After breaking $800 late last week, ETH is now trading at $685. I don’t think this is the beginning of a new downcycle. With such rapid growth since mid-April it makes sense for some pullbacks along the way.
This latest downward movement was crypto-wide, impacting all major coins. Bitcoin, which was flirting with $10K, is now sitting at $8650.
Part of this latest “panic” was caused by ~8,000 BTC moving from a Mt. Gox wallet, approximately $70M that might be sold on the market.
Sentiment can change quickly in the space. We could see an emotional reaction that exacerbates this dip, followed by an equally emotional reaction where the price rises quickly. For the long-term investor, this is just noise.
Every year the Ethereum Foundation holds a summit where the latest advancements and applications of the ethereum platform are discussed. Since I live in Manhattan it was a no brainer to attend. So far it’s been awesome.
The program kicked off with the new Executive Director of the Ethereum Foundation, Aya Miyaguchi. She was drawn to Ethereum because of the amazing community that’s been built around the platform. It’s a group of people who want to make the world a better place, something she identifies with. As do I!
After that I spoke with the CTO of FOAM, a “proof-of-location” application that’s getting close to ICO. I’m especially excited about this technology as I plan on using it when I build my ‘decentralized mapping project’.
I also got to hang out with Token Foundry employees. Token Foundry is the Consensys formation that helps new dApp ideas become reality.
It’s a two day conference and I’ll be posting updates. Paul Vigna from the WSJ just started speaking about this ‘paradigm shift’ in 500-year-old system of record keeping. This is cool.