Topic: Bitcoin [BTC] fails to see increase after Consensus, Thomas Lee clarifies why (Read 122 times)
May 21, 2018, 01:26:52 PM
Я пoчeмy тo тaк и знaл, чтo тaк бyдeт.Beдь нe мoжeт тaк пoвтopятьcя кaждый гoд.
May 21, 2018, 01:03:12 PM
Oh now i see, i got it, yet still sad.
May 19, 2018, 03:40:28 AM
Fundstrat’s Thomas Lee clarified that this bullish prediction for Bitcoin’s price after Consensus did not come true, saying that it was “very disappointing”.
Consensus took place from May 14-16th earlier this week. It boasted an attendance three times more than its previous iteration and is a testament to the growing mainstream interest in cryptocurrencies and blockchain. Therefore, Thomas Lee predicted a bump in price over the last week. This did not come to be.
Lee took to Twitter to mention what he thought were the reasons that Bitcoin and other cryptocurrencies did not gain price over the past week. He said that it was a “week of generally positive news for crypto”, including various institutional adopters and infrastructure developments that came to be during the conference.
The uptick seen in the aftermath of the 2017 conference was not seen, as Bitcoin had a 1.35x growth between 20th May and 25th May 2017. It grew from around $2000 to a high of $2700 before correcting to around $2500. This year, Bitcoin was facing a bearish market before Consensus and did not recover but stayed at around the $8200 mark over the week.
Lee said that cryptocurrencies were, and have been suffering from an “overhang of regulatory risk” and a hostile reception from financial institutions. The opportunity was offered at the conference to strengthen the community’s conviction. He said:
“Conferences are chances for the community to gather in a centralized place and meet constituents new to the community, it seems natural that the combination of “sanity check” plus “new interest” should strengthen the crypto-community’s conviction.”
He gave the reasons for the rally not happening as the “Consensus sell-off”. Even major announcements were made on the front of institutional investors, with Nomura working with Ledger and Global advisors to provide a crypto-custodian bank service.
Lee predicts that a conclusion must be reached on a regulatory framework, from institutional regulatory parties like the SEC, and that a cultural buy-in must occur by the institutions themselves. The “Blockchain: good, crypto: bad” mentality must be broken to allow for a rally in price.
He mentioned that multiple institutional service providers and institutional custody solutions were released, which indicated progress. However, he said:
“It is obvious that crypto still faces significant internal resistance and hurdles within traditional financial institutions. In our many conversations with institutional investors/banks, we find that specific teams may be enthusiastically committed, but widespread internal acceptance of crypto/blockchain faces hurdles”
He also mentioned that it was encouraging that a large share of the incremental addition to attendance were financial institutions.
Zcash [ZEC] was the major rallying crypto this week as stated by Lee, due to its addition on the Gemini trading platform operated by the Winklevoss twins. Consensus was a great growth for the community.
Lee said that even though Bitcoin has been stated as being boring, and that many offices are looking for the “next bitcoin”, it will be one of the two primary onramps for major institutional trading along with Ethereum. Even as a currency, through payments, it is seeing growth through companies like BitPay and Square.
Lee gave a bottom line on the conference, saying:
“While there was not a Consensus bump, our conviction on cryptocurrencies strengthened during the conference.”
https://ambcrypto.com/bitcoin-fails-increase-consensus-tom-lee-clarifies/
Lots of people is expecting that there will be an increase in bitcoin's value after consensus but it didn't happen. Good news or bad about crypto won't really affect its value in general. As what Thomas Lee said as per his own opinion that the reason for the bitcoin's value not to increase is because its been suffering from "overhang of regulatory risk". Is this really the main reason of it all that's why bitcoins not going for a full uptrend until the end of the year? Are there any other reasons that we could possibly point out why bitcoin's value is not skyrocketing unlike the previous years performance in the market?
I guess the main reason for all of this is that, the bad news that is tied to bitcoin's name specially when it comes to money laundering and other illegal transactions using bitcoin. If only the government will focus more on the good side of the technology and not try to destroy the image of bitcoin then there will be a possibility that bitcoin's value will break the $20k resistance by the end of the year. It's just my own opinion though since the performance of bitcoin last year is really incredible and with this regulations being added and lots of FUD, bitcoin is really striving hard to get back to even $15k value.
