The week of the Consensus conference finished, but not with the results as expected. There were several complaints about the organization of the event, and the prices of the virtual currencies was not able to skyrocket as some experts expected. But… there is a chance that during the next weeks the cryptocurrency market would start to recover part of the market lost.
What Happened To The Crypto Market?
During this week Ethereum (ETH) and Tron (TRX) were the only top 10 virtual currencies in the market to operate in green with 2.8% and 2.53% respectively, compared with 7 days ago.
The bigger losers have been Bitcoin Cash (BCH), Stellar (XML) and Cardano (ADA), accounting for 14.68%, 11.15%, and 9.56% loses, each.
Bitcoin (BTC), instead has registered moderated loses, operating 2.25% down compared to the last week. Ripple (XRP), Litecoin (LTC), and EOS (EOS), have also registered moderated loses, 1.47%, 2.19%, and 4.44% respectively.
The Consensus conference was expected to provide fuel to a bull cryptocurrency market, but it was not possible to capitalize the good atmosphere at the event.
According to Fundstrat’s Thomas Lee, cryptocurrencies have been suffering from an overhang of regulatory risk. Moreover, he explained that even when major announcements have been made, there has been a lack of other important elements for the price of cryptocurrencies to increase.
He explained in a statement released on Twitter:
“Major announcements have been made on this front [institutional investors coming to cryptocurrencies] with the most important being Nomura. (…) And while these institutional tools are indeed very important, two other elements are needed – first, a consensus on regulatory framework around crypto and second, broad cultural buy-in by institutions themselves. Incrementally regulatory uncertainty remains largely unchanged and marginal progress on the latter.”
At the moment of writing this article, all the top ten virtual currencies are registering important gains. TRX, EOS, and BCH are the biggest gainers in the last 24 hours with 8.8%, 7.47%, and 5.72%, respectively. Bitcoin is growing as well, 1.55%.
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