Mayor Francis Suarez wants to turn Miami into Bitcoin territory

Miami might turn out to be the subsequent “Silicon Valley” for cryptocurrency corporations, as the town’s mayor plans. Francis Suárez, who has served within the place since 2017, has met with a number of key figures within the Bitcoin ecosystem in the USA, together with the Winklevoss brothers.

Tyler and Cameron Winklevoss, founders of New York change Gemini, had an interview with the mayor this week to focus on the way forward for the cryptocurrency market in Miami. A recording of the assembly was posted on Francis Suárez’s official twitter, the place the mayor prompt the chance for each entrepreneurs to arrange a Gemini most important workplace for Latin American shoppers.

The proposal could be linked by the current favorable narrative for cryptocurrencies that the Suárez authorities has fostered in Miami. The mayor acknowledged by the top of 2020 that he’s contemplating investing 1% of the town’s treasury in bitcoin. He additionally described the cryptocurrency as one of many “most secure” investments of the previous yr, as reported by CriptoNoticias.

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How businesses can use bitcoin

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By crossing the $ 40,000 threshold, bitcoin has doubled its all-time high of 2018. Will this unexpected rise change the feelings of business leaders? “The current increase is the result of the arrival of hedge funds”, explains Paul Desprairies, head of the blockchain lab of the Finnegan group. And these are arriving en masse in the United States due to a relaxation of banking regulations vis-à-vis cryptocurrencies. The OCC (office of the comptroller of the currency) has just released a note that clarifies what US banks are now allowed to do. “This opens up immense prospects, continues Paul Desprairies, American banks will be able to offer cryptocurrency services equivalent to what can be done with conventional currencies, with the added benefits of being completely digital.”

Scenting for a good deal, hedge funds anticipated legislative easing and rushed into bitcoin. “Their presence could stabilize prices, believes Paul Desprairies because they have the means to buy back when the price drops.” This theoretical possibility, however, did not prevent bitcoin from losing 6,000 do.

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Here’s Why Bit Digital Stock Crashed and Then Skyrocketed Today

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What happened

Shares of bitcoin-miner Bit Digital crashed in early trading this morning because a research firm is claiming the company is a fraud. At one point, the company's stock was down 17%. But then around noon EST, Bit Digital stock began skyrocketing. I'm not sure what sparked the rally, but as of 1:15 p.m. EST, Bit Digital stock was up 11%.

So what

Yesterday, J Capital Research said it "may be" short Bit Digital stock because it believes the company is a fraud. To summarize, J Capital says Bit Digital isn't mining bitcoin, it has defrauded Chinese investors, and its management is either in jail or running from the law. Needless to say, those are gargantuan allegations and a big problem for investors, if true.

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Bitcoin Hovers Around $34.2K While Options Traders Pay Up for Possible ETH Upside

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After a record day in spot volume, bitcoin’s price went up, down and back up. Meanwhile, most ether options traders are bearish, some are paying up in case it gets close to record highs.

Bitcoin’s price had an up-and-down day, going as high as $36,605 at around 08:00 UTC (3 a.m. ET), falling to $32,528 at around 14:30 UTC (9 a.m. ET) and then going back up to $34,278 as of press time. 

Andrew Tu, an executive for quant trading firm Efficient Frontier, sees the $36,000 price level as “resistance,” an area where bearish traders seem primed to hit the sell button on bitcoin. “Right now bulls are challenging the $36,000 resistance. It failed to get past $36,600 earlier during the afternoon Asia hours,” Tu told CoinDesk. “When the U.S. East Coast woke up, the market started bidding the price upwards again.”

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Bitcoin sinks, brakes sharply in New Year’s rally

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Bitcoin fell sharply on Monday, losing ground to a record high of $34,800 touched the day before, with traders citing volatility in highly leveraged futures markets.

Bitcoin fell more than 14% after reaching $33,670, eliminating more than half of its 20% high on New Year's Eve to a record $34,800 on Sunday.

