It might be a red-letter day for Bitcoin fans in Miami, but today’s just a red one overall in the crypto market. So far, at least.

At the time of writing, the entire crypto market cap is down about four per cent over the past 24 hours, sitting back under the fabled US$3 trillion mark by about six billion.

Coin360.com

Every coin in the top 10 has lost momentum today, with Cardano (ADA), XRP and Polkadot (DOT) all down about five to seven per cent just at the moment.

It’s a similar tale moving down CoinGecko’s top 100 (by market cap) list, although there are a few outliers here and there, including: Kadena (KDA) +12.5%; OMG Network (OMG) +15%; and Mina Protocol (MINA) +36%.

Bitcoin (BTC), meanwhile, the crypto market’s general health barometer, could be in for a bit of a dip if it doesn’t crack the US$66K mark soon and turn it back into support, believes Michaël van de Poppe.

In his latest BTC analysis on YouTube, the Dutch crypto trader and analyst said “$66K is the level we need to break through if we want to see upwards momentum”.

Based on his technical analysis, he inferred he’s inclined to believe Bitcoin might reach somewhere around that level, but then see another corrective move back down to around $62K-63K before Bitcoin needs to “make another decision”. Lose that, and then US$58K is the next major level of support.

The analyst also pointed to the contrarian idea that a corrective period for Bitcoin in the 50Ks for most of the rest of this year is a distinct possibility, as opposed to the “Moonvember” and December “blow-off top” so many have been predicting.

“Everyone is expecting this quarter to be massive,” Van de Poppe said, “but what if we get a corrective period instead, before a quarter one [2022] explosion in the market and top out in Q2.”

Analyst Bitcoin Charts was also looking at a potential BTC breakdown, albeit in the very short term…

Meanwhile, Dr Jeff Ross of Vailshire Capital Management, a Colorado-based investment adviser service, has a bullish outlook for the remainder of the year, which aligns with much of the sentiment still currently floating about Crypto Twitter.

 

Miami’s ‘revolutionary’ Bitcoin yield

Miami’s Bitcoin-bull mayor Francis Suarez (Getty Images)

The US city of Miami, led by its Bitcoin and crypto-touting mayor Francis Suarez, is planning  to offer a “Bitcoin yield” to its citizens – earned from the staking of its MiamiCoin cryptocurrency.

Suarez, who spoke to the US crypto news outlet CoinDesk, proudly said: “We’re going to be the first city in America to give a Bitcoin yield as a dividend directly to its residents.”

As reported by Stockhead, MiamiCoin was introduced in August this year and has already earned more than US$21 million in the past three months for the city, which hopes to become America’s premier crypto hub.

Suarez noted during a CoinDesk TV interview that if you were to annualise that revenue, it would equal roughly one-fifth of Miami’s total annual tax revenue of US$400 million.

The payment will apparently be facilitated through a special digital wallet the city is working to set up in collaboration with various crypto exchanges.

Suarez also said the approach could potentially eliminate the need for Miami residents to pay taxes, which would be “revolutionary”.

Last week, Suarez started a spate of US mayoral Bitcoin FOMO when he tweeted: “I’m going to take my next paycheck 100% in bitcoin.” The Miami mayor has since doubled down on that, and will reportedly be taking his entire salary in BTC.