Blockchain Week New York begins today and the hype surrounding the event could be enough to send the Bitcoin price back above the psychological $10,000 mark for the first time since early March.
The Bitcoin price — which has risen following the Consensus event for each of the past three years — has been hovering just under the $10,000 line for the past few weeks and came close to crossing it last weekend before falling back. It’s currently trading at around $9,000 per coin.
This is the first year New York City is holding a Blockchain Week, which will run from today through to 17 May, and is being held in partnership with research and media company Coindesk and the New York City Economic Development Corporation — a non-profit that serves as the city’s job-creation arm.
Last year Consensus, one of Blockchain Week’s largest events, kicked off the Bitcoin price boom that saw it climb over the summer and through to December, hitting a staggering $19,000 before falling sharply back at beginning of 2018.
Some 8,000 people are expected to attend events as part of Blockchain Week New York this year, which includes talks from the likes of Twitter chief executive Jack Dorsey on Monday, St. Louis Federal Reserve Bank president James Bullard and European Parliament member Eva Kaili.
Bitcoin traders and investors will be closely listening to these and other traditional tech and finance big hitters to gauge Bitcoin price sentiment and any plans they have to use cryptocurrency.
Robert Sluymer, managing director and technical strategist at investment research firm Fundstrat Global Advisors, told CNBC’s Fast Money show the Bitcoin price has spiked each year after Consensus.