Eric Adams was elected to be New York’s second-black mayor. He outpaced Curtis Sliwa, a Republican, in the mayoral race.
Eric Adams garnered a 72.8% majority win on Tuesday to become the next mayor of New York. Adams campaign was focused on fighting crime and promoting a business-friendly environment. However, he also had positive views about cryptocurrencies. He promised to make New York City a Bitcoin capital if he was elected after securing the Democratic Party ticket.
” I’m going to make a promise: Within one year, you’ll see a completely different city. […] We will be the centre for life science, cybersecurity, self-driving cars and drones, as well as the centre for Bitcoins. We’re going to be the canter of all the technology,” Adams pledged.
The new Mayor referred to Miami Mayor Francis Suarez’s MiamiCoin in a Bloomberg radio interview on Wednesday. He said that it is “doing very good”. Adams stated that he would “look in the direction to accomplish that.” He also mentioned that he was going to investigate the obstacles to Bitcoin and other cryptocurrency growth in the city in accordance with his desire to make it a more business-friendly place.
“We’re too bureaucratic, too expensive, and too difficult to do business. They go to businesses looking for ways of penalizing or fining them. We’re changing that atmosphere altogether; we’re going to become a business-friendly city.”
Miami’s Francis Suarez is one of the most progressive politicians in cryptocurrency. His South Florida municipality was the first in the US to allow residents to send contributions via CityCoins (or MiamiCoin) starting in September. CityCoins is an open source protocol that allows users to mint and invest city tokens. The protocol allows users to mint tokens and earn a percentage. The rest goes to the city. In Miami’s case, users get 70% while the city holds onto the remaining proportion.
The initiative was a success. By the end of the month, officials had confirmed that the city had received $7.1 million. Further, Suarez said he sees Miami gaining up to a tune of $60 million, which is money he says will be used to tackle societal issues.
Adams was elected to the New York Police Department as 2006, and became a NY senator in 2007.. Six years later, he was elected Borough President of Brooklyn. This area has seen an estimated 356% rise in the number of tech startups in the past ten years. His latest win could well be a new awakening for crypto when he takes office as the mayor of America’s largest city on 01 January.
Crypto Market Turning Point –
Roughly six months ago, bitcoin and a number of digital assets reached all-time highs and the crypto economy crested above $3 trillion in value. Today is a different story as a great majority of cryptocurrencies are down between 57% to over 80% against the U.S. dollar.
While Cryptos Are Down From the ATHs, 2020 Holders Are Still in the Green
On November 9, 2021, or 196 days ago, the crypto economy was valued at over $3 trillion, and today it’s worth roughly 56% less at $1. 31 trillion. Six months ago, bitcoin (BTC) touched an all-time high (ATH) at $69K per unit and today, it’s down more than 57% in USD value.
The second leading asset, ethereum (ETH), has lost 59. 85% after reaching $4,847. 57 per ether six months ago. The fourth-largest crypto asset BNB is down 52. 65% after tapping $689 per unit. XRP is not even close to its January 07, 2018 ATH the digital asset tapped four years ago when it reached $3. 40 per coin. XRP today is down more than 87% against the U.S. dollar from that point in time.
The tenth-largest crypto asset today, dogecoin (DOGE) is down 88.8% from the meme coin’s ATH a year ago. While prices are down since 2021’s high, crypto investors that purchased digital assets in 2020 have seen it their cryptocurrencies rise. For instance, the price of bitcoin (BTC) since 2020 is up 303. 28% and ethereum (ETH) is up 465.70%.
The same is true for many of today’s top coins. Binance’s BNB token has jumped 173. 53% in two years and cardano (ADA) is up 443.83%. Gains are even bigger for those who purchased crypto assets in 2017 as bitcoin (BTC) is up 1,294. 85% since that year. The second leading crypto asset ethereum (ETH) is up 8,985. 15% since 2017 against the U.S. dollar.
XRP holders have seen the most gains since 2017 as XRP has skyrocketed in value by 31,346. 47% during the last four years. 2017 was a bullish time for crypto investors as BTC hit an all-time price high that year at $20K per unit and 2021 was similar in terms of bullish price values.
Crypto’s Strong Correlation With Stocks, 289-Day Bear Runs, and Further Capitulation
Market strategists believe that most bear markets last less than 9.5 months. Moreover, in recent times cryptocurrencies have been correlated with equities markets and more specifically stock indexes like Nasdaq 100 and the S&P 500. This could indicate that the crypto bear market will continue until the stock market bear runs are over.
Bank of America strategists recently detailed that the S&P 500 has recorded a total of 19 bear market cycles. The average duration for each cycle was roughly 289 days and the S&P 500’s average bottom was 37.3% lower than the ATH.
If cryptocurrencies follow the same pattern, it could mean that bearish sentiment could continue for three more months. This is assuming history repeats itself and digital assets follow the current correlation to equities. Unfortunately for crypto investors, S&P 500’s average drop of 37.3% is nothing like the lows the crypto economy has seen during extreme capitulation. Three bitcoin (BTC) bottoms have been more than 80% lower than the ATHs recorded during the bull cycle.
