Here’s what happened this week in Bitcoin in 99 seconds.
Bitcoin hit a new yearly low just below $3,300. Altcoins fared even worse, with Ethereum falling below $90 and Ripple below 30 cents. The total crypto market cap stands at $108 billion with Bitcoin’s value comprising 55% of that figure.
The G20 member nations agreed to further regulate cryptocurrencies to prevent money laundering and terrorist financing. The G20 nations resolved to realize the technology’s benefits while mitigating its risks. Plans were also made up to increase taxation of the digital economy.
Following the G20, the U.S. Department of the Treasury called for increased global oversight of crypto.
Bitcoin’s mining difficulty saw its second largest decrease ever this week. Difficulty fell by roughly 15% to around 41 exahash per second. It’s clear that the price fall is causing some miners to turn off their machines.
The US SEC (Securities and Exchange Commission) has once again delayed the approval of a Bitcoin ETF. The VanEck ETF has until late February to receive approval.
A poll by job site, Humans.net, revealed that 38% of US-based freelancers regularly use cryptocurrency. 1,100 freelancers were surveyed, with the highest perceived benefit of crypto being its suitability for international payments.
Finally, it was reported that KFC in Venezuela’s capital is set to accept Dash payments for food. A single restaurant in Caracas will be first to accept Dash, before 24 more locations around the country.
That’s what happened this week in Bitcoin. See you next week.