Inferno’s Tuesday market report

Boom! Is Consensus taking effect?

Today saw a decent bump in the price of bitcoin, coinciding with the start of Consensus – Coindesk’s major annual blockchain industry conference in New York.

Historically Consensus has always been followed by a new or renewed bull run, with the enthused delegates leaving and buying bitcoin. Given that numbers of those attending has risen year-on-year, and that a larger proportion of them are now financial industry players, there’s good reason to expect the same this time.

In fact, some prominent analysts have predicted a new incoming all-time high, with $20k this summer and even higher by December. That might sound far-fetched at this point, with bitcoin still struggling below $10k, but if there’s one thing we’ve learned it’s that these things can change very fast. Today saw a $400 rise in the price of bitcoin, after coming off that support level around $8,000 at the weekend.

News should build during and after the event, with the full impacts only to be felt in the coming weeks and months. Nothing is for certain, and past performance is no prediction of future performance, but the overall picture is clear: bitcoin has limited supply and interest is doing anything but dying.

To find out more about Consensus, see https://www.coindesk.com/events/consensus-2018/

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