It has also been a bad week for crypto. According to coin market cap, the crypto market has lost nearly two trillion dollars in market value since last November. city feeling the chill of the crypto winter is Miami. The mayor there has billed the city as the crypto capital of the world. Last August, Miami launched its own digital currency.

But since then it's collapsed and as of tonight it's essentially worthless in Miami. Miami road crypto's bull market is up to an all-time high and is being put to the test during the crash. One of the worst performers of this crumbling crypto market is Miami Coin, the city's namesake cryptocurrency, down about 95 since launching, worth a fraction of a penny this week. Miami's mayor, Francis Suarez, a vocal industry

He even takes his salary in bitcoin. He once talked about this so-called city coin as a potential alternative to taxes. He says while the project did bring a 5 million dollar windfall to Miami, it comes with risks. These technologies are extremely new and so, you know, they're always speculative. So, you know, one of the things I've always said is look, you should never invest money in something that you don't believe in or...

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