A functional cryptocurrency derivatives market has developed since 2017, with offshore exchanges still offering highly leveraged trading. Movements in such markets can have a disproportionate effect on the price of bitcoin.

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Bitcoin Looks to Gain Traction in Payments

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Vegas Auto Gallery, a luxury car dealership in Las Vegas, has become a playground for bitcoin-rich investors looking to make money.

The dealership recently sold two high-end sports cars - a Pagani Huayra Roadster 2017 and a Bugatti Chiron 2019 - to a customer who paid more than $ 6 million in bitcoin, according to owner Nick Dossa, who says about 3 % to 5% of the dealership's revenues come from bitcoin transactions.

Bitcoin prices more than tripled in 2020 and are around $ 26,600, making millionaires out of accumulators from investors who have piled up to build the popular market. Professional investors like Stanley Druckenmiller and companies like Massachusetts Mutual Life Insurance Co. started investing this year. Companies like Robinhood Markets Inc. and PayPal Holdings Inc. have allowed their customers to buy and sell bitcoin.

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After recent price spike, the energy to produce bitcoin could power a country of more than 200 million people

As bitcoin advances to new records, it is also devouring the energy of a country with more than 200 million people.

The Center for Alternative Finance at the University of Cambridge tries to track energy consumption with bitcoin. While the exact consumption can never be known, a hunch can be produced by tracking the total number of hashes produced by the miners and looking at the efficiency of bitcoin mining equipment. The hash rate is the unit of measurement of the bitcoin network's processing power.

The recent price hike - bitcoin BTCUSD, 0.84% rose 276% this year, trading around $27,000 on Tuesday - made using less efficient equipment more profitable.

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Bitcoin can ‘easily’ be ten percent of gold in 2021, says Mike Novogratz

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On the price front, the crypto-market, backed by an exponential hike in Bitcoin’s price, is outperforming its projections this week. On the regulatory front, however, the industry has found a lot to contend with. With the industry gaining more maturity as the months roll by and institutions finally recognizing, accepting, and adopting the market, regulators, particularly the ones in the United States, are gunning to expand their control on the still-nascent sector.

The FinCEN’s recently-proposed rules that would mandate stricter KYC processes for fund transfers from a centralized exchange to a personal wallet are an effort at doing the same. Understandably, these proposals drew a vehement response from many in the community, especially since they came on the back of the regulatory efforts to regulate the stablecoin market.

However, while most believe these proposals are last-ditch efforts taken by an outgoing administration, there might be more than what meets the eye. This was the view held by Galaxy Digital’s Mike Novogratz during a recent interview. According to the exec,

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Bitcoin hits $500bn market cap for the first time in history

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The combined value of all Bitcoin (BTC-USD) tokens in circulation has reached half a trillion dollars for the first time ever as the cryptocurrency continues its stellar rally.

According to Asset Dash, the digital currency now it takes 11th place among the biggest global assets, behind such giants as Facebook (FB), Apple (AAPL), and Tesla (TSLA) and ahead of Samsung (005930.KS), Walmart (WMT) and Coca Cola (KO).

It is also ahead of Visa making it the world’s largest financial service.

In just the last day alone, Bitcoin has climbed around 15% to $28,000 (£20,925), passing the psychological $25,000 benchmark.

It is currently up 7% on Sunday, and has risen around 50% since the week before Christmas.

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Bitcoin Wave This Time Sees Mature Investor Participation

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Ashish Nitin Patel made his first bet on bitcoin in late 2017 amidst the brouhaha around cryptocurrencies. He jumped in to make a quick buck, like most investors back in the day. But, as he learned more about the value proposition of the digital tokens, Patel stuck around.

“Initially the intention was a short-term investment, but now I firmly believe that some good projects (hedge funds, ETFs) can deliver good gains of about 5-10X over a long period of 1-3 years,” says the 28-year-old tech professional.

After its first run-up three years ago, bitcoin, the most popular cryptocurrency, is making headlines again on gaining nearly 242 per cent year to date, to trade at all time high levels of about USD 24,000. In the last four months alone, bitcoin’s price has surged by nearly 104 per cent.

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