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Bitcoin has dropped away after reaching a fresh all-time high on Thursday of over $69,000. The cryptoasset quickly fell off this high however, plunging as low as $62,417 in trading on Saturday. The price has however recovered somewhat to now trade over $65,600.
Ether meanwhile experienced a somewhat volatile trading week despite its own ATH just shy of $4,850, swinging as low as $4,536 on Sunday. The cryptoasset is now trading in the middle of this range, around $4,700.
Miami to pay citizens a bitcoin yield
The City of Miami is set to pay out a bitcoin yield to its residents, backed by staking of the city’s own cryptoasset holdings.
The move was announced by Miami mayor Francis Suarez on CoinDesk TV. The bitcoin yield revenue comes from staking of the city’s own cryptoasset MiamiCoin which has earned some $21 million in the last three months.
The city is looking at ways to introduce digital wallets to distribute the yield to residents, with a registration and verification system likely required to ensure only people living within the city limits benefit from the program.
Miami has gained traction during the pandemic as an alternative finance hub to New York, with fierce competition between the cities now to attract talent and businesses. Earlier in the month, Suarez announced he would take a paycheck solely paid in bitcoin.
AMC accepts bitcoin for theatre tickets
Movie theatre chain AMC has begun to allow customers to pay for tickets using cryptoassets.
The firm will accept bitcoin, ethereum, bitcoin cash and litecoin for online purchases. Notably absent though is the ability to pay for items in person at the theatre such as popcorn or other snacks.
AMC chief executive tweeted confirmation on 12 November that the chain would now accept some cryptoassets, and added that the company was working toward adding dogecoin next:
“Big newsflash! As promised, many new ways NOW to pay online at AMC. We proudly now accept: drumroll, please… Bitcoin, Ethereum, Bitcoin Cash, Litecoin. Also Apple Pay, Google Pay, PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next.”
Identity of Satoshi Nakamoto at stake in Florida trial
The trial of a deceased man’s family and his business partner over the ownership of one million bitcoins could unmask the true identity of bitcoin’s founder.
The family alleges that the man and his business partner were together ‘Satoshi Nakamoto’ – or the creators of bitcoin. Custody of the one million bitcoin is with the defendant in the case, and the family is intending to prove as joint creators they are entitled to half the fortune.
The defendant, Craig Wright, has for years claimed to be the founder of bitcoin, something that is largely disputed by the crypto community. But his former (now deceased) business partner David Kleinman’s family are challenging that assumption saying the pair worked together on bitcoin and mined it together too.
While the defense says it has evidence Wright is the sole creator of the world’s largest cryptoasset, Kleinman’s family says it has proof the two collaborated on the project together.
For crypto enthusiasts however, the court case is unlikely to affirm the true founder. Instead, the only real proof of who ‘Satoshi Nakamoto’ is will be the private key and ability to transfer some – or all – of that verified one million stash of BTC from its place.
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All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.
