Bitcoin price shoots up and NYC Blockchain Week starts

Just as many analysts had predicted, Bitcoin values jumped up today as Blockchain Week began in New York City.

As the week-long Consensus Conference got underway on Monday, Lamborghinis have been roaring through the streets of Manhattan in celebration.

Lamborghinis, the supercar that has become a symbol of cryptocurrency wealth among true-believers, revved through the streets outside the Hilton Midtown, site of the 2018 Consensus Conference.

Most likely hired as part of a marketing strategy rather than actual Bitcoin millionaires, the Lambos ceratin add to the hype surrounding the event.

Blockchain Week takes over NYC

New York City’s Blockchain Week, and it’s being called, is one of the most significant gatherings in the crypto calendar.

Blockchain Week: Bitcoin Rises as New York Conference Begins
A classic Bart Simpson in the price charts

In the late hours of Sunday (Eastern time), the majority of the cryptocurrencies market saw a sudden drop in values.

As Blockchain Week got underway on Monday morning, however, prices suddenly jumped back up again, creating a “Bart Simpson” on the price charts.

Bitcoin was boosted by around 3.95 percent to $8,713 in early trading, according to the live price charts.

The jump was a rebound from the three-week low that BTC reached earlier on Monday.

Consensus is expected to draw twice as many people as last year, or over 8,500 attendees.

At last year’s event, the price of one Bitcoin would have cost you around $2,500.

This year, the world’s top digital currency is worth almost four times as much.

Even so, though it still has some way to go to reach the $20,000 price tag it danced with it December 2017.

There’s no doubt in most people minds that Bitcoin will break new price records, it’s more a case of when rather than if.

Many leading analysts believe that Blockchain Week will trigger Bitcoin’s price to rally back towards record-breaking levels.

Fundstrat Global Advisors’ head of research, Thomas Lee, aka the “Bitcoin Bull,” predicted just last week that consensus would trigger a price rally.

The Consensus Conference has already started to make headlines today.

Speaking at the event, the President of the Federal Reserve Bank of St. Louis, James Bullard, alongside FedEx Corp. CEO Frederick Smith, who both stated that Blockchain technology will be “the next big disruption.”