90% of bitcoin’s supply has been mined and 4 other crypto updates you should know

December 14, 2021 Blockchain

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.

Other top cryptocurrencies are also down, including ether, the second-largest cryptocurrency. Ether is currently trading at around $3,813.

Along with price movement, here are five important things that happened in the cryptocurrency space last week.

1. Crypto executives testified before Congress
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.”