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Francis Suarez: Miami Coin is going nowhere

Despite its record price, the Miami Coin will be around for some time, according to Mayor Francis Suarez.

Miami currency price is low

Miami Coin is a new digital asset created for the city of Miami, Florida. The coin has only been around for a few months, but it is part of the region’s goal of becoming one of the most crypto-oriented cities in the United States. Suarez initially commissioned the coin to give residents the opportunity to pay utility bills with digital currency, though the asset has now expanded into something much bigger. The currency offers gambling opportunities and has become a staple of Miami life in many ways.

There is only one small problem… The coin is trading at an unusually low price. Since its launch six months ago in August 2021, Miami Coin has been “enjoying” the lowest share price in its short history. Despite this, Francis Suarez says the city has no plans to abandon the cryptocurrency initiatives it intends to instill, one of which is the increased use of Miami Coin.

In a recent interview, Suarez assured viewers that the coin was not a flop, explaining:

It has been a success from the point of view of what it has done for the city, hasn't it? It generated $20 million in revenue for the city because a percentage of the mining profit is set aside in a digital wallet for the city. That's $5 million that we use for rent stabilization funds. We're seeing that because of inflation, rents are going up across the country and the other $15 million, we're doing something very innovative.

That’s not the only thing we need to keep in mind.

He went on to say that while he acknowledges the low trading price, he doesn’t think price is always the best indicator of how a coin is doing, pointing to bitcoin’s dismal (and recent) drop to around $36,000 at the time. from USA I write. example. He says:

Obviously, the price has dropped significantly. I have never been obsessed with price, neither bitcoin nor Miami Coin. I think what Mark Cuban said is very accurate. This is the first entry, all of these technologies, and what's important is the rate of liquidity that can go in and out, because utility is essentially what's going to be important to whether any of these technologies will survive in the long run. . They are very useful? Do they provide people with the ability to exchange these currencies for goods in several different countries? Do you allow shipments? Do they break authoritarian regimes because they don't control the currency? I mean, there are a lot of great use cases, and whether all of them will be used remains to be seen.

Not long ago, Suarez engaged in some online banter with New York Mayor Eric Adams about which city would become the most crypto-friendly in the country.

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Instant Exchange Marketplace Swapzone Introduces Exchange API for US Residents

PRESS RELEASE. Swapzone.io, a successful crypto-to-crypto exchange aggregator, has just announced a new feature called “flat rate exchange” that is now available to US citizens. The new feature allows North American users to not just “fix” the value they exchange, so nothing can affect the value the initially shown user receives. These exchanges are protected against rate fluctuations and any changes in the market.

important details

The cryptocurrency market is known for its high levels of volatility, and this aspect can be seen as an advantage in certain circumstances. However, due to the highly volatile nature of the digital currency market and the ever-changing network fees, users may also end up with less money than they expected when trading cryptocurrencies.

To get rid of that volatility aspect and the general risk that some users don’t want to take, Swapzone has decided to implement a fixed rate exchange feature for all US citizens. The new feature is useful as it ensures that users match the amount displayed at the beginning of their transaction. In other words, the fixed fee trading feature on Swapzone will allow US users to see the amount they can earn during a transaction, regardless of all the volatility risks of the cryptocurrency; however, this stability may imply higher rates.

Swapzone.io is constantly on the lookout for new technologies and features that benefit its users, since its inception. And the fixed exchange rate feature for US citizens is a very convenient feature, especially if you don’t want to take risks and worry about the fast changing cryptocurrency rate, then fixed rate exchanges are for you.

About the exchange area

Swapzone is a cryptocurrency exchange aggregator which is a useful, progressive and transparent exchange service that combines multiple sources and offers convenience, effectiveness and a common user flow for every trade. You can search services in a single interface, compare exchange rates, and analyze and trade cryptocurrencies. All swaps are escrow free and no registration is required.

Swapzone facilitates the exchange procedure by providing a one-stop shop to locate the best quick exchange offer. We also consider as many assets and services as possible and collect all the data necessary to make an informed decision. It’s as simple as that.

