Last week we discussed how Bitcoin was approaching key levels. It hit the resistance line at $10k and unfortunately didn’t have the momentum to pull through. As a result we did see a substantial fall in price of nearly 18% on some exchanges. The timing of this pullback is interesting as well. The big news in the coming week is the largest crypto conference held in New York. We will explore the history of this conference and it’s impact on price below. Rest assured that the summer season is incoming and price is keeping everyone guessing which way this is going to break out.
Consensys is an annual conference held by popular crypto publication CoinDesk. This is going to be their 4th annual blockchain technology summit, May 14-16, 2018 at the New York Hilton Midtown. Over 4,500 attendees are going to be a part of it including the big companies such as Microsoft, IBM, Procter & Gamble, and Siemens, huge investors like CME Ventures, banks such as AMRO,...
Last week we were discussing the rough first quarter that Bitcoin has had. However with a single day this week the narrative appears to have changed. Some people may rejoicing a bit too early, however the volume spike this week is nothing to scoff at. The question one needs to ask is who was behind this massive spike and why now? This is a complicated question. The internet is littered with stories that range from the currency crisis in Iran to certain technical objectives that were hit. This reflections is going to give you an overview on multiple point of views.
One of arguments for the massive spike in price has been the bullish stance two of the largest financial funds have taken in cryptocurrency. The first one being the $26bn Soros Fund. George Soros who had previously taken a negative stance against the asset class adjusted his position. He was on the record saying“Normally, when you have a parabolic curve, eventually it has a very sharp...
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