Bitcoin Sentiment Moves to Greed and FOMO

The sentiment surrounding Bitcoin has gone through a wild swing, transitioning from “extreme fear” to “greed” and even “FOMO” in a matter of days. This was due in large part to Bitcoin’s 12% increase in value over the past week.

However, on July 16, crypto analytics platform Santiment cautioned against too much excitement, stating that it is important to be cautious when the majority of the market is overwhelmingly bullish and not showing any signs of fear.

Much of this newfound optimism is a result of investors viewing the potential election victory of Donald Trump and his crypto-friendly running mate JD Vance in November.

During the span of three days in mid-July, the BTC sentiment tracker Crypto Fear & Greed Index rapidly flipped from “extreme fear” to “greed” as the overall crypto market experienced a surge. As of now, Bitcoin is trading at $64,508, a 12.8% increase from the previous week.