Bitcoin Prices Continue To Decline – New Report

Fin tech company, Coindesk, has reported that the prices of Bitcoin and other rival crypto have continued to fall since early today, Monday, January 24, 2022 – a decline that began last week.

According to the report, Bitcoin was trading at $35,075, down 1.5% Monday, while rival cryptocurrency, Ethereum stood at nearly $2,400 (-3.76%) and Dogecoin traded at 13.4 cents (-6.49%), respectively.

The Coindesk report confirmed, Bitcoin which is the largest cryptocurrency, was on track for its worst weekly performance in eight months.

The report said Bitcoin’s price was down by 19% in the past seven days. This would be the cryptocurrency’s worst weekly performance since May 2021.

The report said the decline was not unconnected to the fears smacked off by China’s renewed crackdown on cryptocurrency trading and mining. Another prick on the blockchain star came from tweets by Tesla CEO, Elon Musk, which focused public attention on the Bitcoin blockchain network’s potential environmental harms.

Similarly, Bloomberg reported on Friday, citing unnamed sources that the White House is putting together a soon-to-be-released executive order that will outline a comprehensive government strategy on cryptocurrencies where Federal agencies are expected to determine the risks and opportunities of the digital currencies. Under the directive, the White House would undertake a central role overseeing efforts to set policies.

Interestingly, a nonprofit organisation in Arkansas, Northwest Arkansas Council, has offered its remote employees $10,000 in bitcoin to relocate to the state…in another cryptocurrency news. Thousands of the employees have already applied.

The Northwest Arkansas Council is offering the money as part of the NWA Council’s “Life Works Here” campaign, which is funded by the Walton Family Foundation.

“We announced our ‘Life Works Here’ incentive program in November 2020 that offers $10,000 and a bike to STEAM professionals interested in moving to Northwest Arkansas,” Council Communications Director, Nate Green told FOX Business.

“On Wednesday, we announced a new spin on the program. Participants can now choose to get the $10,000 in Bitcoin. This move was designed to attract more participants in blockchain technologies to help build up the region’s tech economy,” Green announced.