Bitcoin prices continue to fall in early Monday morning trading as the cryptocurrency continues the decline it begun last week.
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.
Bitcoin, the largest cryptocurrency, was on track for its worst weekly performance in eight months, Coindesk reported.
STATE NONPROFIT OFFERS TECH WORKERS THOUSANDS IN BITCOIN TO RELOCATE
The report said Bitcoin’s price was down 19% in the past seven days – the cryptocurrency’s worst weekly performance since May 2021, when fears of China’s renewed crackdown on cryptocurrency trading and mining sent the market reeling, and tweets by Tesla CEO Elon Musk focused public attention on the Bitcoin blockchain network’s potential environmental harms.
In addition, the White House is readying an executive order for release as early as next month that will outline a comprehensive government strategy on cryptocurrencies and ask Federal agencies to determine their risks and opportunities, Bloomberg reported on Friday, citing unnamed sources.
Under the directive, the White House would undertake a central role overseeing efforts to set policies.
In other cryptocurrency news, a nonprofit organization in Arkansas is offering remote employees $10,000 in bitcoin to relocate to the state. Thousands 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.
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“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 said.