Please share some of your thoughts about why bitcoin's value is struggling to go up right now aside from the regulations that are being imposed by the law regarding cryptocurrency.
Consensus took place from May 14-16th earlier this week. It boasted an attendance three times more than its previous iteration and is a testament to the growing mainstream interest in cryptocurrencies and blockchain. Therefore, Thomas Lee predicted a bump in price over the last week. This did not come to be.
Lee took to Twitter to mention what he thought were the reasons that Bitcoin and other cryptocurrencies did not gain price over the past week. He said that it was a “week of generally positive news for crypto”, including various institutional adopters and infrastructure developments that came to be during the conference.
The uptick seen in the aftermath of the 2017 conference was not seen, as Bitcoin had a 1.35x growth between 20th May and 25th May 2017. It grew from around $2000 to a high of $2700 before correcting to around $2500. This year, Bitcoin was facing a bearish market before Consensus and did not recover but stayed at around the $8200 mark over the week.
Lee said that cryptocurrencies were, and have been suffering from an “overhang of regulatory risk” and a hostile reception from financial institutions. The opportunity was offered at the conference to strengthen the community’s conviction. He said:
“Conferences are chances for the community to gather in a centralized place and meet constituents new to the community, it seems natural that the combination of “sanity check” plus “new interest” should strengthen the crypto-community’s conviction.”
He gave the reasons for the rally not happening as the “Consensus sell-off”. Even major announcements were made on the front of institutional investors, with Nomura working with Ledger and Global advisors to provide a crypto-custodian bank service.
Lee predicts that a conclusion must be reached on a regulatory framework, from institutional regulatory parties like the SEC, and that a cultural buy-in must occur by the institutions themselves. The “Blockchain: good, crypto: bad” mentality must be broken to allow for a rally in price.
He mentioned that multiple institutional service providers and institutional custody solutions were released, which indicated progress. However, he said:
“It is obvious that crypto still faces significant internal resistance and hurdles within traditional financial institutions. In our many conversations with institutional investors/banks, we find that specific teams may be enthusiastically committed, but widespread internal acceptance of crypto/blockchain faces hurdles”
He also mentioned that it was encouraging that a large share of the incremental addition to attendance were financial institutions.
Zcash [ZEC] was the major rallying crypto this week as stated by Lee, due to its addition on the Gemini trading platform operated by the Winklevoss twins. Consensus was a great growth for the community.
Lee said that even though Bitcoin has been stated as being boring, and that many offices are looking for the “next bitcoin”, it will be one of the two primary onramps for major institutional trading along with Ethereum. Even as a currency, through payments, it is seeing growth through companies like BitPay and Square.
Lee gave a bottom line on the conference, saying:
“While there was not a Consensus bump, our conviction on cryptocurrencies strengthened during the conference.”
https://ambcrypto.com/bitcoin-fails-increase-consensus-tom-lee-clarifies/
Lots of people is expecting that there will be an increase in bitcoin's value after consensus but it didn't happen. Good news or bad about crypto won't really affect its value in general. As what Thomas Lee said as per his own opinion that the reason for the bitcoin's value not to increase is because its been suffering from "overhang of regulatory risk". Is this really the main reason of it all that's why bitcoins not going for a full uptrend until the end of the year? Are there any other reasons that we could possibly point out why bitcoin's value is not skyrocketing unlike the previous years performance in the market?
I guess the main reason for all of this is that, the bad news that is tied to bitcoin's name specially when it comes to money laundering and other illegal transactions using bitcoin. If only the government will focus more on the good side of the technology and not try to destroy the image of bitcoin then there will be a possibility that bitcoin's value will break the $20k resistance by the end of the year. It's just my own opinion though since the performance of bitcoin last year is really incredible and with this regulations being added and lots of FUD, bitcoin is really striving hard to get back to even $15k value.
Please share some of your thoughts about why bitcoin's value is struggling to go up right now aside from the regulations that are being imposed by the law regarding cryptocurrency.
Jump to: