Cryptocurrency prices to react mildly to the Consensus event

Cryptocurrency prices to react mildly to the Consensus event
фото показано с : invezz.com

2023-4-24 14:56

Cryptocurrency prices have been on edge in the past few weeks as the recent momentum faded. Bitcoin has already moved into a correction zone by falling by over 10% from its highest point this month while the total market cap of cryptocurrencies has dropped by about $200 billion to $1.1 trillion.

Consensus event ahead

The biggest cryptocurrency news this week will be the Consensus event, which will take place in Texas. Viewed as the Davos of crypto, the event gathers policymakers and crypto advocates from around the world.

Consensus is not a cheap event, with tickets for virtual attendance starting at $99. The basic two-day pass ticket goes for $1,799 while the pro pass goes for $2,399. The most expensive ticket, the Piranha pass, goes for $9,000.

Thousands of crypto advocates are set to attend the event, which is being sponsored by the who is who in the crypto industry. Top sponsors are Filecoin, Tron, Hedera Hashgraph, and Stellar. Other top sponsors are Algorand, Polkadot, Digital Currency Group, and Near Protocol.

Several companies are set to make big announcements during the Consensus event. For example, as I wrote during the weekend, RIF developers are set to announce several integrations to the mainnet. Near Protocol also announced that it was partnering with Cosmose AI.

Impact on crypto prices to be muted

While Consensus is a big deal, the reality is that the impact of the event to crypto prices will be muted. This is unlike in the past when digital coin prices remained volatile during the event. 

A likely reason is that we will still not get any major regulatory clarity during the event. Some of the top policymakers who will attend the event are Christy Goldsmith of the CFTC, Rep Patrick McHenry, and Senator Cynthia Lummiss. 

Other top speakers during the Consensus event are Jenny Johnson, the CEO of Franklin Templeton, the asset manager with over $1.53 trillion in assets under management (AUM), and Daniel Alegre of Yugaa Labs.

I suspect that there will be no broader crypto news from the event. Instead, blockchains will likely make announcements about upgrades and potential partnerships. 

The key catalysts for cryptocurrencies this week will be on monetary policy, where traders will assess the next actions of the Federal Reserve.

The post Cryptocurrency prices to react mildly to the Consensus event appeared first on Invezz.

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