2018.05.2019:31:00UTC+00Bitcoin Slides as Rally Fails to Materialize Despite New York Conference

Despite expectations that bitcoin would rally throughout the “Blockchain Week” held in New York, the digital currency's price has fallen around 10 percent since the start of the event.

Bitcoin slid below $8, 000 as the festivities ended on Friday, reaching a low of $7, 931.43 after trading higher than $8, 800 on Monday, according to CoinDesk.

Fundstrat digital currency analyst Alex Kern said that many repeated attendees commented that the panels had a more commercial-feel rather than giving substantive discussions, which was not the perception last year.

In prior years, bitcoin had significantly gained value around a New York City blockchain conference called Consensus. Between May 22 and 24 when it happened last year, prices surged 69 percent, according to Fundstrat. Prices surged another 138 percent in two months following the conference.

In a note released to clients ahead of the year's conferences, Fundstrat expected a surge “likely greater” than in prior years “given dramatic surge in attendance” as well as the fact that bitcoin is down year-to-date.

Instead, prices remained in the low $8, 000 range throughout the week, according to CoinDesk. Bitcoin touched a high of $8,835 in the previous week before blockchain fans went to New York for the event. The digital currency has fallen over 40 percent this year.

Tom Lee , the only major Wall Street strategist to cover bitcoin and the co-founder of Fundstrat, said that while there was no increase in prices during the event, the firm's conviction on cryptocurrencies solidified during the conference.