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Scores of retail investors are dabbling in micro-cap stocks - stocks whose market capitalisation is tiny - operating under the radar of big funds and investors and their massive market-moving flows.

Chinese regulators meanwhile seem cool with the micro-cap craze, even though it is worryingly reminiscent of the casino-like Chinese market culture of more than a decade ago.

Many of those thousands of cryptocurrencies listed on exchanges and websites that track digital asset markets are thinly traded cryptocurrencies, Mr. Gensler said, and are subject to the same kind of manipulation as micro-cap companies, or stocks of small publicly traded companies with a market capitalization of about $50 million to $300 million.

UBS strategist James Malcolm points to the increasing correlation between cryptocurrencies and micro-cap U.S. stocks as testament to how bitcoin and other tokens could survive on the fringes, as a niche, diverse asset in investment portfolios.

That economic optimism also lifted micro-cap stocks, according to investors, after the group long underperformed until last year.