After a rocky start to the year, Bitcoin’s price has been rather stable over the last seven days. According to several trading bots, the largest digital coin by market value is now trading at $41,671.
The second-largest cryptocurrency, Ethereum, is up around two percent in the same time span. The price has been increased to $3,113.
Other popular coins fared better this week. Terra, Cardano, and Dogecoin, for example, have seen significant gains in the last seven days, according to trading bot data.
Along with price volatility, there were six significant events in the crypto world last week.
Crypto.com Dealing with Possible ‘Suspicious Activity’ Reports
“We have a small number of users reporting suspicious activity on their accounts,” Crypto.com posted on Twitter on Sunday. They are temporarily halting withdrawals while the staff investigates. However, they reassured everyone that their funds are safe.
Crypto.com lost around $15 million, according to Peckshield, a blockchain security and analytics firm. Other publications have also reported a hack; however, Crypto.com has not acknowledged it publicly.
On Monday, CEO Kris Marszalek tweeted, “No customer funds were lost.”
Floyd Mayweather and Kim Kardashian Sued by Traders Over a Possible Crypto Scam
In June 2021, Kim Kardashian shared an Instagram Story advertising EthereumMax, a cryptocurrency.
“Are you guys into crypto?” she asked. “This is not financial advice but sharing what my friends told me about the Ethereum Max token!” The hashtag “#ad” was used by Kardashian, indicating that the story was paid for as sponsored content.
On January 7, a class-action lawsuit was filed in the United States District Court for the Central District of California, claiming Kardashian and other celebrities, including Floyd Mayweather, of making false or deceptive comments about EthereumMax in order to artificially inflate its price.
Dogecoin Is Now an Acceptable Means of Payment for Tesla
Elon Musk revealed on Friday that Tesla is going to accept Dogecoin, a meme-inspired crypto coin, for some items.
This includes, among other things, 835 coins for a “Giga Texas Belt Buckle” and 300 coins for a “Cyberwhistle.” At current pricing, that’s around $134 and $48, respectively.
Following the news, Dogecoin’s price increased by more than 15% on Friday, reaching a high of 20 cents before leveling out. According to trading bots, it’s presently worth 16 cents.
Cash App and Lightning Network Are Integrating
Since his departure from Twitter in November 2021, Jack Dorsey has continued to work on Bitcoin.
He stated on Monday that Block’s Cash App has been connected with the Lightning Network, which allows for cheaper and faster Bitcoin transactions. Users of Cash App in the United States, excluding those in New York, can now send Bitcoin to anybody in the world for free.
Jack Dorsey Helps Bitcoin Developers by Creating a Legal Defense Fund
Jack Dorsey, the founder of Block and Twitter, revealed intentions to establish a “Bitcoin Legal Defense Fund” on Wednesday.
In an e-mail, Dorsey explained, “The Bitcoin Legal Defense Fund is a non-profit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects.”
He added that the fund is going to use part-time and volunteer lawyers to defend Bitcoin developers in court, including recruiting and retaining defense counsel, drafting litigation strategy, and paying legal fees.
Block Is Building a Bitcoin Mining System
Block, formerly known as Square, is “officially building an open Bitcoin mining system,” according to Dorsey, who tweeted on Thursday. In October, the business revealed that it was contemplating the idea.
Bitcoin uses a proof-of-work (PoW) system, in which miners compete to solve complicated puzzles in order to validate transactions. The procedure is not simple: it takes a significant amount of energy and computer processing capacity, both of which are not inexpensive. The computers themselves, as well as other equipment, can be rather costly.
The program’s goal is to make mining Bitcoin, the most valuable cryptocurrency by market capitalization, “more distributed and efficient,” according to Thomas Templeton, the firm’s hardware general manager.
Block intends to address various “customer pain points” and “technical challenges” in the mining world, including high price, mining rig availability, power consumption, and reliability according to Templeton.