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Bitcoin – Extends gains as FOMO trade resumes

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Always a wild ride

Bitcoin is continuing to make strides higher on Tuesday, building on the momentum the rally gathered over the weekend at at the start of the week.

As ever, we’re seeing numerous explanations for the latest gains in the cryptocurrency space but there looks to be very little of actual substance to them. Often with other instruments, there is something that would trigger such a move, but let’s face it, bitcoin is not like any other instrument.

Rather, this is just another example of a FOMO rally. We saw a correction in bitcoin but the good feeling remains following the launch of Facebook’s Libra coin and as we’ve seen before, if people think it can continue to rise – justified or not – it will do so. Irrationality is nothing new in the space and the days of very volatile trading is well and truly back.

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Former Craig

Former Craig

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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