With the crypto market in a deep freeze, Miami nightclubs are feeling the pinch this holiday season. Just last year, crypto entrepreneurs were spending large sums of money renting out venues, ordering top-shelf champagne, and paying for artworks with cryptocurrency; however, this has changed drastically as cryptocurrency prices have plummeted.

Take E11-even nightclub as an example. Last year they processed over $6 million worth of cryptocurrency transactions but that number has dropped significantly to just under $10k in the past three months. With fewer people willing to spend their cryptos on luxury items like nightclub visits, it’s no surprise that the club is feeling the effects of the downturn in the crypto market.

It’s not just nightclubs that are struggling either – many other businesses in Miami that had jumped on the crypto bandwagon are now feeling its effects too. Mayor Francis Suarez recently removed his “laser eyes” from Twitter – a move seen as symbolic of his decision to back away from cryptocurrencies – and Miami Dade County asked a federal judge to put an end to FTX’s naming rights deal at their arena. These hard hits are causing businesses throughout Miami to rethink their involvement with digital currencies going forward.

It is clear that the city has been hit hard by the recent dip in cryptocurrency prices and its economy is suffering because of it. Businesses once thriving on cryptocurrencies now find themselves struggling due to limited resources and customers; however, it is important to remember that these trends can be cyclical and there may yet be hope for these businesses if they remain patient until better times come around again.