Cryptocurrency Market to React Calmly to Consensus Event


Cryptocurrency prices have been volatile in the past few weeks as the recent momentum faded. Bitcoin has already moved into a correction zone by dropping by more than 10% from its peak this month while the overall market cap of cryptocurrencies has decreased by roughly $200 billion to $1.1 trillion.

Upcoming Consensus Event

The biggest cryptocurrency news this week will be the Consensus event, which will take place in Texas. Regarded as the Davos of crypto, the event will bring together policymakers and crypto advocates from all corners of the world.

Consensus is a pricey event, with tickets for virtual attendance starting at $99. The basic two-day pass ticket is priced at $1,799 while the pro pass goes for $2,399. The most expensive ticket, the Piranha pass, costs $9,000.

Thousands of crypto advocates are expected to attend the event, which is sponsored by leading names in the crypto industry. Prominent sponsors are Filecoin, Tron, Hedera Hashgraph, and Stellar. Other key sponsors are Algorand, Polkadot, Digital Currency Group, and Near Protocol.

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

Impact on Crypto Markets to be Limited

Although Consensus is a significant event, the reality is that the effect on crypto prices will be limited. This is unlike in the past when digital coin prices stayed volatile during the event. 

A potential 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 include 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.

It is likely that there will be no broad crypto news from the event. Instead, blockchains will probably make announcements about upgrades and potential collaborations. 

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


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