Bitcoin Price Higher as Next NYC Mayor Wants His Pay in BTC

Bitcoin Price Higher as Next NYC Mayor Wants His Pay in BTC

Created by TradeOr

3rd Party Analysis 05 Nov 2021

Key Takeaways:

  • Bitcoin gained slightly after NYC Mayor-elect Eric Adams said he wants to be paid with it
  • Friday’s price levels hover near $62,000 as Bitcoin is on pace to finish the week up

What’s Today’s News in Crypto?

The newly-elected Mayor of New York City, Eric Adams, announced he will take his first three paychecks in bitcoin. The move highlights a broader push toward mainstream use of crypto. It also signals Mr. Adams’ desire to make New York the “center of the cryptocurrency industry”.

“In New York we always go big,” Mr. Adams said in a Twitter post on Thursday. “So, I’m going to take my first THREE paychecks in Bitcoin when I become mayor.”

Moreover, he emphasized on his vision to make New York city the world center of cryptocurrency. “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

What’s the Price of Bitcoin?

Early on Friday, the price of bitcoin gravitates toward $62,000 per coin, up about 2% on the day. With this in mind, the original cryptocurrency is on pace to log a moderate gain for the week. In more detail, bitcoin needs to close above $60,900 so it could notch a winning week.

Otherwise, the token would fall into negative territory as it opened this week’s trading at levels near $60,900.

Despite the sideways trading this week, crypto backers are confident the orange coin will challenge its record high. Furthermore, the previous top of $67,000 set in late October is less than 10% away from bitcoin’s current market price.

What is the Future of Cryptocurrency?

Given the large-scale and fast-evolving adoption of cryptocurrencies, prospects remain bright and optimistic.

Analysts point that the cryptocurrency market could use some time to trade sideways and digest recent developments. That said, major digital assets have been pushing strongly to the upside in the past few weeks.

Ether, for example, is on track to log its sixth consecutive week of gains. In other words, over the past six weeks, the coin, powering the Ethereum network has advanced by about 60%. Along the way, Ether jumped to a record high of $4,665 per coin.

Against that backdrop, some strategists expect crypto markets to trade fairly flat for a while, before a new upside swing. On this note, new buyers who’ve been waiting on the sideline could use the opportunity and jump into the market.