Bitcoin(BTC) prices have recovered and are surging above the 200 -weekly moving averages (WMA). With the U.S. Equity market once again on the rise, and once again the fears of recession waning, the crypto sector especially Bitcoin (BTC) is making a smart recovery. However investors are filled with a new form of anxiety or what is known in the slang lingo as FOMO.
Bitcoin(BTC) Surge Invokes FOMO fear
FOMO or the ‘Fear Of Missing Out’ is a slang used among investors for losing an opportunity of making profit from a particular situation.
The crypto sector is intricately linked with the Equity markets and once the equity market starts smiling, the effect is also rubbed on to the crypto sector. The market has been going buoyant on a number of factors. The chief being-
1. The US equity market is recovering.
2. Fed supporting a 75 bps rate hike.
3. Falling fears of a forthcoming recession.
As the Bitcoin (BTC) moves above the 200 weekly moving averages (WMA) the investors are filled with FOMO. With the BTC crash the investors have switched over to other investments now fear that they wll be losing the opportunity to make a good profit by investing in BTC.
The crypto sector breathed a big sigh of relief when the Federal Reserve officials negated the potential of a 100 bps hike at the July-end FOMC meeting. The Ethereum mega Merge software update scheduled for September also positively affected the market.
Bitcoin(BTC) , Ethereum (ETH) Values Surging In Double Figures
Both Bitcoin(BTC) and Ethereum (ETH) values have been surging by 25% and 50%, respectively in a week. Investors and experts both are predicting that the worst is over and the tanking has bottomed out. The likelihood of an economic recession is falling. Crypto Market Fear & Greed Index another bench mark which mirrored the market sentiments have also surged and reached 31 for the first time since April. It indicates the interest is rising and bulls can take over.
The Bitcoin(BTC) price has even moved above the 200-WMA now, with the price currently trading at $23,735.38, up 8.68%in a day. It market cap stands at $453,912,203,258. It market volume was $49,187,759,310, up 8.93%. BTC had a circulating value of 19,098,331.00 BTC constituting 91% of the supply.