Cryptoasset prices collapsed last week, following a general trend among investors out of riskier investments, as the US Federal Reserve indicated expedited willingness to hike rates and sell debt assets.

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Bitcoin fell precipitously across the week, having begun the new year around $47,000. The world’s largest cryptoasset’s price collapsed on the Fed news on Wednesday and sent its trading range below $43,000, its lowest level since the end of September 2021. BTC is currently trading below $42,000 with no sign of a rebound as of yet (BITCOMP). 

Ether meanwhile experienced a similar collapse, at one point falling below the $3,000 level on the eToro platform on Saturday. The cryptoasset had begun the week above $3,800 but is now trading below $3,200 (ETH-X).

Kazakhstan crisis shuts down bitcoin mining

Bitcoin’s hashrate fell after power outages hit Kazakhstan’s crypto mining industry. 

An ongoing political crisis which has led to rioting and tensions in the capital, has had an inadvertent impact on bitcoin.

With the loss of electric power in the country, major mining operations were forced to shut down, leading to a drop in the cryptoasset’s hashrate, the overall computational power of the network, and a fall in the value of BTC tokens.

Kazakhstan has quietly become a leader in global bitcoin mining, with production only second to that of the US after China’s recent crackdown on mining operations.

While the situation is unclear in the country, ongoing tensions will potentially continue to have an impact on the hashrate and overall price.

Company offers first ever bitcoin “bividends”

A US-listed blockchain company has begun offering bitcoin dividend payments, sending the stock price soaring. 

BTCS Inc, a blockchain tech firm saw its share price rocket in trading, up 44% in the session last Thursday, despite wider markets falling significantly (BTCS).

The firm announced it intends to pay a $0.05 per share dividend in bitcoin to investors. The amount it pays will depend on the price of a BTC token on the day of the ex-dividend date. 

Investors will however be given a choice to take the so-called “bividend” payment in fiat currency.

Chief executive Charles Allen commented: "We want to reward our long-time shareholders for their continued support and encourage financial freedom by providing the means to enable direct ownership of bitcoin and other digital assets.”

BTCS offers blockchain infrastructure and data analytics tools for crypto investors. 

Tezos seals partnership with major eSports team

Open-source blockchain Tezos has tied up a three-year partnership with major French eSports outfit Team Vitality (XTZ-X) 

Details of what the deal means in practice are scant, but Tezos says it will “revolutionize” Team Vitality’s fan experience. 

Tezos already has partnerships in place with Formula One, McLaren and Red Bull Racing. These tie ups include collectible NFT ranges and other sponsorship and brand visibility projects for the blockchain. 

Commenting on the tie up with Team Vitality, chief executive Nicolas Maurer commented: “This is truly a game-changing partnership for Vitality, which feels appropriate given 2022 is set to be the biggest year in our history. 

“The opportunities Tezos can bring to strengthen the relationship between us and our fans is incredibly exciting, and we’re immensely proud to have Tezos join us on this journey.”