The world's leading bitcoin, cryptocurrency and fintech experts are in town this week for the 2018 MoneyConf to talk about all things digital currency and blockchain-related. The folks behind MoneyConf are the same guys that brought the hugely successful Web Summit to Dublin in years past. The event looks impressive and covers a vast array of the many challenges facing fintech entrepreneurs today.
The mood is very positive on the ground. The mood on the exchanges however, is a little more subdued. Since my last note on Crypto Volatility just a few weeks ago, the market cap of the sector has dropped a cool $100 billion from $400 billion to $300 billion, based on the 1,642 digital currencies now listed on Coin Stats. In that note, I said I expected 90-95% of the 'coins' would end up worthless. I have no reason to change that view. I also said I expected the granddaddy of the sector, Bitcoin, to trade under $4,000 (from $8,700 in Mid-May) and we would see what happens after that. Today, Bitcoin is trading at $6,700, -23% in just 3 weeks.
The innovations taking place in blockchain are impressive and fortunes will be made in this sector in the years ahead. However, markets are markets and cryptocurrencies experienced a bubble, which is now in the process of bursting. I think the sector needs a washout first before the next chapter is written.
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