Crypto Declines as the Consensus 2018 Conference Fails to Lift the Market
May 18, 2018, 11:50AM
The cryptocurrency market is down today with most of the top 100 assets falling by low-to-mid single-digits for the second day in a row.
The cryptocurrency market is down today with most of the top 100 assets falling by low-to-mid single-digits for the second day in a row. This decline follows the ending of the fourth annual Consensus Conference in New York, the largest cryptocurrency event in the world. Unlike prior years, the event has failed to positively impact markets, and since May 15th, the entire sector has fallen by around 1/10th with a negative technical pattern that suggests more declines are likely.
Did the Consensus Conference Fail?
Contrary to earlier expectations, the Consensus Conference has proven to be a negative influence on the sector, with many participants calling it a, quote, "mess". The event was dominated by celebrities and salespeople instead of innovators and investors. In addition to this, many participants believe Coindesk, a conference co-host, mishandled booking, leading to an oversaturation of guests.
Price Action in the Market
The Bitcoin price is currently testing the 38.2% Fib extension at $8,000, and if it breaks below this level, the price may fall all the way to the 50% extension at $7,316. Bitcoin and Ethereum are both down by around 2.28% and 2.28%, respectively for total market caps of $138 and $68 billion. The altcoins fare worse with most of the top 10 (particularly Bitcoin Cash (BCH) and IOTA (MIOTA) down by high single-digits. The market's total size has fallen to $370 billion with Bitcoin dominance rising slightly to 37.4% of the total.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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