Barclays: Crypto market to remain bearish without clear catalysts

UK investment bank Barclays has a negative outlook for the cryptocurrency market in 2024, Cointelegraph reported. In a recent year-end report, the bank noted a sharp decline in spot market trading volumes on major platforms like Coinbase (COIN) and Robinhood (HOOD), alongside a significant decrease in demand from retail investors. While firms such as BlackRock and Robinhood are conducting pilots in tokenization, Barclays believes these efforts are too early to have a meaningful market impact. The bank concluded that structural growth will likely be limited, as there are no clear catalysts to revive demand, unless major events occur such as the approval of a spot Bitcoin ETF or the election of a pro-crypto president in November 2024.