Today In Cryptocurrecy: CoinDesk Consensus Kicks Off, Eisman Says Cryptos Have No Purpose

The cryptocurrency market started off a big week with sluggish performance on Monday, with most major currencies trading up or down less than 1.5 percent. Here’s a look at some of the headlines that were moving the cryptocurrency market today — and which currencies were on the move.

Headlines

Blockchain Week kicked off over the weekend in New York City, and the CoinDesk Consensus conference got underway on Monday. CNBC reports that this year’s Consensus has 8,500 attendees, up from just 2,700 attendees last year. Consensus is one of at least 20 blockchain-related events taking place in New York this week focused on the cryptocurrency world, and the event has historically provided a boost to crypto prices.

JPMorgan analyst Shawn Quigg said on Monday the publicity surrounding Blockchain Week will likely provide a trading opportunity in Advanced Micro Devices, Inc. AMD. Quigg said AMD stock has averaged a 15 percent gain in the month following the Consensus conference over the past three years.

Blockchain Week isn’t without its detractors, and Neurenberg Berman portfolio manager Steve Eisman said on Monday he sees no purpose for cryptocurrency, adding that nobody has been able to demonstrate to him the supposed value that cryptocurrency adds for investors. Eisman was depicted by actor Steve Carrell in the movie adaptation of Michael Lewis’ book “The Big Short.”

Price Action

The Bitcoin Investment Trust GBTC GBTC traded at $14.37, up 1.9 percent.

Here’s how several top crypto investments fared Monday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.

• Bitcoin gained 1.2 percent to $8,786;
• Ethereum gained 0.4percent to $737;
• Ripple declined 0.1 percent to 74 cents;
• Bitcoin Cash declined 1.0 percent to $1,469;
• EOS declined 4.7 percent to $14.29.

The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:

• Global Cryptocurrency: $4.1-million market cap, 295.7-percent gain.
• Nullex: $8.0-million market cap, 121.7-percent gain.

FujiCoin: $1.4-million market cap, 85.6-percent gain.

The three cryptocurrencies hit hardest in the past 24 hours were:

• BunnyCoin: $3.8-million market cap, 44.7-percent decline.
• Pure: $10.1-million market cap, 38.6-percent decline.
• CHIPS: $5.9-million market cap, 24.5-percent decline.

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