Elon Musk tweets shiba inu, Walmart debunks litecoin news

After hitting its highest level since May, the price of bitcoin, the largest cryptocurrency by market value, dropped below $50,000 last week and has since extended its losses.

In the last seven days, the top cryptocurrencies by market value, including bitcoin, ether and cardano, are down. Other altcoins, like dogecoin and XRP, remain in the red too.

However, meme-inspired cryptocurrency dogecoin seemingly got a minor boost on Sunday after billionaire Elon Musk tweeted a picture of his shiba inu puppy.

In addition to price movements, here are five things that happened in crypto this week.

1. Coinbase shares fell after it revealed SEC plans to sue

On Tuesday evening, Brian Armstrong, the CEO of Coinbase, tweeted that the Securities and Exchange Commission (SEC) intends to sue the cryptocurrency exchange over its interest-earning product called Coinbase Lend.

While it has yet to launch, Coinbase Lend will let users earn interest on select assets on Coinbase, according to the company’s blog post. For example, Coinbase Lend will offer users a 4% annual percentage yield (APY) on their USD Coin, a stablecoin that is supposed to be pegged to the U.S. dollar, if users allow Coinbase to lend their funds to borrowers. 

Following the news, shares of Coinbase fell 3.2% on Wednesday.

2. Robinhood adds feature for recurring crypto purchases

3. Ukraine is the latest country to legalize bitcoin

4. Bored Ape Yacht Club NFT collection sells for $24 million at Sotheby’s

5. Walmart says crypto payments announcement is fake

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