Bitcoin’s (BTC USD) dropped at the beginning of the week after briefly rising beyond $50,000 on Sunday.
As per various bots, the biggest crypto digital coin by market value is now trading at roughly $47,358 as of Monday.
Other well-known cryptocurrencies, such as Ether, the second-largest crypto coin, are also down. The price of Ether is now about $3,813.
On top of the price fluctuation, here are six significant developments in the crypto world over the past week.
After the hearings, Jeremy Allaire, the CEO of Circle, the creator of the stable coin USDC, mentioned that the conversation was a beneficial one rather than acrimonious.
- Kickstarter Announced It’s Moving to the Blockchain
Kickstarter also revealed intentions to launch a decentralized edition of its trading program on Wednesday.
In a blog post, the firm stated, “We’re supporting the development of an open-source protocol that will essentially create a decentralized version of Kickstarter’s core functionality.” “This will be developed upon, linked to, and seen on a public blockchain for collaborators, independent contributors, and even Kickstarter competitors from all over the world.”
According to Bloomberg, this new protocol doesn’t have a confirmed name yet; however, Kickstarter wants to switch to it in 2022.
- Cryptocurrency Execs Testified Before Congress
Executives from the cryptocurrency business testified before the House Financial Services Committee on Wednesday.
Rep. Maxine Waters, D-Calif., scheduled the hearing in an attempt to better understand cryptocurrency assets and explore future regulation.
“Digital assets trade in markets that are fundamentally different from traditional financial markets because of their nascent stage of development and unique underlying technology,” Alesia Haas, Coinbase’s CFO, mentioned in her statement. “As a result, most existing regulatory regimes do not accommodate this new technology.”
- The Arrow Glacier Upgrades to Ether went Live
On Thursday, developers turned on Arrow Glacier, an update to the Ether network.
The so-called “difficulty bomb,” having the potential to halt or stop Ethereum mining, has been moved back to June 2022 due to the upgrades. By then, Ethereum’s creators intend to have switched from a work to a stake proof mining mechanism.
The “bomb” is going to be used by developers to encourage people to switch to proof-of-stake because it makes proof-of-work mining much more challenging.
Developers had additional time to operate on Eth2, or Ether 2.0, before the switch because the “bomb” was delayed.
- Even Though the ConstitutionDAO Just Hit Its All-time high, it Shut Down in November
The United States Constitution DAO declared its closure in November after being overbid on a unique copy of the United States Constitution at a Sotheby’s sale. However, the PEOPLE token, which is part of the DAO, continues to rise in value.
- 90% of Bitcoin’s Total Supply Is Mined
The rest isn’t going to be extracted until February 2140, at the earliest. Miners can still earn Bitcoins till then.
Bitcoin has a proof-of-work architecture, which implies that miners compete to figure out challenging math problems in order to authorize any transactions. It wasn’t an easy road to 90 percent; it took 12 years to get there.
- Bitcoin’s Price Falls to the Lowest It’s Been Since October
Bitcoin’s price fell close to $46,000 on Monday, bringing shares of cryptocurrency miners, which are the most susceptible to the price of Bitcoin, down to where they were in early October.
Almost all cryptocurrency mining stocks were down for the day, with Bitfarms down more than nine percent and peers Cipher Mining and Argo Blockchain down more than seven percent. Other miners’ stock declined more than four percent on Monday, including Riot Blockchain Marathon Digital, Hut 8 Mining, and Hive Blockchain.
Marathon Digital, one of the major bitcoin miners, has lost nearly 51% of its value since the year’s peak on November 9. The Bitcoin miner’s market capitalization was over $7.6 billion at that point in time. On December 13, it had dropped to over $3.8 billion, a drop of nearly 50% in market value.
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