Most of the major cryptocurrencies by market value suffered losses in the past week.
Bitcoin is down nearly 14.6% in the past seven days, according to CoinGecko. After hitting an all-time high of $ 69,044 on November 10, bitcoin fell below $ 60,000 on Tuesday. It is currently trading at around $ 56,201.
Ether is down nearly 12.4% in the last seven days and is currently trading at around $ 4,085.
Also, here are six major things that happened in the crypto space last week.
1. The United States Will Sell Cryptocurrencies Worth $ 56 Million After The Seizure In The BitConnect Case
2. Crypto.com buys the naming rights to the Staples Center in a $ 700 million deal.
Crypto.com, a cryptocurrency trading platform, secured a 20-year contract worth $ 700 million with Anschutz Entertainment Group (AEG) to purchase the naming rights to the Staples Center in Los Angeles, home of the Los Angeles Lakers.
The name change will go into effect on Christmas Day, when the Lakers host the Brooklyn Nets.
After the deal was announced Tuesday night, Crypto.com’s coin, called CRO, rallied. And on Sunday, it hit an all-time high of 79 cents.
This agreement with AEG may generate additional market share for Crypto.com in the cryptocurrency space as it will now partner with the Lakers, one of the major brands in the NBA.
3. Lawmakers Introduce Bipartisan Bill to Address Crypto Tax Filing Requirement
After President Joe Biden signed into law the $ 1.2 trillion bipartisan infrastructure bill on November 15, a bipartisan group of House representatives introduced a bill to amend a cryptocurrency tax provision on Thursday.
The provision would require each “broker,” which will be primarily exchanges, to report their cryptocurrency earnings on a type of 1099 form. “Brokers” will also need to disclose the names and addresses of their clients.
But critics worry that, as written, the provision’s definition of “corridor” is too broad. Crypto advocates worry that the current language could potentially target those without customers who would not have access to the information necessary to comply.
The Keep Innovation in America Act, led by Representatives Patrick McHenry, RN.C. and Tim Ryan, D-Ohio, would define “brokers” more specifically, making it clear that software developers and others will not be included.
4. Hillary Clinton says cryptocurrency has the ‘potential … to destabilize nations’
On Friday, former Secretary of State Hillary Clinton spoke about cryptocurrencies at the Bloomberg New Economy Forum.
Clinton mentioned that “the cryptocurrency boom” is an area that he hopes “nation-states will start paying more attention to.”
“Because what seems like a very interesting and somewhat exotic endeavor to literally mine new currencies to trade has the potential to undermine currencies, to undermine the role of the dollar as a reserve currency, to destabilize nations, perhaps starting with small ones but going a lot bigger, “Clinton said.
5. Citadel CEO Ken Griffin outperforms ConstitutionDAO
On Thursday, billionaire Ken Griffin, chief executive of hedge fund Citadel, paid $ 43.2 million for a copy of the United States Constitution at a Sotheby’s auction. Sotheby’s estimated that the copy would sell for between $ 15 million and $ 20 million.
It surpassed ConstitutionDAO, a group of cryptocurrency investors planning to buy the document. The DAO raised more than $ 40 million in days for the effort.
The auction set a world record for the most expensive book, manuscript, historical document or printed text, according to Sotheby’s.
6. El Salvador plans to create a ‘Bitcoin City’ and raise $ 1 billion through a ‘Bitcoin Bonus’