like Bitcoin As digital assets become more widely adopted, many countries are looking to create strategic initiatives that will provide knowledge and understanding regarding the nature of digital assets. One of the latest countries 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 when the city took a bold step in Opening A Bitcoin education office that aims to improve the level of Bitcoin knowledge among its citizens. The city unveiled the development on the X platform (formerly Twitter), which received significant appreciation within the crypto community, sparking optimism among residents.
With this historic achievement, Santa Monica is now at the forefront of innovation, maintaining its status as Silicon Beach, and providing opportunities for economic benefits. Interestingly, the office will be piloted at no cost to the city in partnership with Proof of Workforce, and was unanimously approved by the city council.
The announcement stated:
Santa Monica continues to lead the way in innovation, maintaining its Silicon Beach heritage. Last night, the City Council introduced a partnership with a qualified workforce to educate the community about Bitcoin and explore opportunities for economic benefits.
according to a report According to the city council, the Bitcoin office aims to address four main areas. The office will provide information about Bitcoin to Santa Monica residents, students, businesses, and the workforce.
In addition to painting a global picture Bitcoin Conference In the travel and tourism sector, she will work to identify and facilitate BTC partnerships and projects that enhance economic growth and recovery in Santa Monica.
Additionally, for students and local Santa Monica residents, the office will provide local and remote employment options. Finally, it will oversee an environmentally friendly approach. Bitcoin mining Using renewable energy produced in besieged cities.
Although Santa Monica has yet to provide further details about the development, the initiative is expected to return to the City Council within 90 days of its original publication.
Bitcoin undergoes deepest correction in two years
Despite these types of significant developments recently, Bitcoin is still struggling to start a major bull run, with the asset falling to attest Its deepest correction in the past 24 months.
According to trading platform TOBTC, Bitcoin’s price dropped from a peak of $63,801 to $53,000 between July 1 and July 5, causing over 83% of short-term Bitcoin holders to suffer unrealized losses. This drop can be attributed to the German government’s continuous dumping of Bitcoin over the past few weeks.
Although this drop appears steep, Glassnode claims it is shallower than previous cycles, indicating a mature market. TOBTC highlighted that with a bounce requiring a reclaim of the 200-day exponential moving average (EMA) and holding above $59,000, analysts are pointing to $58,000 mark As a major resistance level.
Featured image by X, chart by Tradingview.com