Consensus 2018 Updates: The Consensus summit is an industry event famed for creating excitement and price hikes in the cryptosphere. However, while there was much positive news to write home about, the Consensus also shed light on some not-so-encouraging opinions and facts. Here are some areas of concern to take away with you from this years summit…
Prices Fell
Bitcoin price fell again on Tuesday – right in the middle of the summit. This could be attributed to the differing opinions from highly respected figures, which were on display at the Consensus. The conference has so far, not been able to boost the cryptocurrency market despite having done so in previous years. On Tuesday afternoon, the market price of Bitcoin – the market capitalization cryptocurrency, was about $8,550. The price of most other top cryptocurrency has fallen this week too. Is this something investors should worry about? Why are prices falling and not rising during Consensus week this year?
A Not So Positive Opinion: Not a Mainstream Currency!
Cryptographic currency can hardly be a mainstream currency, expressed James Bullard at Consensus on Monday. James Bullard is the president of the Federal Reserve Bank of St. Louis. He explained that cryptocurrency operates as a non-uniform currency, meaning that there are now more than 1,800 cryptocurrencies out there, many of which are trading at different prices in different markets – all at the same time. He stated that, at least historically, non-unified currencies like this cannot be accepted in the financial market. This means that Bitcoin and other cryptocurrencies still have a long way to go in the global financial market. “They must start to compete like anything else,” said Brad. “The cryptocurrencies may be moving in the wrong direction because the
