Top Weekly Crypto Updates: Bitcoin Fees Surge & CLARITY Bill Proposed
Nova Reyes
Markets Navigator
TL;DR
This week, Bitcoin transaction fees surged to $6.84, a 970% increase, while U.S. lawmakers proposed the CLARITY Bill to restrict federal dealings with China-based blockchain companies.
Key Takeaways
- Bitcoin fees increased to $6.84, overtaking Ethereum.
- The CLARITY Bill aims to limit federal interactions with Chinese blockchain firms.
- Senator Cynthia Lummis criticized the SEC's aggressive stance on crypto.
- Rain Lõhmus lost access to a wallet containing $472 million in Ethereum.
- Llama raised $6 million for smart contract governance.
Bitcoin Fees Surge to $6.84
Data as of 2023-11-10 (UTC). Prices and volumes can change rapidly.
On November 8th, 2023, an average transaction fee for using the Bitcoin blockchain surged to $6.84, marking a 970% increase from $0.64 in August. This rise is attributed to the increased minting of Ordinals, with approximately 1.9 million inscriptions uploaded to the blockchain in the past two weeks.
Ordinals allow users to store NFTs (Non-Fungible Tokens) on Bitcoin, contributing to this surge.
U.S. Lawmakers Propose CLARITY Bill
On November 8th, 2023, U.S. lawmakers proposed the CLARITY Act, which would restrict federal officials from engaging with China-based blockchain companies. This legislation aims to prevent foreign adversaries from accessing critical national security intelligence.
Senator Cynthia Lummis Criticizes SEC Actions
In a recent interview, Senator Cynthia Lummis condemned the SEC's aggressive actions towards the crypto industry from 2022-23. She expressed concerns about the potential impact of the SEC's new policy, the 'Staff Accounting Bulletin,' on digital asset custodians.
Rain Lõhmus Loses Access to $472 Million Wallet
On November 8th, Rain Lõhmus, founder of Estonia Bank LHV, lost the private key to a wallet containing 250,000 Ethereum units, valued at approximately $472 million. The incident raises concerns about asset safety in crypto wallets.
Llama Raises $6 Million for Smart Contract Governance
On November 6th, Llama announced it raised $6 million in seed funding to enhance smart contract governance. This funding will help encode roles and permissions for on-chain actions, improving security against hacking and fraud.
Conclusion
Stay tuned for our next article as we continue to monitor the evolving crypto landscape. Enjoy your weekend and keep an eye on the crypto industry!
Sources: CoinMarketCap · CoinGecko