Despite calls that bitcoin would rally throughout New York City’s “Blockchain Week,” the cryptocurrency’s price has dropped about 10 percent since the festivities kicked off. Bitcoin fell below $8,000 as the conferences wrapped up Friday, hitting a low of $7,931.43 after trading above $8,800 Monday, according to CoinDesk.
“Many repeat attendees commented that the panels felt more like commercials than substantive discussions, which was not the case last year,” said Fundstrat digital currency analyst Alex Kern. In previous years, bitcoin had rallied significantly around a New York City blockchain conference called Consensus.
Between May 22 and 24 when it was held last year, prices jumped 69 percent, Fundstrat said. Prices popped another 138 percent in the two months after the conference.
In a note to clients published ahead of this year’s event, Fudstrat predicted a bump “likely greater” than in previous years “given dramatic jump in attendance plus the fact BTC is down YTD.” Instead, prices stayed in the low $8,000 range throughout the week, according to CoinDesk.
Bitcoin hit a high of $8,835 last week before blockchain enthusiasts flocked to New York. The cryptocurrency has dropped more than 40 percent this year. Read more from cnbc.com…
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