Bitcoin has finally bounced back, cleanly breaking the $50,000 barrier to trade at around $57,000 at the time of publishing. This signal comes as much-needed relief for bulls after the entire crypto market slumped for two weeks following the flash crash on Feb. 22, now known as “Bloody Monday.”
The market slump seemed to persist despite the rising demand and confidence in the cryptocurrency markets both from retail and institutional investors. A blog post published by Robinhood, a trading platform often used by Gen Z and millennials, titled “Crypto Goes Mainstream” mentioned that the platform saw over 6 million new crypto users in the first two months of 2021 alone. Considering that monthly sign-ups in 2021 are 15 times the 2020 average, this is highly indicative of the shift in perception of retail investors toward cryptocurrencies.
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