Tom Lee: Consensus 2019 Event Given Credit for Recent Rise in Bitcoin's Price Climb to $8,000 USD

Bitcoin has experienced an incredible rise over the weekend. By Tuesday, the price of Bitcoin on Coinbase before the close of the day was $8200. Currently, Consensus 2019 is ongoing and many have placed the rise of Bitcoin on the event. Tom Lee, Fundstrat’s Head of Research has given analysis on why Bitcoin's Parabolic rise is caused by Consensus 2019.

The annual Coindesk event was created to bring bitcoin experts, companies and enthusiasts together to deliberate on issues started on Monday, 13 and will end on Wednesday 15, 2019. Tom Lee who attended the event tweeted on the effect of Consensus on the parabolic rise of bitcoin. Bitcoin was trading at $7,100 on Monday (the day Consensus began) and by the end of the day, the price had done up by 13.77% at $8,045. To confirm Lee’s statement, at the end of Consensus day one, the price dropped to $7,700.

Although it may seem that Lee's statement is true, assumptions cannot be made from a single case. During Consensus 2018, the crypto market just started experiencing the bearish tendencies that lasted all through the year. However, consensus still played a role in the rise of Bitcoin that year. On May 14, the beginning of Consensus 2018, the price of Bitcoin rose from $8,413 to $8,855 in less than 8 hours. Although the price remained at $8,500 till the end of the conference on the 16th of May 2018, the price fell below $8,000 at the end of the week.

A correlation between the price of bitcoin and Consensus can be inferred even though each year the market conditions differ. For instance between Consensus 2017 and 2018, BTC’s price rose before and during the conference but by the end of the conference, the price reduces. While we cannot totally blame the rise of bitcoin on Consensus 2019, the price of bitcoin as at the time of writing is $7784.78 experiencing a decrease of -1.94% against the USD. The consensus is still ongoing at the end of the event we can tell if Tom Lee's statement is true.

Do you think Bitcoin's Parabolic rise is to be blamed on Consensus 2019? Share your thoughts with us in the comment section below.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Rebecca Asseh
Rebecca Asseh
Rebecca Asseh is a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this technology in the simplest language possible.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Chart News

Today's Latest Crypto News

Ethereum is still the “Unshakable” Leader of the Smart Contract Platform Industry – Report

Ethereum leads with 72% followed by EOS, Cardano, and Tron Market in need for “new hotspots” as the smart contract platform sector declines ...

Digibyte (DGB) Still Tradeable on Poloniex Exchange Days After Threatening To Delist It

Days after Poloniex announced it was going to delist Digibyte (DGB) following its founder’s criticism of of TRON's Justin Sun as well as...

Mayer Multiple Indicates Bitcoin is Currently Cheap, Stack Some Sats While You Can

Quick Look: Bitfinex traders long on not only Bitcoin but also on Ethereum, XRP, and EOS Even if Bitcoin climbs to $9,000, it won’t...

Massive Lawsuit Brought Against Consumer Financial Protection Bureau by PayPal

PayPal says that the regulations implemented by the CFPB force them to make “misleading and confusing” disclosures to customers. The payment processing firm...

Monero Workgroup: It's Up to Exchanges Not Assets To Comply With Travel Rule; XMR Not Subjected

In a blog, the Monero Compliance Workgroup came to the conclusion that XMR is exempted from FinCEN Funds Travel Rule as it is not...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.