Weekly Cryptocurrency Update (Nov 6-12) – Top 5 Cryptocurrency Coins to Watch
Arslan Butt • 4 min read
Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)
The reason for Bitcoin’s rise, on the other hand, could be tied to recent rumors stating that residents of Miami could soon be receiving a wallet with some free Bitcoin thanks to the success of mayor Francis Suarez’s Miami Coin. Due to the positive results produced by his city’s crypto initiative, Miami Coin, Francis Suarez, the cryptocurrency-loving mayor of Miami, stated that he was working on a program to offer free Bitcoin to citizens of his city.
As stated in an interview with CoinDesk TV, a portion of Miami Coin’s yield was shared with the citizens of Miami. While some criteria need to be established, the concept has already been developed. These positive developments have a beneficial impact on BTC prices. This positive development has good effects on BTC pricing.
The National Ulema Council (MUI), on the other hand, has purportedly prohibited the use of cryptocurrency, using Shariya law as a reason. Even though the Indonesian government has recognized cryptocurrency as a commodity, it is still illegal under Islamic law. As a result, this news had no noticeable impact on BTC prices, at least for the time being.