Cryptocurrency exchanges have not seen an increase in the inflow of fiat funds into bitcoin from retail clients after the distribution of incentive payments to Americans in the amount of $ 1,400. Some analysts pinned their hopes on such injections as a factor in the further rise in the price of bitcoin to $ 60,000 and above. Over the past day, the cryptocurrency has rolled back 10% and is trading at about $ 52,000.
The distribution of checks continues, so it may be premature to draw conclusions, but this is the case today. The Japanese brokerage company Mizuho previously predicted that from the received state support, the Americans could channel $ 40 billion into bitcoin and stocks, with the majority of those surveyed giving preference to cryptocurrency.
“While it is too early to comment on the amount of money coming from recent payments to our platform, we have noticed that there has been a significant increase in deposits in previous rounds of incentive payments by the amount corresponding to these checks,” the general told CoinDesk director of the American cryptocurrency exchange Voyager Steve Ehrlich.
During the previous round in April 2020, when the Americans received $ 1,200 each, Coinbase CEO Brian Armstrong drew attention to a sharp increase in the number of deposits by this amount. He declined to comment on the latest events, citing the fact that he could not do this in anticipation of the exchange entering the stock market.
It is possible that retail traders have decided to take a break after the tumultuous activity in the segment of technology companies and the cryptocurrency market in the previous months. Bloomberg notes that trading volumes for call options on popular Reddit stocks have also dropped.
In addition, consumers have become more inclined to spend money amid the recovery in the US economy. Millennial credit card spending has jumped in the past month, data from JPMorgan shows. It is possible that bitcoin, which has risen in price several times in a short time, scares away retail investors.
Kraken also confirmed that it does not see a large number of $ 1,400 deposits.
“Many customers have moved their sales targets higher,” the company added.
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