Swan Bitcoin Scraps Pacific Bitcoin Conference After Downsizing

• CEO Cory Klippsten emphasizes commitment to core business.
• Bitcoin price is currently $55,881, with a 16.04% weekly decline.

Swan Bitcoin has announced the cancellation of the highly anticipated Pacific Bitcoin conference scheduled for October. This decision follows a strategic pivot and a recent staff reduction at the company. The focus now shifts towards bolstering Swan’s core business operations.

The company recently downsized its staff, a move aimed at streamlining operations and refocusing on its primary business objectives. This downsizing has directly impacted the decision to cancel the Pacific Bitcoin conference.

Cory Klippsten, CEO of Swan Bitcoin, took the time to address the cancellation on social media. He expressed the company’s commitment to its core business, stating, “After going through a staff reduction last month, it just doesn’t feel like the right time for a festival.”

Swan Bitcoin has assured all ticket holders that the refund process is already underway. To maintain goodwill and community engagement, the company is offering a complimentary invitation to a smaller, one-day event on October 17. 

It’s worth noting that the Pacific Bitcoin conference has previously hosted some memorable moments. One such instance was the impromptu appearance of a prominent Bitcoin advocate Andreas Antonopoulos who engaged in a spirited debate about the future of digital currencies. These moments have made the conference a beloved event among enthusiasts.

Bitcoin Price Weekly Overview

As of today, Bitcoin’s price is $55,881, marking a 16.04% decline over the past week as per data from CoinMarketCap. Despite the weekly drop, the market cap has risen by 7.33%, reaching approximately $1.10 trillion. The 24-hour trading volume stands at $87.51 billion, showing a 46.39% increase in trading activity. The Relative Strength Index (RSI) is currently at 70, indicating that Bitcoin is approaching overbought conditions. 

The Moving Average Convergence Divergence (MACD) shows bullish momentum with a widening gap between the MACD line and the signal line. The support level is observed at $52,000, with resistance around the $56,000 mark, suggesting potential consolidation before a further breakout as per the data from the Trading View.

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