Bitcoin Surge Predicted When ‘Blockchain Week NYC’ Ends
Manhattan is in the middle of Blockchain Week New York City and crypto experts believe that this conference could act as a catalyst to boost this year’s bitcoin breakout.
According to crypto analysts, cryptocurrencies have already experienced major lows in the first quarter of 2018 and it is now time for them to bounce back.
Blockchain Week New York started on May 11 and will run till May 17. This is a week-long event which highlights the fact that New York is quickly becoming a major hub in blockchain development.
Organized by prominent blockchain news site CoinDesk, in cooperation with the New York City Economic Development Corporation, it has become a major yearly event in the blockchain world.
This year’s Blockchain week will see some of cryptocurrency world’s biggest names in attendance and a number of interesting events lined up. This weeklong event is known as Consensus and will feature a job fair for blockchain and hackathon enthusiasts.
In a statement, Kevin Worth, CEO of CoinDesk said
Consensus is more than just a conference. It's the largest and must-attend gathering of everyone involved in our rapidly growing ecosystem. We're proud to partner with companies that continue to innovate and actively work toward taking their projects live
The first Blockchain Week was back in 2015 and saw 1,500 people in attendance. The 2016 Blockchain Week saw a near doubling of attendees and went up to 2,700. This year’s Blockchain Week is supposed to be the biggest, with 8,000 attendees coming in from all over the world.
Bitcoin Value Usually Rises After Consensus
Historically, bitcoin has always gone up after Consensus. In 2015, bitcoin went up by 23 percent after the event. The trend continued in 2016 but saw only a 10 percent rise. However, 2017 was a record as the currency witnessed a 69 percent surge after Blockchain Week.
Crypto analysts are optimistic about bitcoin’s value increase after May 17. There is a strong economy and a bull market which means that bitcoin has a strong possibility of increasing once Blockchain Week is done. Just how much bitcoin will increase after May 17 is hard to predict but optimistic bitcoin traders will be buying and hoping for another surge this year.
Tim is a retired professor in economics, this background has enabled him to provide a insight into the cryptomarket. His indepth analysis as well as news on legislations around the world will help you to understand what the state of play is.