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The Miami Effect? Cryptos inch higher ahead of major conference

By Andrei Chirileasa

07:57, 3 June 2021

three people on stage with Bitcoin logo in the background

Bitcoin, ethereum and other top crypto coins have recorded positive evolutions over the last two days as investors prepare for Bitcoin2021, the largest-ever cryptocurrency conference. Up to 50,000 attendees are expected at this event, which takes place in Miami from June 3 to June 5, according to Fox Business.

On Thursday morning (7:40 AM UTC), bitcoin was trading at $38,700, up 3.65% over the last 24 hours, and ethereum was at $2,830, up 4.7% compared to the previous day, according to Coinmarketcap.com. Binance was up 10%, dogecoin was up 7% and polkadot was trading 14% higher.

Bitcoin and ethereum, the leading cryptocurrencies, have been trading in a narrow range in the last week. Still, they managed to inch a bit higher after the dramatic drops in the last two weeks of May. Bitcoin is now up 15% from its 7-day low on Sunday and Ethereum is up about 28%.

Miami conference expected to generate new positive momentum

Some analysts have linked the crypto market’s positive evolution in recent days with the crypto conference starting in Miami today.

BTC/USD

99,121.40 Price
+1.050% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

DOGE/USD

0.40 Price
+2.450% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

ETH/USD

3,382.48 Price
+0.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

ADA/USD

0.88 Price
+9.470% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00646

“Those of you who have been in this industry long enough have probably heard of the Consensus Effect, which is the theory that prices are likely to rally during or directly after the annual CoinDesk Consensus conference in New York,” Mati Greenspan, Founder and CEO of Israeli market analysis firm Quantum Economics wrote in his latest newsletter.

“The idea is that a gathering of several thousand people speed networking, sharing ideas and closing deals can be a boon for grassroots growth in the industry,” he added, hinting that the Miami conference could have the same effect as CoinDesk’s conferences from previous years.

The latest CoinDesk Consensus conference took place online this year and was overshadowed by the crypto market meltdown in May.

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Read more: Crypto market continues meltdown over the weekend

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