What happened
The value of cryptocurrency giant Bitcoin (BTC +3.70%) has fallen as much as 4.5% in the last 24 hours and was down 1.3% as of 3:20 p.m. EST on Friday. The token is down about 7.2% since hitting an all-time high of $69,000 in trading on Wednesday.
So what
The biggest news in the world of Bitcoin is that the City of Miami plans to hand out free Bitcoin to residents from the profit of its Miami Coin. The coin has generated $21 million in profits for the city, and Mayor Francis Suarez says the city will return that money to citizens through cryptocurrency wallets.
Image source: Getty Images.
It seems like handing out Bitcoin would be good news for the price of Bitcoin itself, but that's not the market's reaction. Maybe because there are a number of hurdles (like how to track wallets and what information people will need to provide to be eligible for payouts), but for now Miami seems very bullish on cryptocurrency and Bitcoin itself.
Now what
After hitting all-time highs after the infrastructure bill passed earlier this month, and with investors continuing to worry about inflation, it's not surprising to see Bitcoin take a bit of a breather. Keep in mind that the token's prices are up 11.4% over the last month and 293% over the past year, so the trend is still higher. We don't know how long the upward trend will last, but with volatility a staple for Bitcoin, it isn't surprising to see a pullback to end the week.
