This Bitcoin Rally Feels Different. FOMO and YOLO Are Back
About two years ago, the crypto price peaked. Bitcoin (BTC) almost reached $70,000. Things got worse, then worse, and finally catastrophic. BTC fell to $15,000 after FTX collapsed.
You will remember this!
Prices have risen for much of 2023. However, these gains were hard-won – a series of setbacks followed. By mid-October, the Bitcoin price was around $27,000.
The market exploded, driven by optimism. Bitcoin ETFs and falling interest rates. Bitcoin briefly reached $45,000 on Coinbase. Bitcoin had just managed to reach the $45,000 mark on Coinbase. Exceed $40,000 A few days ago, the level was last reached in early 2022.
A friend who is a crypto skeptic texted me on Tuesday telling me he was going to buy Bitcoin. He says he hears from people who are curious about crypto. Will it stay that way? Is crypto returning to the mainstream?
My father has asked me for predictions throughout my two-decade career in markets and finance, but I have no idea. But I know it’s been two years since the crypto markets were this exuberant – before the Celsius Voyager Three Arrows Capital FTX Genesis crashes and declines…
Wall Street is coming for crypto
It’s not hard to understand how things got so enthusiastic. It’s a big deal that Wall Street giants BlackRock Fidelity and Franklin Templeton want to list Bitcoin ETFs on the US market.
BlackRock, Fidelity and Franklin Templeton are expected to have a significant marketing and sales force behind the Bitcoin ETF. It’s not crazy to think that this will bring in a lot more money for cryptocurrencies. It is up for debate whether this will lead to a sustained rally.
