Bitcoin didn’t go to the moon amidst a conference

Thomas Lee from Fundstrat is a Bitcoin optimist, and one of his recent prognoses contained a notion that the world price of Bitcoin was able to grow as a result of the beginning of Consensus 2018 in New York. This did not happen, as noted by the financial media and tracked by Coinmarketcap.

The most probable reason is the answer that the supporters of the Austrian School of Economics would give: market prices are irrational and cannot be always pegged to world events. Sometimes a drop or a jump that would have happened anyway is connected to something entirely unrelated. One of the most notable cases of the use of this approach was connecting it to Litecoin motion by one of the experts at Ritholtz Wealth Management last year.

Bitcoin’s behavior is still not as volatile as seen at the beginning of the year, and one cannot exclude the sudden growth scenario. Today, major cryptocurrencies are growing. Bytom has jumped 26.31% in the last 24 hours reportedly due to the news from Asia about Antminer B3 Tensority - a new device that can mine this cryptocurrency. Probably, the launch of the new blockchain mainnet has also made it more interesting for investors.

Image courtesy of Nick Ut / AP