Friday, 18 May 2018

Crypto Wealth Sinks $52 Billion in One Week.

So much for the Blockchain Week bounce. 

With thousands of cryptocurrency diehards swarming into Manhattan for this week’s Consensus 2018 conference, the prediction from Bitcoin bulls like Tom Lee of Fundstrat Global Advisors was that the hype-filled gathering would trigger a market rally. 

Alas, not even a trio of (rented) Lamborghinis, a 1,000-person yacht party and a performance by 46-year-old rapper Snoop Dogg could prevent the value of virtual currencies tracked by from sinking by $52 billion since May 11. Bitcoin, the most popular of the bunch, dropped 5.2 percent this week to $8,003.60 even as Arthur Hayes -- the crypto exchange executive who’s firm rented the Lamborghinis -- predicted a surge to $50,000 by year-end.

Full story at Bloomberg.
By Andrea Tan  and Blake Schmidt.

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