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Bitcoin Rebounds From Three-Week Low as Lambos Invade Consensus

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The price of bitcoin leaped up to $8,800 before eventually settling down at $8,600 as Lamborghinis roared through the streets near the site of the ongoing Consensus 2018 conference in what is essentially being dubbed as “Blockchain Week.”

Bitcoin was trading at $8,397 on late Monday but rose as much to $8,891 at 4:49 a.m. on Tuesday. However, three hours later, it was seen exchanging at $8,665 for a nominal loss 0.54% over the last 24 hours according to market resource, CoinMarketCap.

Consensus is pegged to attract over 8,500, or twice as many people as last year, when one bitcoin cost about $2,500. Now the world’s most popular cryptocurrency is worth almost four times as much, although that still doesn’t hold a candle to the $20,000 price tag it reached late last year.

The conference could cause bitcoin to rally, said Thomas Lee, the head of research at Fundstrat Global Advisors, last week.

Consensus, which is being hosted by media and research company CoinDesk Inc., has already featured Federal Reserve Bank of St. Louis President James Bullard and FedEx Corp. CEO Frederick Smith, who claimed that blockchain technology “could be the next big disruption.”

Bullard did throw a bit of a reality check on the festivities, saying 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.”

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