Cryptocurrency startup Concrete has moved from the San Francisco Bay Area to New York, a move that could symbolize the beginning of a digital asset renaissance in New York. This year, more than a dozen crypto-related companies, large and small, have opened or plan to open offices. The main reason for the change is that the overall market sentiment for cryptocurrencies has become more positive as the industry recovers from years of turmoil. Moreover, Silicon Valley is turning its attention to the latest hot field - artificial intelligence. The Securities Exchange Commission has suffered a setback in its long battle with the industry after the crypto bear market of the past two years and a heightened regulatory crackdown in the US led to a flood of exodus of crypto startups and founders. The approval and launch of a Bitcoin spot ETF in the US earlier this year was also hailed as a milestone for the industry. Concrete CEO Nic Roberts-Huntley said: I think the current outlook is very optimistic. The industry is also hoping that the upcoming presidential election will make the White House more crypto-friendly, with Donald Trump, the former president and Republican presidential candidate who was once critical of the cryptocurrency industry, becoming one of bitcoin's biggest supporters. Whether this newfound enthusiasm will persist remains to be seen. There are many uncertainties about the outcome of the US presidential election and what might happen even if Trump wins.