By Leigh Cuen
As institutions unload bitcoin (BTC) along with stocks as part of the coronavirus-driven global sell-off, cryptocurrency’s traditional base – retail investors – is doing most of the buying, market participants said.
And while pricing screens may still be flashing red, business is brisk at many trading platforms.
“We’ve already done more volume in March than all cumulative volume previously,” said River Financial CEO Alex Leishman, head of a bitcoin-centric brokerage in San Francisco that launched three months ago. “About 20 percent of all of our clients have signed up this month. … We’re seeing record interest from first-time bitcoin buyers.”
River Financial is relatively small, with just under 10,000 active user accounts, but this volume surge appears to be rippling across markets. Gemini’s head of communications, Carolyn Vadino, confirmed the New York-based crypto exchange saw a surge in activity over the weekend.