{"id":10321,"date":"2023-11-06T18:58:02","date_gmt":"2023-11-06T18:58:02","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/bitcoins-price-surge-fails-to-entice-former-day-traders\/"},"modified":"2023-11-06T18:58:05","modified_gmt":"2023-11-06T18:58:05","slug":"bitcoins-price-surge-fails-to-entice-former-day-traders","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10321","title":{"rendered":"Bitcoin&#8217;s Price Surge Fails to Entice Former Day Traders"},"content":{"rendered":"<div>\n<figure id=\"attachment_127659\" aria-describedby=\"caption-attachment-127659\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-127659\" class=\"wp-caption-text\">Bitcoin\u2019s price rally hasn\u2019t swayed former retail traders away from the sidelines. <em>Image b<span class=\"grey gravel-text\" data-t=\"detail-panel-content-author-by-label\">y\u00a0<\/span><span class=\"blue science-text\" data-t=\"detail-panel-content-author-name\">Friends Stock, Adobe Stock<\/span><\/em><\/figcaption><\/figure>\n<p><strong>The price of Bitcoin<\/strong> has rallied in recent weeks, <strong>more than doubling<\/strong> from its November 2022 lows after the UK <strong>collapse of the cryptocurrency exchange FTX<\/strong>. <strong>Former day traders<\/strong> who previously made big profits from <strong>Bitcoin\u2019s volatile swings<\/strong> say they have <strong>no plans to return<\/strong>, however, even as optimism grows that the <strong>market is turning a corner<\/strong>.\n<\/p>\n<h2>Bitcoin\u2019s \u2018Allure is Kind of Gone\u2019<\/h2>\n<p>\n\u201cBitcoin is not as volatile or as driven as it was,\u201d said Peter To, a 34-year-old professional stock trader in New York who claims to have made over $1 million day trading Bitcoin from 2013 to 2017, in an interview with Bloomberg. \u201cFor traders like me who are hunting for inefficiencies in the market, it\u2019s not as interesting. The allure is kind of gone.\u201d<\/p>\n<p>As the cryptocurrency industry looks to move past the FTX debacle and usher in a more mature era, some believe the <strong>days of spectacular growth<\/strong> and trading opportunities <strong>may be over<\/strong>. While Bitcoin\u2019s recent climb above $35,000 sparked some enthusiasm, it remains <strong>far below its all-time high<\/strong> of nearly $69,000 in 2021.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> consolidation range is getting more boring by the day\u2026 <a rel=\"nofollow\" href=\"https:\/\/t.co\/HFnkreZqEa\">pic.twitter.com\/HFnkreZqEa<\/a><\/p>\n<p>\u2014 Justin Gallum (@JustinGallum) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/JustinGallum\/status\/1721565605952917858?ref_src=twsrc%5Etfw\">November 6, 2023<\/a><\/p>\n<\/blockquote>\n<p>Retail crypto trading fell off last year after FTX\u2019s collapse, with Bitcoin <strong>sinking below $16,000<\/strong>.<\/p>\n<p>According to <strong>JPMorgan Chase &amp; Co<\/strong>., the FTX collapse coincided with more than just the crypto industry trading downturn. Day trading also <strong>declined in equity markets<\/strong>, with the share of retail investors in US stock volumes plunging 40% between early 2021 and end of 2022.<\/p>\n<p>Lately, there are <strong>signs of a modest retail revival<\/strong> even as stocks have pulled back, with the S&amp;P 500 down around 5% since July. From the first half to the ongoing second half, retail crypto volume as a percentage of total US volume on Bitstamp exchange rose from 33% to 35%, while globally it increased from 8% to 9%.<\/p>\n<p>\u201cThe retail marketplace in a bear environment is generally quite sleepy,\u201d Bitstamp USA CEO Bobby Zagotta told Bloomberg. \u201cI feel like we are seeing some improvement here.\u201d\n<\/p>\n<h2>Still Too Risky for Some<\/h2>\n<p>\nBut for many former crypto day traders, this is not enough to draw them back in. Craig Murray, 23, who made almost $200,000 trading crypto before FTX\u2019s collapse, decided the risks were too great.<\/p>\n<p>\u201cThat kind of put me over the edge,\u201d said Murray. \u201cI just decided it wasn\u2019t worth it. Why would I have my money in this space when there\u2019s a chance that one day it could just all go away?\u201d<\/p>\n<p><noscript><\/p>\n<div class=\"embed-container\"><iframe loading=\"lazy\" title=\"Day Trading Is Not Worth It\" width=\"1140\" height=\"641\" src=\"https:\/\/www.youtube.com\/embed\/Sb13Gh65CZ0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/div>\n<p><\/noscript><\/p>\n<p>Another sign that retail crypto trading isn\u2019t approaching past heights is the weekday versus weekend volume ratio.<\/p>\n<p>\u201cIt\u2019s not unusual nowadays to see weekday trading volume average 50% higher values than weekend trading volume, whereas in the past this ratio was almost 1:1,\u201d said Fredrick Collins, CEO of crypto data firm Velo Data.<\/p>\n<p>For traders like Peter To seeking market inefficiencies, crypto\u2019s directional trends make it less appealing. \u201cIn the early days, you would hunt for glitches to make money,\u201d he said. \u201cNow, if crypto goes up, you make money, and if it goes down, you lose. It\u2019s more directional, which is a different game.\u201d<\/p>\n<p>While some hold onto crypto or even teach newcomers, many see it as too risky for most people. \u201cA lot of people go into crypto thinking it\u2019s going to be easy money,\u201d said Murray. \u201cThen they take bigger risks than they intended.\u201d<\/p>\n<p>So as Bitcoin rallies back, the former day traders who once fueled its volatility have largely moved on to less chaotic markets. The crypto industry may be maturing, but the early years of volatile swings and windfall profits are likely gone for good.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bitcoins-price-surge-fails-to-entice-former-day-traders.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s price rally hasn\u2019t swayed former retail traders away from the sidelines. Image by\u00a0Friends Stock, Adobe Stock The price of Bitcoin has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":10322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-10321","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin&#039;s Price Surge Fails to Entice Former Day Traders | inFundPros<\/title>\n<meta name=\"description\" content=\"Bitcoin\u2019s price rally hasn\u2019t swayed former retail traders away from the sidelines. 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