Market Wrap: Bitcoin’s Price Tear Suggests It’s FOMO Time Again

There’s an old saying on Wall Street that financial markets are driven by two emotions, fear and greed. In the crypto markets, the driver is often a combination of the two: fear of missing out.

The FOMO, as it’s often called, looked strong Wednesday as bitcoin jumped to its highest levels in nearly two months, rising as high as $8,900 while a buoyant stock market shrugged off bad economic data. 

At press time, the world’s largest cryptocurrency by market capitalization was up an eye-catching 14% over 24 hours at $8,851, well above the 10-day and 50-day technical indicator moving averages, signaling extreme bullish sentiment.

Crypto stakeholders continue to talk up the upcoming halving, an event that happens as often as the Olympic games or a U.S. presidential election, and for many bitcoiners is more important than either. 

Read more: Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

Around May 12,…