Top Weekly Crypto Updates: Bitcoin Fees Surges, & CLARITY BILL Proposed

Crypto Updates

The weekend has arrived, and so has our detailed blog post, making you aware of the top crypto news headlines of this week. In the fast-paced crypto landscape, anything can happen anywhere. Instead of reading different news from different types of resources, Read Coin Informer’s top weekly crypto updates news article.

Without further ado, let’s start this.

Bitcoin Fees Surges to $6.84 with 970% Growth by Overtaking Ethereum: Top Weekly Crypto Updates

(November 8th, 2023)

On Wednesday, as per BitInfoCharts, an average transaction fee for using the Bitcoin Blockchain surged to $6.84 with 970% growth. The weird thing is the same numbers were touching $0.64 in August. With this sudden rise, Bitcoin takes over Ethereum to become a top blockchain by NFT sales volume.

According to many crypto analysts, the reason behind this rise is due to the increase in minting of Ordinals. Over the past two weeks, around 1.9 million inscriptions were uploaded to the blockchain (as per the digital 21Shares Report).

Ordinals are like protocols that offer flexibility to users in storing NFTs (Non-Fungible Tokens) on Bitcoin.

U.S Lawmakers Proposed CLARITY, A New Bill, Restricting Federal Government to Not Use China-Based Blockchain Companies: Top Weekly Crypto Updates

(November 8th, 2023)

On Wednesday morning, the grey clouds took over the Chinese crypto fraternity or community. U.S. Lawmakers propose a bill putting a ban on federal government officials doing business with China-based blockchain companies and networks. The bill, poised to be called CLARITY (Creating Legal Accountability for Rogue Innovators and Technology) Act, would restrict U.S. government officials from tying up all links with China-based crypto platforms.

The bill was proposed due to possible links of Chinese governments with the crypto industry (as per internal intelligence sources).

In support of this bill, the lawmaker said,

The aim of this latest legislation is to ensure the nation’s foreign adversaries… do not have a backdoor to access critical national security intelligence and that Americans provide information.

Senator Cynthia Lummis Condemns the Aggressive Nature of SEC’s Actions Towards Crypto Industry: Top Weekly Crypto Updates

(November 7th, 2023)

Recently, Yahoo Finance took the initiative to interview Senator Cynthia Lummis. The interviewer raised many questions about Lummis’s personal life, past, and her role as a Senator. But, the one statement that attained everybody’s attention was about SEC. In the interview, Lummis strongly condemns the aggressive nature of SEC’s actions towards the crypto industry from 2022-23. Moreover, she also opposed SEC’s new crypto policy (yet to be implemented) ‘Staff Accounting Bulletin.’ She expressed concern if this policy gets implemented, there are high chances of digital asset custodians collapsing.

Rain Lõhmus (Founder of Estonia Bank LHV) lost Access to Wallet Containing $472 Million of Ether: Top Weekly Crypto Updates

(November 8th, 2023)

The crypto world put forward a question regarding the safety of assets in wallets if their keys get lost. This question didn’t come up randomly. There was a big reason behind it.

On November 8th, Rain Lõhmus (the founder of Estonia Bank LHV) lost the private key to access the crypto wallets that contain 250,000 Ethereum Units, worth around $472 Million. The news went viral, like Bad Bunny’s song.

An individual on X (formerly Twitter) shared an old interview of Rain Lõhmus with Vikerraadio (Estonian National Radio) in late October of the past year, where he states in clear words,

‘It’s no secret that I have a wallet with 250,000 Ethereum Units’.

Well! It’s useless to debate the reason behind the loss of the key; either someone hacked the wallet or Rain Lõhmus himself is responsible for this.

As to recent sources, Lõhmus is considering all efforts to regain access to the wallet.

Llama, a Smart Contract Platform, raises $6M to Encode Roles and permissions for Secure Governance of Blockchain Protocols: Top Weekly Crypto Updates

(November 6th, 2023)

The benefits of Smart Contract Platforms are no longer alien to the digital world. That’s why, day by day, many investors are investing in the different smart contract platforms.

On November 6th, Llama (Smart Contract Platform) proudly announced that the platform has become successful in raising $6 Million in seed funding. The investors in the funding include Electric Capital, Sandeep Nailwal (co-founder of Polygon Blockchain), and Stani Kulechov (founder of Lending Protocol Aave).

With this funding, Llama aims to enable protocols encoding roles and permissions to take on-chain actions (such as transferring funds and changing protocol parameters). By doing so, the governance of blockchain protocols will become more effective, resisting hacking and fraud.

Ending Statements:

That’s it for top weekly crypto updates. It’ll be interesting to see the prices of each cryptocurrency in the upcoming weeks, as analysts are indicating mixed price rates only. So, stay tuned for our next article. For now! Enjoy your weekend, and have an eye on the crypto industry, too.