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Fake Safe Haven: Bitcoin Correlation with S&P 500 Hits ATH

The data shows that Bitcoin’s correlation with the S&P 500 and thus the stock market has set a new all-time high (ATH).

Bitcoin’s correlation with the S&P 500 hits a new high

As one analyst pointed out in a CryptoQuant post, BTC’s correlation with the stock market is currently on the rise, further undermining the “safe haven” narrative.

“Bitcoin Correlation with the S&P 500” is an indicator that measures how strongly the BTC price reacts to volatility in the S&P 500, as well as the direction of the response.

When the indicator shows values ​​greater than zero, it means that there is a positive correlation between the stock market and the cryptocurrency price at the moment. “Positive” here means that BTC is moving in the same direction as the S&P 500.

On the other hand, correlation values ​​less than zero imply that BTC reacts to S&P 500 price changes by moving in the opposite direction.

Related Reading | Bitcoin Drops Below $40 As Russia Gave Its Forces the Order to Attack Ukraine

Indicator values ​​exactly equal to zero naturally mean that there is no correlation between the two assets. Now, here is a chart that shows the trend in the S&P 500 and Bitcoin correlation since the year 2013:

The indicator value throughout the history of cryptocurrencies | Source: CryptoQuant

As you can see in the chart above, the correlation between Bitcoin and the S&P 500 has fluctuated between positive and negative, although it has remained low for most of BTC’s history.

Related Reading | Why Bitcoin Won’t Fall Under New Bear Attack, Next Potential Target for BTC

However, since late 2019 and early 2020, the two assets have been strongly and positively correlated. During 2020, the metric has plummeted due to the COVID slowdown, but the indicator has risen sharply during the second half of 2021 and 2022 so far.

The correlation between Bitcoin and the stock market has now set a new all-time high (ATH) of +0.5468 this month.

Such a high correlation between assets further undermined the “digital gold” narrative, as cryptocurrency is no longer the safe haven it once was.

BTC price

At the time of writing, Bitcoin price hovers around $39,000, down 12% over the past seven days. In the last month, the cryptocurrency has gained 10% in value.

The chart below shows the BTC price trend over the last five days.

BTC price seems to have recovered in recent days | Source: BTCUSD on TradingView

A few days ago, the price of Bitcoin dropped, reaching $36,400. Since then, the coin’s value has shown some recovery, breaking above the $39K level again today. It is currently unclear whether this new uptrend will last.

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Sling TV to accept Bitcoin as payment

Sling TV now accepts bitcoin payments for its personalized TV streaming services.

Streaming service provider Sling TV now accepts bitcoin payments.

Existing customers can prepay for 1-6 months of service using bitcoin and cryptocurrencies.

New customers must pay the first month using old payment methods and can use bitcoin payments from the second month.

Sling TV, a cable-cutting service provider that allows its users to stream more than 700 TV channels through its app, announced on Friday that it would accept Bitcoin payments through an integration with BitPay, a pioneer in services.

“Accepting crypto payments for this OTT digital platform was clearly the obvious next step for our subscribers,” the company said in the announcement post.

Sling TV LLC, also known as Sling Media Inc, was purchased in 2007 by DISH, a company that made headlines in 2014 for being the largest company at the time accepting Bitcoin payments.

At the time, Bernie Han, executive vice president and chief operating officer of DISH, said, “We always want to provide our customers with choice and convenience, and that includes the method they use to pay their bills.” Speaking of Bitcoin in particular, Han said, “Bitcoin is becoming the preferred way for some people to transact and we want to accommodate those people.”

BitPay, which provides an optimized payment flow for over 90 different wallets, is looking to provide the option and option that Sling’s parent company mentioned in 2014. But in its current state, the integration is only available to existing customers. of the Sling. New users joining the Sling platform will first need to provide legacy payment methods to establish their account and then have the option to proceed with payments in bitcoin and other cryptocurrencies.

Customers will be able to prepay between one and six months of service using bitcoin. Before the prepaid period ends, customers will need to make another manual payment to extend the prepaid period or use a legacy payment method to set up recurring purchases. If the prepayment period ends without another manual payment being made, Sling TV will default to the required old payment method that must be placed on each account.