Bitcoin may fall below $8,000 as crypto confab fails to stoke buying, analyst says

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Bitcoin began Thursday trade virtually unchanged amid a subdued stint of trading over the past 24 hours, with investors contending with an unexpected lull following the conclusion of the popular multiday Consensus conference.

Consensus, in the recent past, has tended to provide a lift to the price of the No. 1 digital currency, one that hasn’t materialized, so far.

“It’s still looking a bit soft and vulnerable,” said Craig Erlam, senior market analyst at Oanda. “Given that it’s a sentiment-driven market and things have been so quiet it wouldn’t surprise me if we saw it head below $8,000.”

Erlam added that he doesn’t expect the bottom to fall out of bitcoin.

A single bitcoin












BTCUSD, -0.26%










 last traded at $8,295.14, unchanged on the day, since Wednesday’s levels at 5 p.m. Eastern time on the Kraken exchange.

Read: The SEC created a fake ICO website to show just how easy it is to scam investors

Apple co-founder endorses blockchain technology

Speaking at the WeAreDevelopers World Congress in Austria, Apple Inc.












AAPL, -0.12%










co-founder Steve Wozniak said blockchain, the distributed ledger that underpins cryptocurrencies, is the next major IT revolution that is about to happen, per the German outlet of Cointelegraph. Wozniak added that the technology would achieve full potential in a decade.

These aren’t the first pro-digital technology comments from Wozniak. At the Money conference in October, the tech genius said bitcoin is mathematically better than the U.S. dollar and gold because of the finite number of bitcoins that can be mined.

Read: Steve Wozniak had $70,000 in bitcoin stolen after falling for a simple, yet perfect, scam

Altcoins and futures subdued start to Thursday

Coins other than bitcoin, known as altcoins, have seen muted action early Thursday. Ether












ETHUSD, +0.11%










 has gained 0.6% to $698.82, Bitcoin Cash












BCHUSD, -1.23%










is up 0.7% at $1,274.40, Litecoin












LTCUSD, -0.17%










 is little changed at $138.01 and Ripple’s XRP












XRPUSD, +0.21%










last traded at 69 cents, up 1.4%.

Future’s are similarly subdued. The Cboe June contract












XBTM8, +0.54%










 has added 0.7% at $8,330, while the CME May contract












BTCK8, +0.55%










 is up 0.4% to $8,285.

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