News of the week: Bitcoin Week puts El Salvador in the spotlight and BTC drops in price

Among the highlights of the week was the celebration of Bitcoin Week in El Salvador. Adopting Bitcoin and LaBitConf were the conferences that spearheaded the activities held during the week of November 15-20 in an event designed to educate and motivate the growing Latin American bitcoin community. The agenda included more than 150 international speakers and some 40 talks. CryptoNews was present reporting direct from El Salvador through Iván Gómez and Luis Esparragoza.

The price of bitcoin (BTC) recorded a significant drop this week, trading below USD 60,000. The average weekly decline of bitcoin was 8%. At the time of this writing, the cryptocurrency is trading at USD 59,246, as reflected in the market price in Latin America and Spain, according to the CryptoNews price calculator.

With CryptoNews, interested parties can keep up to date on price changes in the bitcoin and ether market relative to their local currency. To do so, they can visit the BTC and ETH Prices section, which features a calculator for quick and easy conversions to their home currency.

These are the most outstanding news:

  • As part of the Bitcoin Week celebration, El Salvador’s Minister of Economy, Maria Luisa Hayem, explained that they are conditioning all their systems to attract investors from all over the world. She affirmed that, hand in hand with bitcoin, the country has taken the first steps of a transformation process that will turn it into the technological hub of Central America. All this in a context in which more than 40 European investors came to the country aiming mainly at tourism. At the end of the event, President Nayib Bukele announced the construction of Bitcoin City, the first “bitcoin city” powered by geothermal energy and almost tax-free.
  • Meanwhile, in the United States, the Joint Economic Committee of Congress held a hearing to discuss the regulation of the cryptocurrency industry. The meeting served to discuss the role of the US government in the ecosystem. In the midst of this debate, bitconer Senator Cynthia Lummis (Republican and representative of Wyoming) introduced a new bill that attempts to correct elements of the Infrastructure Act that hurt the cryptocurrency industry. Ripple also stepped forward and presented its proposed legal framework, in which it proposes rules to, among other things, give the industry more “clarity.”
  • The Binance Smart Chain (BSC) announced the activation of the Bruno update for November 30. With it, it incorporates to the blockchain the burning of commissions through which 10% of the BNB that is paid to the validators of the network at the time of making transactions will be destroyed. For its part, the Ethereum network marked another milestone as the total value locked (TVL) in the second layers reached USD 5,250, in an increase that is estimated at 28% in the last 30 days. Scalability tools such as rollups work in these second layers of Ethereum.
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If you want to know the meaning of several words in crypto-world terminology, you can check them out in the extensive CryptoNews Glossary.

JOMO (Joy Of Missing Out): in Spanish, “Alegría de Quedarse Fuera”. It refers to the moment when investors in the cryptoasset market are happy to miss out on a certain investment day.