This Week In Crypto | 3 - 9 November

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Dacxi

Nov 8, 2021

5 MIN

Reddit Users May Soon Choose to Convert their Karma Points into ERC-20 Tokens

Tampa Mayor Announces Decision to Start Accepting paycheck in Bitcoin

Cryptocurrency Market Capitalization Reaches a New All-Time High

LinkedIn Data Reveals Majority of Crypto Jobs Dispersed in Small Chunks Across the US

New York Mayor-Elect Eric Adams Would Take First Three Paychecks in Bitcoin

 

Organizations and public officials are equally keen to hop into the crypto bandwagon in the US. While Reddit, the social media giant, plans to leverage crypto initiatives vigorously to onboard more and more users to its platform, city mayors in Tampa Bay, Miami, and New York City have decided to accept paychecks in cryptocurrencies. And among all these positive updates, the crypto market has crossed US$3 trillion in its combined capitalization. 

 

 

Reddit Users May Soon Choose to Convert their Karma Points into ERC-20 Tokens

 

In a move to improve its user interaction mechanisms, Reddit may soon allow its users to turn their karma points into Ethereum-based tokens. The step, reportedly, has the potential to onboard 500 million crypto users to the platform. Reddit has been leveraging blockchain technology and cryptocurrencies to better its engagement for quite some time now. In July 2021, it had chosen to launch its layer-two rollup. To carry out this initiative Reddit partnered with Ofchain Labs, or Arbitrum, and created its separate instance, meant to store users’ tokenized community points. 

 

So far, Reddit has shifted nearly 80,000 users’ community points to the Arbitrum network’s Rinkeby Testnet. These users belong to two subreddits: r/cryptocurrency and r/FortNiteBR. Among other crypto and blockchain-based initiatives, Reddit has decided to enable its communities with the ability to fork blockchains through community-based decisions, explore new Web3.0 monetization strategies and raise funds through Dogecoins. 

 

 

Tampa Mayor Announces to Start Accepting Paycheck in Bitcoin

 

On November 5th, 2021, Jane Castor, the mayor of Tampa Bay, Florida, declared to start accepting Bitcoin paychecks. Multiple insiders were privy to this claim, made at Florida’s Bitcoin and Blockchain Summit. People attending the event also confirmed that Celcius Network, a well-known crypto lending platform, has agreed to facilitate these payments. Castor is not the first US mayor to have agreed to start accepting Bitcoin paychecks. 

Before Castor, Miami’s Mayor Francis Suarez had also decided to accept a part of his salary in Bitcoin, followed by New York City Mayor Eric Adams - who had consented to have his first three paychecks solely in cryptocurrency. 

 

Cryptocurrency Market Capitalization Reaches a New All-Time High

According to CoinGecko estimates, the total crypto market capitalization has gone beyond $3 trillion for the first time. The estimates show that the previous high of $2.62 trillion was recorded on October 20th. On May 12th, 2021, the market had nearly reached the peak of $2.62 trillion before it rapidly fell to $1.24 trillion on July 20th. 

Among major currencies, Bitcoin still occupies the number one spot in market dominance percentage share. Its market capitalization is $1.22 trillion, 40.5% of the market, followed by Ether with $560 billion market capitalization and 18.6% share. All the other cryptocurrencies occupy 40.9% of the market, with a total capitalization of $1.24 trillion. 

 

LinkedIn Data Reveals Majority of Crypto Jobs Dispersed in Small Chunks Across the US

A recent LinkedIn study shows that cryptocurrency jobs in the US are not growing in a concentrated fashion. As much as 53% of crypto jobs are spread across the country in small chunks. In cities like Austin, Denver, Raleigh, and Salt Lake City, at least two people were hired for every 100,000 LinkedIn members from the city. 

While 18.3% of the crypto jobs had New York City as their location, when it came to people hired per 100,000 LinkedIn members, it was only 2.8. In that sense, New York did not have much lead compared to cities like Austin, Texas, which occupied 2% of the crypto jobs. 

 

New York Mayor-Elect Eric Adams Would Take First Three Paychecks in Bitcoin

The declaration by Eric Adams is seen as a part of his plans to turn New York the “centre of the cryptocurrency industry”. Adams will take office in January 2022. The move by the New York City mayor-elect is also an effort to match up against Miami Mayor Francis Suarez’s decision, who, after winning reelection, declared to take his next paycheck in Bitcoin. For now, New York and Miami stand face to face in their bids to become the country’s crypto hub. 

While Adams has vowed to look at the crypto growth challenges in his city once he takes office, Suarez has already moved ahead with his MiamiCoin project. New York also suffers a roadblock in terms of having the controversial BitLicense regulatory regime in place since June 2015. The regime is perceived counterproductive to a burgeoning crypto industry in the city.