Consensus 2018 was a blockchain technology summit that took place from May 14 to May 16 2018. The expectations were that the summit would help Bitcoin the start climbing again. However, looking at the numbers now, not only did it not deliver, but it actually seems to have lowered the price of Bitcoin.
Before the summit, financial news pundit Tom Lee said that “We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus.” Last year the crypto market gained 20 percent after Consensus.
But why didn’t it happen this time?
It’s difficult to say for sure but the reasons might be spread around in different places. For example, the tickets cost $999 to $2499 and the tickets could not be purchased with cryptocurrency. Which is rather weird, considering it was a cryptocurrency event. Another thing that has been brought out is that while the topic of regulation was discussed a lot, there wasn’t anything new, it was all same old, same old. Talks were superficial and some people thought they didn’t seem to know their audience either. Attendees as well as crypto enthusiasts felt that the conference was badly organized as well as ill-informed.
So the main reason Bitcoin lost value instead of going bullish again was that instead of delivering Consensus actually failed miserably.
Of course, one could look at it he other way around as well. While last year the conference seemed to help the crypto market, there might have not been such direct cause and effect. It’s possible that Consensus 2018 didn’t have anything to do with the slight recent downfall of cryptomarket and we just need to wait a bit more to see bullish movements again.
Someone also said that “Crypto dipped because it was ripe for a correction with the run from $6k to $10k. Nothing more.”
But while crypto is in uncharted territory, you might have better luck thinking of mega millions lottery usa. While odds of winning are low, it could be more sure thing than cryptomarket for easy cash right now.