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Highlights of the crypto market news today
The city government of Detroit announced on Thursday that Detroit will become the largest city in the United States to accept electronic payments. Residents can pay taxes and other city fees electronically through a secure platform managed by PayPal.
"Detroit is building a tech-friendly environment to support residents and entrepreneurs," Mayor Mike Duggan shared in a statement. "We are excited to be one of the first major cities in the U.S. to explore blockchain applications in public services and allow residents to use digital currency as a payment method."
Treasurer Nikhil Patel said this payment option will be implemented by mid-2025, along with other improvements to the city's payment services. This is part of a larger strategy for Detroit to explore innovative technologies that can enhance public services, strengthen community engagement, and drive economic growth. "This new payment platform will increase accessibility for Detroit residents who want to use digital currency; more importantly, it will make electronic payments easier, especially for those without a bank account," Patel said.
Detroit had a population of around 630,000 as of the 2020 U.S. census, making it the 26th most populous city in the country. It was previously the fourth-largest city with nearly 2 million people in the 1950s. Three U.S. states - Colorado, Utah, and Louisiana - currently accept digital currency for state-level payments. The cities of Miami and New York have also expressed strong interest in crypto, with Miami creating its own MiamiCoin, but neither city has yet accepted crypto as a payment method. According to the announcement, only two U.S. cities, Williston, North Dakota, and Miami Lakes, Florida, currently accept crypto payments.
Detroit is also inviting blockchain entrepreneurs to present ideas for blockchain applications in the public sector to the city's entrepreneurship director and economic opportunities. The city is interested in projects leveraging the potential of blockchain to enhance transparency, improve data security, and streamline public services, according to the announcement. The price of Bitcoin has reached a new All-Time-High above $76,850, and multiple data points suggest this price surge may continue higher.
BingX Bitcoin Chart
BingX Bitcoin Chart 1D 07/11/2024 | Source: TradingView & BingX
Bitcoin price has reached a new All-Time-High above $76,850, and multiple data points suggest this uptrend may continue to develop. On November 7th, Bitcoin continued its streak of reaching new all-time highs, trading above $76,800. The strong inflow of funds into Bitcoin Spot ETFs, BTC breaking out of a 7-month downtrend into price discovery, and the successful "red wave" of the U.S. Republican party in Congress, the Senate, and the Executive branches have driven institutional investors to increase their Bitcoin allocations.
The trading volume of BTC Futures Contracts on CME reached an All-Time-High of $13.15 billion on November 6th, and the open interest reached 15,255 BTC on the same day. On CME, it is clear that institutional investors are positioning for continued growth, and the addition of $1.1 billion in new open interest on November 6th reflects this confidence.
The inflow of funds into Bitcoin Spot ETFs reached the billions of dollars pre-election, followed by a strong post-election inflow. The steady increase in Bitcoin open interest and the election of crypto-friendly legislators across all branches of the U.S. government have created a positive reaction in the stock and cryptocurrency markets. The Federal Reserve's decision to cut interest rates by 25 basis points on November 7th reinforces the expectation that benchmark rates will continue to decline.
There is a high likelihood that the U.S. will create a Strategic Bitcoin Reserve Fund, and the expectation that the Federal Reserve will continue to cut interest rates in upcoming FOMC meetings is also increasing investor confidence and leading to increased allocations to stocks and crypto.
The current support level for BTC is $75,000, and the resistance level is $78,000.
