Bitcoin briefly falls below $40,000, PayPal stablecoin

The cryptocurrency market is continuing its new year slump.

On Monday morning, the price of bitcoin, the largest cryptocurrency by market value, fell below $40,000 for the first time since September, dropping to $39,771, according to Coin Metrics. It’s currently trading at around $41,530.

Ether, the second-largest, also fell, going below $3,000 to $2,979. It’s currently trading at around $3,037.

After the minutes of the Federal Reserve’s December meeting were released on Wednesday, indicating that it would start to reduce its balance sheet, dial back its monetary policy support and potentially raise interest rates, riskier assets like cryptocurrency took a hit and have fallen since.

Along with price movement, here are five important things that happened in the cryptocurrency space this past week.

1. Mozilla Foundation criticized after saying it would accept cryptocurrency donations

On Thursday, the Mozilla Foundation, the non-profit behind the Firefox browser, announced its decision to “pause” its previous decision to accept donations in cryptocurrency.

The announcement came after it received backlash from Jamie Zawinski, who co-founded Mozilla, and others online regarding the potential environmental impact of cryptocurrency. “Everyone involved in the project should be witheringly ashamed of oiwq7,kthis decision to partner with planet-incinerating Ponzi grifters,” Zawinski tweeted.

Mozilla isn’t alone. Other companies, including Kickstarter, Discord and Ubisoft, also halted plans to introduce cryptocurrency and digital assets due to customer feedback.

2. Scammers stole $14 billion in cryptocurrency in 2021, Chainalysis says

3. GameStop to launch an NFT marketplace

4. PayPal may launch its own stablecoin

5. Signal CEO writes about Web3

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