As Bitcoin As the popularity of digital assets continues to grow, many countries are moving towards establishing strategic initiatives that will provide knowledge and understanding about the nature of digital assets. One of the latest countries to join this race is the coastal city of America, the city of Santa Monica.
Santa Monica takes the lead with Bitcoin office
The coastal city of Santa Monica, California, made history on Wednesday when the city took a bold step. inauguration of A Bitcoin educational office aimed at improving the level of BTC literacy among its citizens. The city revealed developments on the X (formerly Twitter) platform, which has received notable praise within the crypto community, creating optimism among residents.
With this historic achievement, Santa Monica is now at the forefront of innovation, maintaining its position as Silicon Beach, and providing opportunities for economic gain. Interestingly, the office will be operated at no cost to the city, in collaboration with an organization called Proof of Workforce, which has been unanimously approved by the city council.
The announcement stated:
Santa Monica continues to be a leader in innovation, furthering our legacy as Silicon Beach. Last night the City Council partnered with Proof of Workforce to educate the community about bitcoin and explore opportunities for economic benefit.
according to a Report The Bitcoin Office established by the City Council is focused on four key areas. The office will provide information about Bitcoin to Santa Monica residents, students, businesses, and the workforce.
In addition to worldwide appeal Bitcoin Conference And in the travel and tourism sector, it will establish and facilitate BTC partnerships and projects that will promote economic growth and the economic recovery of Santa Monica.
In addition, for students and Santa Monica locals, the office will offer both local and remote employment options. Lastly, it will oversee an environmentally friendly approach BTC Mining Harnessing renewable energy produced in stranded cities.
While Santa Monica has yet to provide many details about this development, the initiative is expected to return to the City Council within 90 days of its original publication.
BTC experienced its deepest correction in 2 years
Despite such significant developments recently, Bitcoin is still struggling to launch a major rally, as the asset has saw This is the deepest correction in the last 24 months.
According to trading platform TOBTC, between July 1 and 5, BTC prices fell from a peak of $63,801 to $53,000, causing unrealized losses for more than 83% of short-term holders. This decline can be attributed to the continuous BTC dumping by the German government over the past few weeks.
Even though this drop seems steep, Glassnode claims that it is lower than previous cycles, pointing to a maturing market. TOBTC highlights that a rebound would need to reclaim the 200-day exponential moving average (EMA) and remain above $59,000, with the analyst pointing to $58,000 figure as a major resistance level.
Featured image from X, chart from Tradingview.com
