Bitcoin Mining Industry in the US Could Benefit from the Recent China Ban: Florida Mayor
Login

Bitcoin Mining Industry in the US Could Benefit from the Recent China Ban: Florida Mayor

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


The Mayor of Miami, Florida—Francis Suarez—believes that the crackdown on Bitcoin (BTC) and cryptocurrency by the Chinese government is a significant opportunity for the American market to take advantage of.

The mayor, who currently works on building his city into a Bitcoin hub, told Bloomberg that:

“The turning point is now. It creates an incredible opportunity for America.”

Mayor Suarez added that: “China banning bitcoin is a massive mistake with impacts that will be felt for generations. Their loss is our gain, and America can and will lead the future by providing a clean power home for bitcoin miners and all who are building on/with/for bitcoin.”

Some other US government officials also see the recent action by the Chinese government as an opportunity for the US. Senator Pat Toomey recently noted that: “China’s authoritarian crackdown on crypto, including bitcoin, is a big opportunity for the US. It’s also a reminder of our huge structural advantage over China.” Meanwhile, Congressman Patrick McHenry stated that: “China’s decision to restrict access presents a perfect opportunity for American leadership on cryptocurrency.”

The mayor announced earlier this week that there are ongoing talks to attract crypto miners to South Florida, including incentives like clean energy options.

Key Bitcoin Levels to Watch — September 30

BTC appears to have built a mild bullish momentum as the primary cryptocurrency reattempts the $44,000 line. BTC traded within a ‘flat wedge’ for the past seven days, highlighting the prevailing directionless bias.

BTCUSD – 4-Hour Chart

That said, the sideways bias could well become a bullish one if the flagship cryptocurrency re-emerges above the $44,000 level today amid the upcoming vote on the US Infrastructure Bill. We expect a bullish continuation in the coming hours towards the $46,000 area or our 200 SMA.

Meanwhile, our resistance levels are at $44,000, $44,400, and $45,000, and our key support levels are at $43,000, $42,000, and $41,000.

Total Market Capitalization: $1.91 trillion

Bitcoin Market Capitalization: $817 billion

Bitcoin Dominance: 42.7%

Market Rank: #1

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News