Most of the major cryptocurrencies by market value suffered losses last 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 has fallen nearly 12.4% in the past seven days and is currently trading at around $ 4,085.
Additionally, here are six important things that happened in the crypto space over the past week.
1. US Sells $ 56 Million Cryptocurrency After BitConnect Seizure
Crypto.com, a cryptocurrency trading platform, has been awarded a 20-year, $ 700 million contract with Anschutz Entertainment Group (AEG) to purchase the naming rights to Staples Center in Los Angeles, home of the Los Angeles Lakers.
The name change will take effect on Christmas Day, when the Lakers host the Brooklyn Nets.
This deal with AEG could lead to additional market share for Crypto.com in the cryptocurrency space, as it will now be associated with the Lakers, one of the top brands in the NBA.
3. Lawmakers Introduce Biparty Bill to Meet Crypto Tax Reporting Requirement
After President Joe Biden signed the bipartisan $ 1.2 trillion infrastructure bill enacted on November 15, a bipartisan group of House officials on Thursday introduced a bill to amend a cryptocurrency tax provision.
The disposition would require every “broker,” which will be primarily exchanges, to report their cryptocurrency earnings in a 1099-like form. “Brokers” will also be required to disclose the names and addresses of their clients.
But critics fear that, as written, the definition of a “broker’s” provision is too broad. Cryptocurrency advocates fear that the current language could potentially target people without customers who would not have access to the information needed to comply.
The Keep Innovation in America Act, led by Reps Patrick McHenry, RN.C., and Tim Ryan, D-Ohio, would further define âbrokers,â noting that software developers and the like will not be included.
Former Secretary of State Hillary Clinton spoke on cryptocurrencies on Friday at the Bloomberg New Economy Forum.
Clinton mentioned that “the rise of cryptocurrency” is an area she hopes “nation states will begin to pay more attention to.”
“Because what looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential to undermine currencies, to undermine the dollar’s role as a reserve currency, to destabilize nations, perhaps starting with the small ones but going much further, âClinton said.
5. Citadel CEO Ken Griffin outbids ConstitutionDAO
On Thursday, billionaire Ken Griffin, CEO of the hedge fund Citadel, paid $ 43.2 million for a copy of the U.S. Constitution at a Sotheby’s auction. Sotheby’s estimated the copy would sell for between $ 15 million and $ 20 million.
He outbid ConstitutionDAO, a group of cryptocurrency investors who planned to buy the document. The DAO raised over $ 40 million in a matter of days for this effort.
The auction set a world record for the most expensive book, manuscript, historical document or printed text, according to Sotheby’s.