As bitcoin As adoption grows, several nations are looking to establish strategic initiatives that provide knowledge and understanding about the nature of digital assets. One of the latest nations to join the fray is the US coastal city of Santa Monica.
Santa Monica takes the lead with bitcoin office
On Wednesday, Santa Monica, a coastal city in California, made history by taking a bold step in x.com/santamonicacity/status/1811113576129519805″ target=”_blank” rel=”noopener nofollow”>inaugurating bitcoin Education Office with the aim of improving the btc literacy level among its citizens. The city revealed the development on the x platform (formerly twitter), which has received notable appreciation within the crypto community, sparking 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 benefits. Interestingly, the office will be piloted at no cost to the city in collaboration with the Proof of Workforce organization, as approved by a unanimous vote of the city council.
The announcement said:
Santa Monica continues to lead in innovation and honor our legacy as Silicon Beach. Last night, the City Council moved forward with a partnership with the workforce testing to educate the community about bitcoin and pursue opportunities for economic benefit.
According to a x.com/Bitcoinikdotcom/status/1811208923988533708″ target=”_blank” rel=”noopener nofollow”>report The bitcoin Office, created by the City Council, focuses on four main areas: it will offer information about bitcoin to Santa Monica residents, students, businesses and workers.
In addition to attracting a global audience, bitcoin Conference and the travel and tourism sector, will locate and facilitate btc partnerships and projects that foster economic growth and economic recovery in Santa Monica.
Additionally, for students and Santa Monica residents, the office will offer both local and remote employment options. Lastly, it will oversee an environmentally friendly approach to btc Mining using renewable energy produced in abandoned cities.
While Santa Monica has yet to provide further details on the development, the initiative is expected to be returned to City Hall within 90 days of its original publication.
btc suffers the deepest correction in two years
Despite such significant developments lately, bitcoin is still struggling to initiate a major rally as the asset has x.com/_TOBTC/status/1811321741429613010″ target=”_blank” rel=”noopener nofollow”>witnessed its deepest correction in the last 24 months.
According to trading platform TOBTC, between July 1 and July 5, the price of btc fell from a peak of $63,801 to $53,000, leaving over 83% of short-term holders with unrealized losses. This drop can be attributed to the German government’s constant selling of btc over the past few weeks.
While this drop seems drastic, Glassnode claims that it is shallower than previous cycles, pointing to a maturing market. TOBTC highlighted that with a rally requiring a recapture of the 200-day exponential moving average (EMA) and a hold above $59,000, analysts are pointing to the $58,000 mark as an important resistance level.
Featured image by x, chart from Tradingview.com
