Wall Street’s Bitcoin demand is greater than supply – FOMO is back

Search results for Bitcoin, Ether and IBIT (BlackRock’s Bitcoin fund) are increasing noticeably while Wall Street has trouble keeping up with the growing demand for Bitcoin investments from investors. Nvidia and AI coins rose last week, this week the attention turns to Bitcoin and memecoins.

We already predicted it a few weeks ago: crypto FOMO is back with a vengeance.

Bitcoin and Ether are trading at their highest prices of the last two years while some smaller altcoins are seeing gains of between 20 and 50% per day.

Halving and Ethereum ETF

Reuters gave the same reasoning as we did to explain the rise for Bitcoin and the rest of the crypto prices. The halving is coming in April and historically this is mostly good for the price of crypto. Secondly, it is expected that after a Bitcoin ETF, BlackRock will soon also receive approval for an Ethereum ETF.

BLACKROCK’S BITCOIN ETF SEES RECORD TRADING VOLUMES

BlackRock’s iShares Bitcoin Trust (IBIT) recorded over $1.3 billion in trading volume, marking its highest daily volume since launch.

The surge indicates sustained interest in the firm’s spot Bitcoin ETF despite competition.… pic.twitter.com/tb3HxuNcBE

— Crypto Town Hall (@Crypto_TownHall) February 27, 2024

Investors are therefore rushing in and are sending both Bitcoin and Ether sharply higher. The supply is apparently smaller than the demand and so the prices of Bitcoin-related shares (Coinbase, Marathon Digital, Riot Platforms and Cleanspark) are also increasing fast.

Memecoins

Fun to see on Tuesday (and Wednesday night) that many memecoins are rising again. These are smaller altcoins that are usually meant as a joke but can attract hundreds of millions in investments because of their popularity on social media. The best known is still Dogecoin. It has been in the top 10 of CoinMarketCap for several years now.

In recent years, memecoins such as Shiba Inu, Pepe and Bonk have been added to the tally. Pepe in particular stood out yesterday with an increase of 50% at one point.

FOMO is back.