Bitcoin Climbs From Three-Week Low as Lambos Take Manhattan

Bitcoin Climbs From Three-Week Low as Lambos Take Manhattan

© Bloomberg. bitcoin bros Lamborghini Photographer: Lily Katz/Bloomberg© Bloomberg. bitcoin bros Lamborghini Photographer: Lily Katz/Bloomberg

(Bloomberg) — The crypto bros have taken over Midtown Manhattan.

Lamborghinis, the flashy cars that symbolize conspicuous consumption among Bitcoin true-believers, roared through the streets near the Hilton Midtown, site of the Consensus 2018 conference. Whether actual Bitcoin millionaires or hired marketeers, the drivers added to the cacophony and stoked hype for what the city’s calling Blockchain Week.

The price of the digital token also got a boost. jumped as much as 3.95 percent to $8,713 in early trading, rebounding from a more than three-week low reached earlier Monday.

Consensus is expected to draw more 8,500, or twice as many people as last year, when one Bitcoin would have cost you about $2,500. Now the top digital token is worth almost four times as much, though that still pales in comparison to the $20,000 price tag it flirted with late last year. The conference could cause Bitcoin to rally, Thomas Lee, head of research at Fundstrat Global Advisors, predicted last week.

Consensus, hosted by media and research company CoinDesk Inc., has already featured Federal Reserve Bank of St. Louis President James Bullard and FedEx Corp (NYSE:). CEO Frederick Smith, who said blockchain technology “could be the next big disruption.”

Bullard did throw some cold water on the festivities, noting that “cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced.”

Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.