El Salvador plans to create a ‘Bitcoin City’—and 5 other crypto updates you should know – CNBC

El Salvador plans to create a ‘Bitcoin City’—and 5 other crypto updates you should know – CNBC

Most of the top cryptocurrencies by market value suffered losses this past week.

Bitcoin is down nearly 14.6% in the last seven days, according to CoinGecko. After hitting an all-time high of $69,044 on Nov. 10, bitcoin fell below $60,000 on Tuesday. It’s currently trading at around $56,201.

Ether is down nearly 12.4% in the last seven days and is currently trading at around $4,085.

In addition, here are six important things that happened in the crypto space this past week.

1. U.S. to sell cryptocurrency worth $56 million after seizure in BitConnect case

2. Crypto.com buys naming rights to Staples Center in a $700 million deal

Crypto.com, a cryptocurrency trading platform, secured a 20-year contract deal worth $700 million with the Anschutz Entertainment Group (AEG) to buy the naming rights to the Staples Center in Los Angeles, home to the Los Angeles Lakers.

The name change will take effect on Christmas Day, when the Lakers host the Brooklyn Nets.

After the deal was announced Tuesday night, Crypto.com’s coin, called CRO, rallied. And on Sunday, it hit an all-time high of 79 cents.

This deal with AEG may lead to additional market share for Crypto.com in the cryptocurrency space, as it will now be associated with the Lakers, one of the NBA’s top brands.

3. Lawmakers introduce a bipartisan bill to address crypto tax reporting requirement