• The shopping for surge got here as Bitcoin dipped beneath $67,000.
• The second-largest enhance in purchases prior to now two months.
• FOMO, low-price shopping for, and financial elements affect Bitcoin value.

Bitcoin's drop beneath $67,000 this week sparked a shopping for frenzy, marking the second-largest surge in crowd curiosity prior to now two months. Is that this shopping for frenzy pushed by FOMO or discount searching? Or each?

Based on information offered by blockchain analytics platform Santiment in X's publish, Bitcoin's value dropping beneath $67,000 has led to grasping sentiment available in the market.

Santiment stated greed and concern of being left behind solely come up available in the market underneath two situations: The primary is when “costs spike and merchants are tempted to leap in with the hope that costs will proceed to rise,” which was the state of affairs seen on Might 20 when Bitcoin reclaimed the $71,000 value stage.

Whereas FOMO and discount searching could also be driving a number of the current bitcoin shopping for frenzy, it's price noting that broader macroeconomic elements are additionally at play: Costs of danger property like shares and cryptocurrencies typically face downward strain when rates of interest rise.

That's as a result of rising rates of interest make historically safer investments, equivalent to money and Treasury bonds, extra enticing. Conversely, buyers are betting that riskier property may rise as soon as the Federal Reserve lastly eases financial coverage.

Based on information from CoinMarketCap, the worth of BTC is just under $67,600 on the time of writing, with the main cryptocurrency struggling to carry this value stage and transfer in the direction of the $70,000 value stage as soon as once more.

Bitcoin buying and selling quantity has fallen 25.93% prior to now 24 hours, now at $26.6 billion, with a market cap of $1.322 trillion. The digital asset has risen 7.08% prior to now 30 days and is up 159.08% since June 2023.