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Left to death, Bitcoin begins a tear and causes a new mania

Bulls from bitcoins He returned. Literally.

Little Dude, real cattle kept in a makeshift feather in a Manhattan ballroom, welcomed crypto enthusiasts at the Magical Crypto Conference last weekend. It was brought by an anonymous Bitcoin Sign guy who offered 21 replicas of "Buy Bitcoin" – a yellow pen with paper pads – for about $ 8,000 per pop. At the end of the week only six remained.

True believers in bitcoins will tell you that they have never lost faith, but the 50-percent rally at the beginning of this month woke up the animal spirits that roamed the wonderful days of 2017, when the digital currency dominated conversations on Thanksgiving and caused one of the largest asset bubbles from time financial crisis.

Now the noise machine that was driving the rage was back on the run. Even Friday's spectacular decline was not enough to undermine enthusiasm at the New York Blockchain Week, one of the industry's largest meetings.

Twins Winklevoss have announced crypto swag to promote their payment network. Fund Manager Mark Yusko rejected his call for $ 400,000 bitcoin. The presidential president spoke about the inevitable future of the digital currency. Even the recent hack, in which 40 million dollars were evaporated, was praised as evidence of blockchain immutability. On Sunday, 60 minutes it will broadcast a segment to the white-haired audience reminding them of Pizza Guy. A 14% march at night was only a "Friday rebate" for one known bull.

"A lot of people are saying" an event like in 1999, "said Yoni Assia, general manager of eToro Online Exchange at Tuesday's industry meeting during Blockchain week. "In the case of cryptography, people are beginning to feel that it may be time for the event, as in 2017".

"Digital gold"

Cryptographic prices increased this year, and bitcoin alone gained 1 400%. It was called "digital gold", and mania over its efficiency led to the price of almost 20,000 USD. Participants appeared almost every day, and hundreds sold their new digital coins. All this happened, of course, as a result of the colossal catastrophe of 2018, which erased billions of values ​​and forced many to leave space altogether.

But when it seemed that bitcoin was left dead by "mother and pop" investors, it went on a tear, doubling the price to over $ 8,000 this year. Despite many theories, no one knows exactly why or really depends. Recently, prices have risen since US president Donald Trump increased his trade rhetoric against China, which led to speculation that investors are seeking shelter in digital resources, just as other currencies such as the yuan have weakened.

Attention was also paid to stronger acceptance of digital resources by institutional institutions and old Wall Street companies. It is said that E * Trade prepares cryptocurrency transactions on its platform, and soon Fidelity Investments.

"It's an exciting time," said Andrew Yang, a democratic presidential candidate on Wednesday's interview. "We are still at an early stage of the border."

This year's events were more subdued after the meeting in 2018, in which Lamborghinis was rented parked in front of the conference room. A guy dressed like a big yellow bitcoin was quickly thrown out of the building by protection. Nevertheless, the bull in the ballroom showed that the enthusiasts kept their cult devotion.

"I did it so that people would be happy and think about bitcoins to tell me stubborn," said Guy Sign, who kept his anonymity after winning fame for holding the "Buy Bitcoin" mark in 2017 of television congressional presentations.

Even a wave of negative news could not weaken recent enthusiasm. The market has ignored the scandal after the scandal, including allegations of imprisonment, one of the most widespread digital currencies in the world, which has been accused of losing losses of around $ 850 million. Similarly, Binance, one of the largest crypto exchange, recently admitted that hackers stole 7,000 bitcoins worth about $ 40 million in one transaction.

The belief that bad news negatively affects prices has been refuted, said Assia from eToro. While 2018 was a year of good news and bad crypto prices, bad news, such as exchange hacks, does not seem to matter. "Many people have great hope," he said.

But as a sign that the damage done is still deeply felt, the consensus gathering has attracted only half the number of people than in the previous year. About 4,450 believers took part in the conference this year, said Jacob Donnelly, MD of digital operations at CoinDesk. In comparison to last year's meeting, it is 8,800.

Another crowd

"Many of them are related to the market. When most human resources are associated with some cryptographic resource, you'll have crazy variation, "Donnelly said. "The negative is that sometimes things are slower due to fluctuations."

From the stunning bitcoin crash of last year, many start-ups that have stopped some of their resources in digital resources have closed their operations. This resulted in a different crowd and many new participants at this year's consensus meeting, said Jonathan Zeppettini, headquartered in Montreal, the international leader in operations at Decred, the digital currency.

"This year, more serious people appear who have a more long-term view," said Zeppettini in an interview. "Probably there are still frauds, people are trying to raise money. It's more difficult than ever because people are more critical now. "

Of course, only a few months ago, space was left dead, as serious investors and speculators escaped. And the deep wounds left by the disaster in 2018 are still getting worse, and many worry that the market is just one regulatory decree that prevents annihilation.

"It just shows that cryptocurrency is still very speculative," said Zeppettini. "Animal spirits are still at stake. The price is rising and people are starting to think, "Hey, it's legal again, maybe I should think about a blockchain career." The price falls and they start to think, "It's hopeless. I'm going to throw a towel. "- Submitted by Vildan Hajric, (c) 2019 Bloomberg LP

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