market," as he told Cointelegraph.
Regarding the increase in retail investors, he was upbeat, saying:
"When Bitcoin hits a record high, it's one of the best ways to promote cryptocurrency."
Although they have appeared to be dormant during this cycle, retail investors have been crucial to prior Bitcoin bull runs. Since the Securities and Exchange Commission (SEC) authorized spot Bitcoin exchange-traded funds in January, institutional investors have grabbed the lead.
After revealing lower-than-expected revenue from trading fees in its Q3 shareholder letter on October 30, Coinbase, a preferred cryptocurrency exchange among retail traders, suffered a decline in the value of its stock. The revenue of $1.13 billion was less than the $1.26 billion predicted by Wall Street experts, but it was still up more than 81% from the same period last year.
The exchange attributed the low performance to "softer market conditions," citing a decline in retail trade as the main cause. Google's search volume for Bitcoin fell to an all-time low in October, suggesting that retail traders have yet to board the cryptocurrency bull market. #Write2Earn!
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