American city mayors want their paychecks in Bitcoin and the list is growing, Crypto markets hit all time highs in both price and market cap
- Bitcoin/USD – New ATH’s
- Ethereum/USD – New ATH’s
- Four City Mayors Want Bitcoin Paychecks!
BTC Daily Chart
BTC Weekly Chart
At the time of writing one Bitcoin is currently worth $68k. Bitcoin spent a few days chopping around near its all-time high and then gave a big push over the short term/minor resistance level that we pointed out in last week’s article at $63588 (see green line). There is currently no resistance that stands in the way of Bitcoin going higher at this moment. This is what is known as price discovery.
Bitcoin Bull Scenario
Bitcoin stays above the last daily resistance $63588 (now support) and continues to rally and create new ATH’s.
Bitcoin Bear Scenario
Bitcoin loses the daily support level, and we look for the $59k level to hold.
ETH Daily Chart
ETH Weekly Chart
At the time of writing, one Ethereum is worth approximately $4800. Ethereum broke its May ATH of $4.3k last week and since then has retested the level and flipped it as support. As long as we stay over the $4.3k level I am bullish on the king of altcoins. If price does dip below that level, I would like to see the $4k level hold.
Ethereum Bull Scenario
Ethereum maintains price over the $4.3k level and continues to rally.
Ethereum Bear Scenario
ETH/USD losing the $4.3k area would be the bearish scenario. If we lost this area, I would expect for the $4k area to hold up as support. Any daily or weekly closes below the $4k level would make me very nervous.
City mayors want their paycheck in Bitcoin!
There have been four mayors in the United States who have stated that they are open to accepting their salary in Bitcoin. This list includes Mayor Jane Castor (Tampa, FL), Mayor Francis Suarez (Miami, FL), Mayor-elect Eric Adams (New York City), and Mayor Scott Conger (Jackson, TN).
- Mayor Castor of Tampa – Suggested that she would be receiving her first paycheck in cryptocurrency.
- Mayor Suarez of Miami – Vowed to receive his next paycheck entirely in Bitcoin
- Mayor Adams of NYC – Vowed to accept his first three paychecks in Bitcoin
- Mayor Conger of Jackson, TN – Stated that due to Tennessee state laws he could not be paid in Bitcoin but would instantly convert his paycheck from USD to Bitcoin.
This is bullish for Bitcoin and the crypto space in general because it brings more attention/adoption to cryptocurrencies from governments not only in the USA, but also around the world. The more government officials that follow suit, the more normal that this becomes around the world.