Home Cryptocurrency News Bitcoin Bitcoin may fall below $8000 as crypto confab fails to stoke buying, analyst says

Bitcoin may fall below $8000 as crypto confab fails to stoke buying, analyst says

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Bitcoin on Thursday traded virtually unchanged, with investors contending with an unexpected lull following the conclusion of the popular multiday Consensus conference.

Consensus, in the recent past, has tended to provide a lift to the price of the No. 1 digital currency, one that hasn’t materialized, so far.

“It’s still looking a bit soft and vulnerable,” said Craig Erlam, senior market analyst at Oanda. “Given that it’s a sentiment-driven market and things have been so quiet it wouldn’t surprise me if we saw it head below $8,000.”

Erlam added that he doesn’t expect the bottom to fall out of bitcoin.

A single bitcoin

BTCUSD, -1.94%

 last traded at $8,264.05, down 0.4%, since Wednesday’s levels at 5 p.m. Eastern time on the Kraken exchange.

Read: The SEC created a fake ICO website to show just how easy it is to scam investors

Apple co-founder endorses blockchain technology

Speaking at the WeAreDevelopers World Congress in Austria, Apple Inc.

AAPL, -0.55%

co-founder Steve Wozniak said blockchain, the distributed ledger that underpins cryptocurrencies, is the next major IT revolution that is about to happen, per the German outlet of Cointelegraph. Wozniak added that the technology would achieve full potential in a decade.

These aren’t the first pro-digital technology comments from Wozniak. At the Money conference in October, the tech genius said bitcoin is mathematically better than the U.S. dollar and gold because of the finite number of bitcoins that can be mined.

Read: Steve Wozniak had $70,000 in bitcoin stolen after falling for a simple, yet perfect, scam

JPMorgan latest bank to explore crypto

JPMorgan Chase & Co

JPM, -0.35%

 is the latest bank reportedly to be exploring the world of digital assets. According to a report from Financial News, the bank has appointed Oliver Harris to a role that is focused on cryptocurrencies and blockchain technology.

The news follows the May 2 announcement from Goldman Sachs Group

GS, -0.66%

 that it is opening a cryptocurrency trading desk. The move into mainstream financial firms is further affirmation that Wall Street is committed to profiting from the rising popularity of nascent digital assets.

Read: JPMorgan’s bitcoin bible: Crypto ‘unlikely to disappear’

Altcoins and futures subdued start to Thursday

Coins other than bitcoin, known as altcoins, have drifted lower Thursday. Ether

ETHUSD, -1.79%

 has lost 0.1% to $693.65, Bitcoin Cash

BCHUSD, -2.97%

is off 1.4% at $1,248.80, Litecoin

LTCUSD, -2.39%

 is down 0.8% at $136.92 and Ripple’s XRP

XRPUSD, -1.55%

last traded at 68 cents, down 0.4%.

Future’s have had a subdued Thursday. The Cboe June contract

XBTM8, +0.18%

 has added 0.1% at $8,275, while the CME May contract

BTCK8, +0.12%

 is unchanged at $8,250.

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