Bitcoin, the largest cryptocurrency by market value, extended its rally into the weekend. It surpassed $42,000 on Sunday, which was its highest since May. But its price since leveled, and as of Monday morning, is trading at around $39,800.
Bitcoin’s moves aren’t the only things happening in crypto right now. From the Senate’s infrastructure bill proposal to a record trading volume for NFTs, or nonfungible tokens, here are five key things that happened in crypto this past week.
1. Amazon denies report that it plans to accept bitcoin as payment
2. Sen. Elizabeth Warren continues to push for more crypto regulation
This past week, Sen. Elizabeth Warren, D-Mass., doubled down on her calls for more crypto regulation.
On July 26, Warren sent a letter to Treasury Secretary Janet Yellen pressing the Financial Stability Oversight Council (FSOC) to coordinate a “cohesive regulatory strategy” surrounding cryptocurrency. “I urge FSOC to act with urgency and use its statutory authority to address cryptocurrencies’ risks and ensure the safety and stability of our financial system.”
Warren also spoke during the Senate Banking Committee hearing on Tuesday titled “Cryptocurrencies: What are they good for?” There, she continued her critique of the space. “Crypto puts the [financial] system at the whims of some shadowy, faceless group of super-coders and miners,” Warren said.
On Wednesday, Warren told CNBC’s “Squawk Box” that she’s skeptical bitcoin will prove to be a reliable hedge against inflation over time.