‘Wolf of All Streets’ Expects Mainstream Crypto FOMO to Return When DOGE Hits New All-Time High

March 15, 2024 Bitcoin.com

UK uses Love Island star to warn finfluencers on crypto and investment schemes

April 7, 2023 Coin Telegraph

The financial and advertising regulators posted a seven-part checklist to ensure these social media stars stay within the bounds of the law.

The financial and advertising regulators of the United Kingdom have teamed up to send a warning to social media “finfluencers” telling them to stop promoting illegal “get rich quick” schemes or face law enforcement.

The Financial Conduct Authority (FCA) and the Advertising Standards Authority (ACA) made reference to cryptocurrencies and nonfungible tokens in their April 6 statement, which laid out a seven-part checklist to ensure that finfluencers stay within the bounds of the law.

The checklist asks finfluencers to consider whether they’re the “right person” to be promoting the financial product and states that their followers may “lose all their money” from the investment. It also states:

“Don’t suggest to your followers that cryptoassets would be an easy investment decision or create any sense of urgency or FOMO.”

*A seven-part checklist aims to provide “finfluencers” with more clarity over what may constitute an illegal financial promotion. Source: FCA*

In addition to conducting “due diligence,” social media influences should seek approval of the FCA and ensure that the advertisement is legal, truthful and properly labeled as an advertisement under ASA rules.

The FCA and ACA strongly advised that influencers check ScamSmart to ensure that they’re not promoting an investment scam. “If in doubt, don’t promote”, the checklist’s slogan states.

It is a crime to unlawfully promote financial products or services which carries a maximum sentence of two years’ imprisonment and an unlimited fine:

“If your post breaks the rules, the ASA will take action.”

Sarah Pritchard, the FCA’s executive director, explained that there has been a spike in illegal financial promotions of late.

“They are often doing this without knowledge of the rules and without understanding of the harm they could cause their followers,” she added.

We've partnered with @ASA_UK and @SharonNJGaffka to help educate social media #influencers about the risks involved in promoting #financial products. https://t.co/IwQkcc90a9
— Financial Conduct Authority (@TheFCA) April 6, 2023

The FCA and ASA partnered with former U.K. Love Island contestant Sharon Gaffka to emphasize the risks that come with lucrative marketing schemes.

The FCA will also host an “open roundtable discussion” with influencer agents and the Influencer Marketing Trade Body in the coming months.

Across the channel, France is edging closer to banning French social media influencers from promoting cryptocurrencies and NFTs from unlicensed firms after the National Assembly’s economic committee voted in favor of an amendment proposal on March 23.

If passed, the new law would add crypto assets to a list of prohibited products, such as gambling and pharmaceuticals, that cannot be promoted by influencers.

Those found to violate the incoming law may also be subject to two years’ imprisonment with a fine of 30,000 Euros ($32,300).

Reality TV star Kim Kardashian, boxing legend Floyd Mayweather and internet celebrity Jake Paul are some of the most notable figures to have found themselves embroiled in allegedly promoting crypto investment schemes.

Magazine: Crypto Twitter Hall of Flame: Lark Davis on fighting social media storms, and why he’s an ETH bull: Hall of Flame

What is JOMO in crypto trading?

March 14, 2023 Coin Telegraph

Bitcoin

JOMO is that "I-was-right-about-the-market" joyful feeling after narrowly escaping a bad trade and potentially catastrophic losses.

JOMO stands for the joy of missing out — particularly when a cryptocurrency trader refuses to follow the crowd. This is the opposite of FOMO, or fear of missing out, and it's the counterbalance to price rallies driven by hype and frenzy.

What is JOMO in crypto trading?

In crypto trading, JOMO stems from not following the herd, which is often wrong, and ultimately avoiding a potentially big loss.

For example, the recurring bullish calls in the Bitcoin market during the 2020-2021 bull run likely prompted many people to buy at the top in expectation of more upside.

Many market commentators, including analysts at Standard Chartered and JPMorgan & Chase, predicted in 2021 that BTC price would reach $100,000 by the end of the year. The widely-tracked Stock-to-Flow (S2F) model further boosted the bullish argument, given its accuracy through most of Bitcoin's bull and bear cycles.

However, Bitcoin price fell short of its popular $100,000 target after peaking out in November 2021 at $69,000, and is currently down 60% since.

*BTC/USD weekly price chart. Source: TradingView*

Thus, the JOMO traders who either sold or didn't buy into the rally at the time came out on top. Moreover, they also retained the capital to get in at lower levels when FOMO is nonexistent, such as in June 2022 that marked Bitcoin's latest price bottom.

JOMO after Bitcoin price peak

One of the few JOMO traders who didn't buy into the overly-optimistic Bitcoin predictions in late 2021 was market watcher Michael Gogol. He reduced his crypto exposure a month before Bitcoin's peak, expressing his relief in May 2022.

Called the top in 2021 and 2022.
Not bad not bad. I’m proud. pic.twitter.com/ZZe5E445Sz
— Michael Gogel (@mgogel) May 3, 2022

On the other hand, one trader confessed that he had bought Bitcoin at $60,000 in October 2021 after getting convinced by the market's anti-inflation narrative. He said:

"The whole inflation thing finally clicked. I panicked and entered almost at ATH of 69k. Feels bad. Went down the rabbit hole, hours of research."

