The bitcoin euphoria is taking New York City right now after the three-day CoinDesk’s Consensus conference brought together 8,500 attendees at the Hilton Midtown hotel. JP Morgan is expecting a short-term pop in cryptos.
Around 8,500 people and three Lamborghinis are attending the CoinDesk’s Consensus conference this week according to Barry Silber, CEO Digital Currency Group. The meeting is tripling the 2017 attendance of 2,700. With an average price of $2,000, the company will make more than $17,000 million only in tickets.
In 2017, the conference fueled cryptocurrencies and especially Bitcoin prices that seven months later reached its highs close to the 20,000 mark. JP Morgan is expecting the same this year.
JP Morgan sent a recommendation for all their clients to buy the chipmaker AMD as the financial institution is expecting a short-term pop in the cryptocurrency industry and their collateral partners, including AMD, NVIDIA and crypto prices, among others.
“We like the reward-risk of owning upside in AMD given its historical returns following the summit, cheap implied volatility and high short interest, which could add a short-squeeze component to the trade,” JP Morgan equity derivatives strategist Shawn Quigg wrote in the note.
On other news, Gemini bitcoin exchange, founded by the Winklevoss brothers, announced that they will begin accepting deposits in Zcash on May 19. The announcement followed the approval from the New York Department of Financial Services, and it means that Gemini will be the first licensed Zcash exchange in the world.
Finally, the Seminole County in Florida, US, announced on Monday that they will accept cryptocurrencies as a way of payment for services and taxes starting this summer. Bitcoin and Bitcoin Cash will be accepted; Blockchain company BitPay will provide the service.
Joel Greenberg, Seminole County Tax Collector, said that “The aim of my tenure in office is to make our customer experience faster, smarter, and more efficient, and to bring government services from the 18th century into the 21st century and one way is the addition of cryptocurrency to our payment options.”
BTC/USD recovers early losses after bouncing at the 50-day MA
BTC/USD recovered early losses on Monday after finding support at the 50-day moving average level at 8,280 where the pair bounced back to close almost flat on the day.
The crypto king is now trading at 8,675, mostly flat on Tuesday too. The pair is in consolidation mode after the previous recovery as the market is focusing on the NYC conference for new announcements.
If the BTC/USD unit manages to extend its recovery, it will face resistances at 8,865, Monday’s high, and then the 9,000 and the 9,400 key levels.
To the downside, with the cryptocurrency going down below the 50-day moving average at 8,280, buying zones come at 7,800 and 7,200.
ETH/USD consolidates its recovery
The second largest cryptocurrency by market capitalization Ethereum is trading in consolidation mode after recovering the 710.00 level on Monday. The ETH/USD bounced back at the 200-day moving average level and it is currently pricing at 726.00.
The pair needs to close above Tuesday’s high at 776.00 before confirming more bullishness. Then, the unit will see resistances at the 800.00 area, at 830.00, and then the 900.00 area.
To the downside, if the pair falls below the 710.00 level, it will find next supports at 665.00, 640.00, and 600.00. Then, 557.00 is the most critical.