Tuesday, August 9

News of the Week: High US Inflation and New Bitcoin Hash Rate ATH

Key facts:
  • This week developers of Bitcoin Core, the most used software to run network nodes.

  • Executives of 6 Bitcoin companies ask the US Congress for clear rules.

Among the notable news of the week is the increase in the inflation rate in the United States, which, according to the consumer price index (CPI) report, showed an increase of 0.8% in the month of November and led to the inflation rate at 6.8%, its highest in almost 40 years.

Meanwhile, the price of bitcoin (BTC) remained around USD 48,000 during the week. In the midst of successive ups and downs, bitcoin’s average weekly decline is estimated at 0.5%. At the time of this writing, the cryptocurrency is trading at USD 48,933, 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 their national currency.

These are the most outstanding news:

  • The inflation rate in the United States is estimated, at the end of 2021, at 6.8%, a figure that represents more than triple the objective of 2% that the Federal Reserve (Fed) expected for this year, in addition to being the highest since July 1982. These results are the result of the stimulus plans approved by the government last year. Meanwhile, Bitcoin’s hash rate hit a new all-time high on December 10, hitting 181 exahashes per second (EH / s). The hash rate broke the historical data seen in the first days of May and surpassed levels prior to the mining ban in China.
  • This week the resignation of two developers of Bitcoin Core, the most used software to run Bitcoin nodes, was known. Samuel Dobson (aka meshcollider) He resigned his position as maintainer of the client on December 10. Dobson was within the select group with access to the keys to manage the code since December 2018 and with his retirement, only two developers remain with these permissions. Hours after his resignation, developer John Newbery, in charge of the Bitcoin Optech newsletter, also announced his departure.
  • The directors of six exchanges and services companies related to cryptocurrencies attended a hearing on December 8 in front of representatives of the United States Congress. There they requested a clear and adapted regulation for the sector and they focused on explaining the advantages of technology. Simultaneously, a report published by The Economist revealed that crypto-asset companies have allocated $ 5 million to a campaign to push for a regulatory framework. IMF officials spoke on this issue and proposed the development of a global regulatory framework.
  • 546.6 million visits received by cryptocurrency exchanges during the month of November, in what would be his second-best visitor record of 2021, after the one registered in the month of May and which is related to the gradual recovery of the cryptocurrency market. According to a report by The Block Research firm, Binance and Coinbase lead the statistics. Meanwhile, transaction analytics firm Chainalysis announced that the Lightning payment channel network, Bitcoin’s second-layer solution, It will be under the scrutiny of governments and companies that use its services from next February 2022.
  • Montserrat and Dominica are the two new Eastern Caribbean countries that this week implemented the central bank digital currency (CBDC) known as DCASH. Now there are seven nations in this region that use this new digital currency that is under the control of the Central Bank of the Eastern Caribbean. In Brazil, the Chamber of Deputies of that country approved a bill to regulate bitcoin and cryptocurrencies. Now it must be debated and approved by the senators of the Brazilian Congress, before reaching the Presidency of the Republic, to finally become law.

If you want to know the meaning of several words in the crypto world terminology, you can consult them in the extensive CryptoNews Glossary.

Weak Hands: literally, “Weak Hands”. It refers to a cryptocurrency investor who is carried away by emotion or panic when buying and selling, easily ditching their holdings.