Turning FOMO into JOMO

FOMO originates from the objective of making money quickly. Many gullible traders believe they can double or triple their investments within the matter of days, weeks, or months by investing cryptocurrencies.

Usually, traders with FOMO syndrome may open or close their trades multiple times a day without putting considerable thought or strategy behind them. These high-risk trades also impact traders mentally, even leading to stress and sleep deprivation.

Here are four steps that a trader can take to turn FOMO into JOMO:

Develop a trading plan.
Keep a trading journal to monitor your trading patterns.
Analyze potential trades using multiple metrics, including fundamental and technical analysis.
Ignore emotions, follow your plan and adjust accordingly.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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FOMO will drive crypto adoption in 2022, says BlockFi co-founder

December 21, 2021 Coin Telegraph

2022

BlockFi’s co-founder expects upward price action, new talent and regulatory clarity will create a bubbling FOMO atmosphere for crypto adoption in 2022.

Flori Marquez, the co-founder of cryptocurrency custodian BlockFi, said that upward price action, new talent and regulatory clarity will combine to create a bubbling FOMO atmosphere for crypto adoption in 2022. In an interview with Yahoo Finance on Friday, Marquez also shared insights regarding industry growth in 2021.

Marquez suggested that crypto has become “more digestible” for the average consumer than it was back in 2016. She explained that other significant drivers for growth in 2022 will be the wealth of skilled experts coming to work in the crypto industry and regulatory clarity.

The stats she cited set an optimistic foundation for growth in 2022. According to BlockFi research, one in 10 people plan to gift crypto this year while also adding:

“About two-thirds of Americans prefer to talk about crypto versus if you think about five years ago, only 1% of people had ever traded crypto, and 50% of Americans had never heard of crypto five years ago.”

BlockFi’s internal metrics are also indicative of burgeoning adoption. In the first year of its reward card’s operations, 75,000 people signed up. Marquez pointed out that the figure is “absolutely huge because most fintech companies look to see about 10,000 credit cards in their first year.”

More interesting for FOMO in 2022 is the revelation that for the “majority of Blockfi’s clients–when they receive a BTC reward, they’re not selling that for cash.”

These discoveries reflect broader adoption trends across the crypto space, particularly among younger people. A recent CNBC survey revealed that 83% of Millennial millionaires now own crypto. “Hodling” is catching on among BlockFi’s clients, 38% of whom plan to hold, and only 6% plan to reduce their crypto exposure in the coming year.

For Marquez, however, it’s the festive timing of new regulations and new talent coming into the crypto space that is pivotal. She commented that crypto and fintech have been huge attractors to people who are looking to learn something new and expand their careers.

“So I think we’re going to see more talent shifting from other more traditional industries into crypto and the fintech sector. And the last thing that I think we’ll see in 2022 is some regulatory clarity.”

As families come together during the holiday season with Bitcoin’s (BTC) price holding steady above $48,000, a deep-seated, long-awaited FOMO atmosphere could drive both prices and adoption in 2022.

Crypto FOMO Will Be Huge Investment Driver, Regulatory Clarity Expected in 2022, Says Blockfi Executive

December 20, 2021 Bitcoin.com

Obscure Omicron token spikes 900% after new variant emerges

November 29, 2021 Coin Telegraph

Coin Telegraph

FOMO has grabbed hold of crypto speculators who have been loading up on Omicron tokens following the WHO’s naming of the latest COVID-19 variant.

A relatively obscure cryptocurrency called Omicron (OMIC) has surged to an all-time high today as a new fast-spreading COVID-19 variant got christened with the same name.

Omicron’s OMIC token hit an all-time high of $689 a couple of hours ago during the Monday morning Asian trading session. The move has added another 200% gains on the day for the token and a whopping 945% since Saturday when it was trading around $65.

The token shares its name with a new Covid-19 variant that was first discovered in South Africa on Nov. 23. The World Health Organization named the fast-spreading B.1.1.529 strain after the fifteenth letter of the Greek alphabet.

Crypto critic “Mr. Whale” commented that the massive price spike was a sign that things are in a “giant bubble.”

A crypto token named after the new COVID-19 variant ‘Omicron’ is up over 650% within the 3 days, and is now worth over $400 million.

If this isn’t a sign we’re in a giant bubble, I don’t know what is. pic.twitter.com/7ESD1v9wgF
— Mr. Whale (@CryptoWhale) November 28, 2021

Omicron is a decentralized reserve currency protocol that runs on the Ethereum layer two network Arbitrum. Its native OMIC token is backed by several other crypto assets including the USDC stablecoin and liquidity provider tokens.

It can only be traded on the SushiSwap decentralized exchange which has seen $454,000 in volume for the OMIC/USDC pair over the past 24 hours according to CoinGecko. The token analytics website has no further details on OMIC supply or market cap.

The bond-based yield farming project began life in early November as a fork of the OlympusDAO DeFi protocol, but it shares no other connection to the virus aside from the name.

Late last week, stock markets slumped as the news of the new COVID variant spread and Black Friday saw a massive sell-off that wiped out November gains for the S&P 500 Index and the Nasdaq Composite.

However, things are looking brighter as the new week begins with crypto markets back in the green at the time of writing after falling to their lowest levels since mid-October on Saturday. Total market capitalization is up 5.6% over the past 24 hours and is currently at $2.71 trillion according to CoinGecko.