Bitcoin trades around $43,000 as Miami conference gets underway
Miami is hosting the Bitcoin 2022 conference through Saturday.
Miami to host biggest Bitcoin event in the world
Hashdex partner Bruno Ramos de Sousa says there's a growing crypto community in Miami, Florida, ahead of its hosting of Bitcoin 2022.
Bitcoin was hovering around $43,000, after declining for three straight days.
The cryptocurrency has lost more than 5% during that slide.
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Bitcoin is down more than 5% year-to-date.
Bitcoin fell along with stocks as investors digested the minutes from the Federal Reserve's March meeting, in which policymakers signaled that surging inflation and an incredibly tight labor market could warrant a half-point interest rate hike at future meetings.
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The minutes also reaffirmed Fed Governor Lael Brainard's remarks on Tuesday that the central bank could start to reduce the balance sheet as early as May. The 10-year Treasury yield has spiked above 2.6%, its highest level since March 2019.
Miami is the place to be this week for cryptocurrency enthusiasts, as the Bitcoin 2022 conference runs through Saturday.
Miami Mayor Francis Suarez, center, and John Bartleman, President and CEO of TradeStation Group, walk up to the Miami Bull at the Miami Beach Convention Center. ((AP Photo/Wilfredo Lee))
New York City and Silicon Valley continued to lead in funding raised by blockchain startups in 2021, with $6.5 billion and $3.9 billion. But Miami is now tied with Los Angeles, where firms pulled in more than $760 million in funding, according to market research firm CB Insights.
BITCOIN OFFERING ‘GOOD ENTRY POINT’ FOR INVESTORS: EXPERT
Many cite a welcoming environment cultivated by local officials, mainly Miami Mayor Francis Suarez, who has lured tech investment, becoming one of America's crypto-friendly mayors.
Cryptocurrency exchange FTX bought the naming rights for the NBA arena in downtown Miami last year.
The largest crypto company to move to Miami so far, Blockchain.com, will house 200 employees at a location in the hip Wynwood district, where other tech firms are setting up shop as well.
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As Miami aims to attract more investment, Bitcoin 2022 organizers say at least 75 companies will be making announcements at the conference.
The Associated Press contributed to this report.