The Fear Of Missing Out (FOMO) sentiment has started to gain momentum in the crypto community in early December. This sentiment has a dual nature – it can lead to a sudden increase in Bitcoin’s price, but it also serves as a market warning as it enters a risky phase.
Community observations indicate several signs that suggest investors who previously had no buying position are now interested in acquiring Bitcoin, or those who exited the market are starting to show renewed interest.
In the early days of December, when Bitcoin had not yet surpassed $40,000, discussions about BTC began to heat up on social media. Investors are hoping that Bitcoin will rise above $40,000 and set new highs, so they continuously seek price predictions around the $40,000 mark.
Looking at Bitcoin’s Social Volume chart from Santiment, it’s evident that the discussion volume surrounding BTC in December is showing strong momentum, similar to the early-year bull market phase when BTC almost doubled from below $16,000.
Currently, BTC has surpassed $42,000 and is maintaining a high level above $40,000. This means that the “crowd is right” in their short-term predictions.
One of the interesting phenomena in this current price surge is the renewed interest in Bitcoin, along with concerns about taxes.
Data from Santiment’s TOP10 Social Trend reveals that, as Bitcoin surged, discussions about the IRS and “tax” also increased. This intriguing phenomenon suggests that the concerns of US Bitcoin investors are strongly influenced by legal issues.
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