Even after a week of positive news Bitcoin could not repeat the uptick seen in the aftermath of the 2017 conference. Bitcoin had a 1.35x growth between 20th May and 25th May 2017 when it grew from around $2000 to a high of $2700 before correcting to around $2500. This year, Bitcoin was facing a bearish market before Consensus and did not recover but stayed at around the $8200 mark over the week.
Consensus took place from May 14-16th earlier this week and boasted an attendance three times more than its previous iteration which is a testament to the growing mainstream interest in cryptocurrencies and blockchain. It was widely expected that Bitcoin would rally during or after the event.
Fundstrat’s Thomas Lee said that cryptocurrencies were, and have been suffering from an “overhang of regulatory risk” and a hostile reception from financial institutions. The opportunity was offered at the conference to strengthen the community’s conviction.
Quoting Lee: – “While there was not a Consensus bump, our conviction on cryptocurrencies strengthened during the conference.”
It is clear that the major hurdle now for Bitcoin and other cryptocurrencies are from regulation and the banking industry.
Thus we ask again: Will banks and regulators kill Bitcoin?
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