The CEOs of six cryptocurrency companies appeared on Capitol Hill Wednesday, taking questions about the crypto industry from the House Financial Services Committee. Committee chair Rep. Maxine Waters (D-CA) said the hearing will allow Congress to determine the next steps when it comes to regulating the industry. “Currently, cryptocurrency markets have no overarching or centralized regulatory…

Bitcoin dropped by almost 5% on Monday after a bruising weekend when, at one point, it lost over a fifth of its value. It’s now trading at roughly $49,200, down from about $57,000 at the beginning of December. Traders said the fall was connected to a broad move away from riskier assets in traditional markets…

Anschutz Entertainment Group (AEG) announced Tuesday the name of the iconic Staples Center in downtown Los Angeles will soon change to Crypto.com Arena. According to a news release on the Staples Center website, the name change is part of an “historic, 20-year naming rights agreement” costing $700 million. AEG and Crypto.com will unveil the venue’s…

Shannon’s picks for Friday, November 5, include: Greta Thunberg spoke at a youth march at COP26 in Glasgow, saying the conference is “a failure.” She explained that, in order to combat climate change, world leaders need to take more serious action. “The most affected people in the most affected areas still remain unheard,” Thunberg said.…

New York Mayor-elect Eric Adams announced on Twitter Thursday he is going to take his first three paychecks as mayor in Bitcoin. His tweet, sent two days after winning the city’s mayoral election, came in reply to Miami Mayor Francis Suarez, who said he was going to take his next paycheck in bitcoin. It all…

The Dow Jones Industrial Average briefly hit a record high Wednesday, finishing the day up 152.03 points, or .4 percent. It has since fallen 96 points, or .3 percent, to 35,514 as of 10:19 a.m. EST Thursday. That is just below the previous record set Aug. 16. The S&P 500 index was also poised to…

Update (10/20/21): Bitcoin hit a record high at just over $66,000 Wednesday morning, a day after a Bitcoin exchange-traded fund, or ETF, hit the New York Stock Exchange. According to Coindesk, the previous record high was just under $65,000. ProShares’ “BITO” attracted huge interest from investors looking to get into the surging field of cryptocurrencies, without…

The People’s bank of China declared all cryptocurrencies illegal Friday. “Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the bank said on its website. In its announcement, China said cryptocurrencies like Bitcoin and Ethereum disrupt the financial system. China noted the use of cryptocurrencies in money-laundering schemes and other crimes…

Dogecoin, the cryptocurrency, is not trademarked, and therefore does not have an official owner. The creators introduced Dogecoin in 2013 and formed a nonprofit called the Dogecoin Foundation in 2014, but they only just applied for the trademark in August of this year, according to the U.S. Patent and Trademark Office. In fact, others filed…

For the last decade, cryptocurrencies like Bitcoin have taken financial markets by storm as the currencies of the future. While cryptocurrencies have their champions, many still question their safety and utility.