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Crypto SWOT: Miami voted to accept funds generated by new cryptocurrency, MiamiCoin

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Gravitoken, up over 1 million percentage points.

  • Similar to apps like Coinbase, Cash App, and Venmo, Robinhood is testing out a new feature for its app in which costumers can send and receive digital currencies such as Bitcoin, reports Bloomberg News. Earlier this month, the company said it would roll out crypto recurring investments, allowing users to buy digital coins commission-free and with as little as $1 on a schedule of their choice. Retail shareholders and crypto enthusiasts alike are eagerly awaiting news of the future software update.

  • On Wednesday, an economic free zone in Dubai made an agreement with the UAE's Securities and Commodities Authority (SCA) to trade crypto assets. The agreement creates a framework for the Dubai World Trade Centre Authority (DWTCA) to license and acquire approvals for all cryptocurrency-related activities – including issuing, listing, licensing, and trading crypto – in the free zone. The oil-rich country has reported that cryptocurrency could be integral to its economy as more and more countries attempt to cut down carbon emissions.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Nerve Finance, down 83.07%. This week Bitcoin dropped below $40,000 for the first time since August, reports Bloomberg, before rallying as the mood in global markets improved. Although Bitcoin broke its three-day losing streak on Thursday, this price action "demonstrates that Bitcoin isn't immune to the selloff in risk-on assets across traditional markets," said Antoni Trenchev, co-founder of crypto lender Nexo.

  • In a recent report from, founder of the Virgil Sigma Fund and the VQR Multistrategy Fund, Stefan Qin, was found guilty of securities fraud and sentenced by the Department of Justice (DOJ) to 7.5 years in prison. He is also expected to forfeit about $55 million. The DOJ says that Qin "engaged in a scheme to steal assets" from his hedge funds and defraud investors. "Rather than investing the fund's assets in a cryptocurrency arbitrage trading strategy as advertised, Qin embezzled investor capital from Virgil Sigma and used the funds for purposes other than the purported arbitrage trading strategy," details the DOJ last Friday.

  • Bitcoin slid about 90% on the Pyth Network earlier this week after the company's computers failed basic computations. Pyth Network said two unidentified firms that supply data to the platform encountered trouble dealing with decimals, causing them to report extremely low Bitcoin prices. Those incorrect numbers got averaged with Bitcoin prices from nine other Pyth contributors, leading to the inaccurate result, reported Bloomberg.


  • Miami's city commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, which was launched in August by CityCoins, details CoinTelegraph. The coin was built on Stacks, an open-source network of decentralized applications and smart contracts that use the Bitcoin blockchain as a programmable base layer. In an interview with Fox Business, Miami Mayor Francis Suarez confirmed that the mining proceeds generated over $2,000 USD every 10 minutes and "over 5 million USD over the last 30 days." Mayor Suarez praises the success of a recent initiative to fund community projects, like local climate change mitigation, programs for underprivileged communities, and investing in crypto education for tech entrepreneurs, through the earnings brought in by the MiamiCoin.

  • AMC CEO Adam Aron announced via a tweet on September 15, after AMC's second quarter earnings report released, that the company will accept Bitcoin for online ticket and concession payments by year-end 2021. Additionally, AMC "will accept Ethereum, Litecoin and Bitcoin Cash." AMC's decision to accept cryptocurrencies as an alternative form of payment is part of a multistep plan to play offense after the company has narrowed its losses and boosted its total liquidity to a record high of more than $2 billion USD, reports Fox Business.

  • According to Mike McGlone of Bloomberg Intelligence, Bitcoin is likely to surpass $100,000 by year-end. Despite Bitcoin price volatility and the recent dip in value this week, Bloomberg analyst and commodity strategist McGlone says Bitcoin could make a "significant advance in 2021" as more and more people in the mainstream begin to participate in the world's largest cryptocurrency.


  • The Nasdaq-listed cryptocurrency exchange Coinbase has dropped its plan to launch a lending program after the U.S. Securities and Exchange Commission (SEC) threatened to sue the company, report on Tuesday. The announcement came last Friday stating "Our goal is to create great products for our customers and to advance our mission to increase economic freedom in the world. As we continue our work to seek regulatory clarity for the crypto industry, we've made the difficult decision not to launch the USDC APY program." In the meantime, Coinbase plans to grow its business in other ways to include filing an application with the National Futures Association (NFA) to offer futures and derivatives trading on its platform, raising $2 billion USD by selling bonds, and building Coinbase Prime, a comprehensive platform for institutional investors.

  •, one of the first websites on Bitcoin (BTC), has been hacked by online scammers and down as of Thursday morning, reported Coinbase later the same day. Cobra,'s anonymous curator, announced on September 23 that was compromised and that hackers managed to put up a scam notice on the site. After disabling the website, Cobra suggested that the hackers exploited a flaw in the DNS, stating that's Cloudflare accounts and servers were not compromised.

  • Nikil Rathi, CEO of the Financial Conduct Authority (FCA) reiterated the regulator's firm stance on cryptocurrencies during a speech in London on Wednesday. "If consumers invest in these types of products, they should be prepared to lose all their money," he said. The FCA issued a list of five concerns consumers should keep in mind when dealing with cryptocurrencies which include consumer protection, price volatility, product complexity, charges and fees, and misleading marketing material. Additionally, the regulator told Decrypt its ban against Binance, a cryptocurrency exchange, was based on the firm's approach (or lack of approach) to appropriate anti-money laundering standards.
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