The cryptocurrency market has had, once again, a busy news day on Monday. First, the price of Bitcoin jumped over the weekend, crossing the USD 42,000 on Sunday, before stabilizing on Monday at about USD 39,454. Additionally, the city of Miami decided that it will be debuting a cryptocurrency this summer to help raise additional funding for local projects. According to CityCoin‘s official website for MiamiCoin, “MiamiCoin is the first CityCoin to market, built to support the Magic City while rewarding its holders through the Stacks Protocol.” CityCoin will be the service that launches MiamiCoin. Furthermore, NFTs are breaking new records. A report by CoinDesk indicates that OpenSea, an NFT marketplace, saw record-breaking trading volume in the past two days. In fact, volume reached USD 35 Million on July 31st and USD 49 Million on Aug. 1st, according to on-chain activity monitoring platform DappRadar. ISW Holdings Inc. , Bitfarms Ltd., CleanSpark, Inc. , Riot Blockchain, Inc., Bit Digital, Inc.
All this comes after a troublesome and volatile period of time for cryptocurrencies in recent months. Just earlier in June, China strengthened its crackdown on cryptocurrency mining. According to a report from Global Times (China’s national English language newspaper) the ban means that more than 90% of China’s Bitcoin mining capacity is estimated to be shut down, at least for the short term, as regulators across the country have taken similar harsh steps. However, after the crackdown by the Chinese government on crypto mining, Bitcoin miners in China have begun looking to relocate their operations to U.S. states like Texas, South Dakota and Tennessee, The Washington Post reported.