Cryptocurrency

Miami and New York City Coins Lose Nearly All Value in Market Downturn

The Mayor-backed coins are down over 90% and 80% respectively from all-time highs.

Cryptocurrency

Miami and New York City Coins Lose Nearly All Value in Market Downturn

The Mayor-backed coins are down over 90% and 80% respectively from all-time highs.

Mayoral-backed CityCoins MiamiCoin ($MIA) and NYCCoin ($NYC) have sunk in price in recent days, down over 90% and 80% from all-time highs respectively. The tokens developed by CityCoins are powered by the Stacks (STX) blockchain, which allows for the utilization of Bitcoin (BTC) smart contracts.

At the time of writing $MIA was valued at $0.0039 USD compared to its all-time high of $0.058 USD. Similarly, $NYC sat at $0.0013 USD from its all-time high of $0.0068 USD.

Both coins have received endorsement from their respective mayors, with Miami’s Francis Suarez previously proposing the use of $MIA revenue to replace that of residential taxes.

The coins have a function that allows retail investors to buy and stake for STX rewards, the earned STX can then be used to stake for BTC rewards. These offerings are available on exchanges like OkCoin.

Each of the mayors has shown high hopes for the coins. In February, Miami deployed $5.25 million USD worth of $MIA from its reserve wallet to help aid a rental assistance program. Both Suarez and New York City Mayor Eric Adams have claimed that their city is the “Crypto Capital.” Referring to $NYC, Adams said he was focused on “tech and innovation to help drive our city forward.”

Neither Suarez nor Adams has made public comments as to what may have caused the digital assets to sink — some in the crypto community believe that lack of enthusiasm from investors, as well as a lack of liquidity due to the overall state of the market, contributed to the dip.

In other Crypto news, El Salvador hosts 44 countries to discuss Bitcoin mass adoption.

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