Though it briefly popped above $50,000 on Sunday, the price of bitcoin retreated at the start of the week.
The largest cryptocurrency by market value is trading at around $47,358 as of Monday afternoon, according to Coin Metrics.
Along with price movement, here are five important things that happened in the cryptocurrency space this past week.
On Wednesday, crypto industry executives testified before the House Financial Services Committee.
The hearing was called by committee leader Rep. Maxine Waters, D-Calif., in an effort to understand crypto assets better and discuss potential regulation.
“Because of their nascent stage of development and unique underlying technology, digital assets trade in markets that are fundamentally different from traditional financial markets,” Alesia Haas, Coinbase chief financial officer, said in her testimony. “As a result, existing regulatory regimes often do not accommodate this new technology.”
“We’re supporting the development of an open source protocol that will essentially create a decentralized version of Kickstarter’s core functionality,” the company wrote in a blog post. “This will live on a public blockchain, and be available for collaborators, independent contributors, and even Kickstarter competitors, from all over the world to build upon, connect to, or use.”
The new protocol does not yet have a name, but Kickstarter plans to move its site onto the protocol in 2022, Bloomberg reported.
The upgrade pushed back the so-called “difficulty bomb,” which could potentially slow or freeze mining on Ethereum, back to June 2022. By that time, developers hope to have transitioned Ethereum from a proof of work model for mining to a proof of stake model.
Developers plan to introduce the “bomb” to motivate the transition to proof of stake, since it will make proof of work mining significantly more difficult.
Delaying the “bomb” gave developers more time to work on Ethereum 2.0, or Eth2, before the shift.
To learn more about Eth2, read here.
The ConstitutionDAO announced in November that it would shut down after being outbid for a rare copy of the U.S. Constitution during a Sotheby’s auction. But, the DAO’s token, called PEOPLE, continues to surge.
PEOPLE hit an all-time high of 17 cents on Sunday, according to Coin Gecko. It’s up over 152% in the last seven days.