Australians That Bought the Dip on BTC Are More Than Happy —Now FOMO is Kicking in Amid Aussies Who Didn’t

Bitcoin has gained strong ground in the $36K area as MicroStrategy bought an additional $10M worth in BTC —and exchanges were receiving an outstanding amount of Tether, approximately, 552 million USDT. Tether is the most common pair in any exchange —BTC/USDT—, and retailers use it to trade the BTC market.

The recent surge had several Australians more than happy, as many Aussies remained positive at first about investing in cryptocurrencies this month, despite the warning from traditional institutions and the uncertainty of the new Biden Administration on digital assets.

But according to research from crypto-writer Andrew Munro, this has sparked the famous FOMO—Fear Of Missing Out amid Aussies.

Aussies Jumping in on BTC as FOMO kicks in

Now that Bitcoin has surged back to trading volumes above $36,000, it has propelled FOMO amid Aussies. Now more Australians are seeking to invest in cryptocurrencies like Bitcoin, Ethereum, and other altcoins.

Although other cryptos —like Ethereum— have gained a fair amount of independence, even outperforming BTC in the last week.

According to Munro, Aussies are set to invest not only in BTC but in altcoins that showed high-performance in the last weeks, and around 13% of Australians are set to invest in cryptocurrencies in 2021, and more than 6% are holding DeFi-related tokens.

Several years ago, Bitcoin was the only cryptocurrency the average Australian knew about. Now others like Ethereum are gaining popularity thanks to trends like DeFi and the hunt for yield in a low-interest-rate environment.

Stated Andrew Munro for News.com.au

BTC Reaches $37K

Bitcoin experienced extreme volatility this month since it reached its highest record price —$42,000—, swinging from levels as low as $28K, and struggling to reach resistance levels between $32K and $34K. These constant drops wiped out more than $100M trading positions almost instantly.

Likewise, Ethereum reached a new $1600 all-time high, with trading levels up to $1645. The recent surge came following Tether’s CTO statements about 2B Tether will be sent from the Tron Blockchain to Ethereum.