Bitcoin shows no growth: Bitcoin Price (BTC) hasn’t moved higher despite the Consensus Summit: Bitcoin price trades in the range of $8,300 today after briefly touching $8,800 level at the beginning of the week. The largest coin has posted losses in last two consecutive days. This downside move is contrary to analyst’s predictions who were expecting a strong rally amid the New York consensus summit.
Indeed, Tom Lee – who has predicted Bitcoin price to reach $25K by the end of this year – failed to predict the price movement during the consensus summit correctly.
Tom had anticipated bitcoin price to jump from 10% to 70% amid Coindesks conference.
The price movement in the last three days was also quite contrary to historical precedents. BTC coin grew almost $2,000 in the previous year’s conference call, and it had made similar strides in 2014 and 2015.
Why Didn’t Bulls Push Prices Higher This Time?
Two consecutive days of downside strides pulled Bitcoin price to an almost four-weeks-lows on Wednesday before moving back to $8,300 today.
Although several experts presented the bullish outlook for cryptocurrency market during the New York conference call, bearish remarks from the Federal Reserve President at the beginning of the call created the selloff in the crypto markets.
St. Louis Federal Reserve President James Bullard said cryptocurrencies are operating like non-uniform currencies – which, at least historically, been discarded and replaced in global financial markets. The president also believes that Dollar is in the better position to work as the leader in currency markets.
Bullard said. “The dollar, on the other hand, is backed by a stable government with direct and sensical monetary policy and persistently low inflation — because of that, it can better achieve the goals and meet the needs of the market.”
Bing’s Ad Ban Supports Selloff
The selloff also received support from Bing’s cryptocurrency ad-ban policy. Powered by Microsoft, Bing is the second largest search engine in the world. Bing considers cryptocurrency ads to be harmful to their audience due to their unregulated nature.
The Microsoft policymaker said, “Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users, with the potential for bad actors participating in predatory behaviors or scamming consumers.”
Featured Image: twitter