has awakened the animal spirits that roamed in the halcyon days of 2017, when the digital currency dominated Thanksgiving conversations and sparked one of the biggest asset bubbles since the financial crisis.Now, the hype machine that fed the frenzy has kicked back into gear. Not even Friday's spectacular plunge was enough to dent the enthusiasm on display at New York's Blockchain Week, one of the industry's biggest gatherings.
But just when Bitcoin appeared to have been left for dead by mum and dad investors, it went on a tear, doubling in price this year to more than $US8,000. Despite a number of theories, no one seems to know exactly why, or really care. More recently, prices have surged since President Donald Trump ratcheted up his trade rhetoric against China, leading to speculation investors are seeking shelter in digital assets as other currencies such as the yuan depreciated.
This year's events had a more subdued feel after the 2018 gathering that featured rented Lamborghinis parked outside the conference hall. A guy dressed as a big yellow Bitcoin was swiftly kicked out of the building by security. Still, the bull in the ballroom showed that enthusiasts retained their cult-like devotion.
The notion that bad news negatively impacts prices has been turned on its head, said eToro's Assia. Whereas 2018 was the year of good news and bad prices for crypto, bad news such as exchange hacks don't seem to matter. "A lot of people are feeling very hopeful," he said.
Source: Digital Coin News (digitalcoinnews.net)
Noone seems to know why? 😂 okay
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