Bitcoin Not Rallying Even After Consensus Event

The 2018 edition of the Consensus event had many big events, but even then the bitcoin was not able to get any sizeable rallies following the conference. The currency has stayed above the $8,000 mark, but it is struggling to keep itself above that total. Gains on the currency have also been minimal at best.

Bitcoin attempted to get past the $8,500 mark earlier in the week. But even then, the bitcoin price continued to drop. The currency would get back to that value during the middle part of Sunday, but it had actually gotten down from that threshold from the earlier part of the week. This came in spite of the event being a prominent occasion where people discussed the future of the blockchain system and how it can work for many intentions.

What About the Event?

The Consensus 2018 event was the largest-attended version of the annual blockchain conference, with nearly 8,000 people attending it with a ticket cost of $2,000 each. The event was held in the Manhattan borough of New York.

Twitter CEO Jack Dorsey spoke at the event. He stated that he is hoping for the industry to grow, but he also feels that some kind of native currency has to grow to create a consistent market. He is uncertain if the bitcoin will be that currency or if something else should be used instead.

HTC also revealed additional information on its blockchain-powered smartphone called the Exodus. The design of the Exodus entails personal data working on the decentralized blockchain to keep one’s content secure. All Exodus phones on the market would serve as nodes for the blockchain.

The Consensus 2018 event also included many other smaller speeches and events for ticket-holders. Rapper Snoop Dogg even performed a private show at one of the venues in the Meatpacking District of Manhattan. Many events cost hundreds of dollars for people to enter into and were not a part of the main admission cost.

Ethereum founder Vitalik Buterin made headlines at the event by not showing up. Buterin was unhappy with how the Consensus event had tickets that were so expensive. He also said on Twitter that CoinDesk often tries to trap people who are being interviewed with gotcha questions and that the group does not work well with off the record quotes.

Other Currencies

The bitcoin was not the only currency to have experienced struggles in the past week even with the conference going forward. Most other major currencies have expressed similar trends where they struggled to catch up in value during Consensus but were able to get back and move forward.

Ethereum was able to move back forward in value, in particular. The currency had fallen under the $725 mark before Consensus and had struggled to get back into the range, but it had been catching up in the past few days following the event. This was in spite of Ethereum and other similar currencies not having as much attention paid to them as the bitcoin, although the bitcoin does still continue to be vital in the field.

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