Among the outstanding news of the week is the new fall in the price of bitcoin (BTC), in this case due to the fears that a new strain of Covid-19 has generated in Europe. Possible flight closures and the establishment of new quarantines also caused the stock markets to fall.
The pioneering cryptocurrency traded in ranges close to USD 53,000. The average weekly drop for bitcoin was 7% . At the time of writing, the cryptocurrency is priced at USD 54,385, as reflected in the market price of Latin America and Spain, according to the CriptoNoticias price calculator.
With CriptoNoticias, Those interested can keep up to date on price changes in the bitcoin and ether market in relation to their local currency. To do this, they can visit the BTC and ETH Prices section, which has a calculator to make conversions quickly and easily to your national currency.
These are the most outstanding news:
- Traditional European markets, and also bitcoin and other cryptocurrencies register figures in red from Thursday, November 25 . The fall has been linked to possible new restrictions against the new variant of Covid-19. In a few hours, the cryptocurrency suffered a 7% drop, which adds to the decline that had already been present since the previous week when BTC fell to less than USD 60,000. Similarly, European stocks showed figures in red, including the Swiss SMI index and the FTSE 100.
- The Council of the European Union announced that has decided to advance the projects of Regulation of the Crypto Assets Markets (MiCA) and the Digital Operational Resilience Law (DORA), presented in September 2020. Both aim to establish a definitive regulatory framework for the emerging ecosystem in the region . In a similar line of action, the European Central Bank (ECB) approved a new regulatory framework to supervise electronic payments with digital assets. In this way, the launch of a Eurosystem supervision mechanism for electronic payment instruments, schemes and agreements was authorized: PISA.
- United States President Joe Biden this week He ratified Jerome Powell as president of the Federal Reserve System (FED) of that country. With this ratification, money printing is expected to continue, considered one of the main causes of inflation. In this context, Hillary Clinton, the former Democratic Party presidential candidate, spoke again about bitcoin. He said that these markets need stricter regulations to protect themselves against China, Russia, North Korea, Iran and other figures. All this while Morgan Stanley, a leading financial company, increases its investment to USD 300 million in the fund of Grayscale Bitcoin Trust.
- Ethereum co-creator Vitalik Buterin presented a new enhancement proposal for Ethereum ( EIP). With it seeks to increase the size of the blocks to 1 megabyte (MB) . This, in order to find a solution, in the short or medium term, for the high rates that are currently paid in this network specialized in smart contracts. On this subject, Coin Metrics analysts recommend being attentive to transaction schedules as a measure to save fees on this network.
- In El Salvador, President Nayib Bukele bought bitcoin again taking advantage of the price drop. On November 26, he reported a new purchase of 100 BTC that would bring the country’s reserves to 1,230 bitcoins . Meanwhile, the Colombian peso has depreciated 15% against the dollar. This, while the Mexican millionaire, Ricardo Salinas Pliego, criticizes the monetary policy of the United States for the massive issuance of money and assures “it is time to buy bitcoin.” Salinas has publicly acknowledged that part of its investment portfolio is in the leading cryptocurrency.
If you want to know the meaning of several words of the crypto world terminology, you can consult them in the extensive Glossary of CriptoNoticias.
SegWit (Segregated Witness): literally, “segregated witness” and, officially, BIP141. It is a protocol proposed by Peter Wuille and applied to Bitcoin that works to increase the capacity of this chain. So instead of increasing the block size, transaction signatures are redistributed, freeing up space and even allowing them to push their limit to about 2MB.