While the top ten crypto assets are down 57% to over 80% already, prices could go much lower. An 80% drawdown from BTC‘s $69K high would be $13,800 per unit and an 80% cut in ether’s ATH value would result in a price of $970.
Currently, crypto assets like BTC and ETH are seemingly at a turning point that will take the value one of three ways. The price of bitcoin could stabilize in this area for quite some time. However, it could rise back into a bullish scenario or drop even further, resulting in more capitulation.
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What do you think about crypto assets being down 57% to over 80% lower than their price highs? Please comment below to let us know your thoughts on this topic.
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.
Bitcoin, Technical Analysis: Crypto Bears Hold BTC Below $30,000
Bitcoin was lower for a second consecutive session, as bears maintained recent pressure on crypto markets. This pressure also saw ETH move lower, as it continued to trade under $2,000 during hump-day.
The world’s largest cryptocurrency once again traded below $30,000, as bears continue to maintain a chokehold on prices.
As of writing, BTC/USD is trading at $29,502. 71, which is roughly 1% higher than yesterday’s low of $28,786.59.
Wednesday’s movement in bitcoin is ultimately a continuation of yesterday’s move, with prices now consolidating at its current range.
This range sees prices hovering at a floor of $28,800, with a resistance level of $30,500, which has not been truly broken since early May.
In addition to the price ceiling, relative strength is also tracking at a resistance point of its own, which is under 40.
Until we see a move past this point, then we will likely see a continuation of current price consolidation.
ETH moved to a lower low during today’s session, as its own price continues to trade under a key point of $2,000.
The world’s second largest cryptocurrency dropped below its support level on Tuesday, hitting an intraday low of $1,920. 69 in the process.
This saw ETH/USD about $30 below its support level at $1,950, which has mostly held firm during this latest round of bearish activity.
Overall, ethereum is now in its second week trading at its current floor. After the massive declines experienced in April and May, consolidation was to expect.
Looking at the chart, you can see that the 10-day moving average in red is moving sideways, which is a strong indication of a future change in momentum.
Traders will now wait to see if bulls will use this signal as an indicator, prior to re-entering the market.
Will ETH‘s $1,950 support level be broken this week? Please leave your comments below.
Eliman has a unique perspective on market analysis, having been a broker director, retail trading educator, and market commentator for Crypto, Stocks, and FX.
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Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage caused by or alleged to have been caused by the use or reliance of any content, goods, or services mentioned here.
Will Terra recover? Expert analysis, price prediction and where to purchase Terra
The price of Terra’s token LUNA was as $100 per 1 LUNA in April, but it crashed to near zero last week. TerraUSD (UST), Terra’s algorithmic stablecoin lost its peg against the US dollar. This occurred against the backdrop of a significant crypto market decline, which sent Bitcoin’s price down by over 20%. Now that…
The price of Terra’s token LUNA was as $100 per 1 LUNA in April, but it crashed to near zero last week. TerraUSD (UST), Terra’s algorithmic stablecoin lost its peg against the US dollar.
This occurred against the backdrop of a significant crypto market decline, which sent Bitcoin’s price down by over 20%.
Now that Terra has lost 99% of its value, is there any hope for recovery? You’ll find out more about the efforts of its founders to get it running again.
If you’re attracted by unique features and want information on where and how to purchase Terra, this guide will help you.
Top Places to Buy Terra Now
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Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Terra Luna was a crypto project that Terraform Labs, an in-house tech company, created. Its goal was to promote crypto adoption by creating a set decentralized stablecoins that can be used to perform DeFi transactions.
Terra reanimation action plan
Do Kwon, the founder of
Terra has a plan for reviving the coin. To bring TerraUSD back to $1, the first part of the plan includes a massive burn of TerraUSD (USTUSD).
They plan to burn more than 371 million UST on the Ethereum Mainnet and any UST left in the Terra community pool.
The second part is to stake 240 million LUNA tokens to stop whales from seizing control and to stabilize network governance.
Developers also stopped Terra’s blockchain and stopped all pending transactions. This was done to prevent people buying LUNA at an extremely low price.
Should Terra be bought today?
Given the difficulty of predicting cryptocurrency prices accurately, it’s important to conduct a thorough market analysis before making any financial decisions. Do not invest more than what you can afford to lose.
Terra price prediction
Many investors are pessimistic about Terra’s prospects. The Motley Fool says it is best to avoid the project, despite its low price.
Digital coin price and forecast see little hope for LUNA. They predict an end-of year price of less than 1 cent bzw. 0. 6 cents.
However, experts disagree. Investing Cube believes that LUNA can recover. LUNA will gain if the stablecoin is revalued to $1.
Wallet Investor did not adjust its bullish prediction of LUNA before the crash. They predict 1 LUNA will trade for $151 in May 2023. Finally, Gov Capital anticipates LUNA to be worth $108 a year from now.
Terra on social media
— Watcher.Guru (@WatcherGuru) May 15, 2022
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