The top cryptocurrencies by market value are in the red on Tuesday.
Bitcoin is currently trading at around $47,000 after it surpassed $52,000 early Tuesday morning, its highest level since May. Ether is also down, currently trading at around $3,500, though it briefly went above $4,000 on Friday.
Despite the tumble, other altcoins, like Solana, jumped up the ranks. Late last week, Solana overtook dogecoin and is now the seventh-largest cryptocurrency by market value. And on Tuesday, it hit an all-time high of nearly $195.
Here are four other key things that happened in crypto this past week, from El Salvador officially adopting bitcoin as legal tender and the NFT, or nonfungible token, market booming.
On Tuesday, El Salvador's law adopting bitcoin as legal tender went into effect.
It allows bitcoin to be used as payment for goods and taxes. Businesses can price their goods in bitcoin, and exchanges will not be subject to capital gains tax.
And on Monday, El Salvador bought over $20.9 million worth of bitcoin, according to tweets by President Nayib Bukele. Bukele said that the country purchased 400 bitcoin, the first step in its plan to add the cryptocurrency to its balance sheet.
"El Salvador just bought 200 new coins. We now hold 400," Bukele tweeted on Monday.
The Securities and Exchange Commission (SEC) is investigating Uniswap Labs, the start-up behind Uniswap, the Wall Street Journal reported on Friday. Uniswap is one of the largest decentralized exchange protocols and is highly regarded within the decentralized finance, or DeFi, space.
Regulators are seeking information about how investors use Uniswap and how it's marketed, according to the Journal. It also reported that the investigation is in the early stages and may not lead to any formal charges.
A spokesperson for Uniswap Labs told the Journal that the start-up is "committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry."
On Aug. 31, FTX.US, the U.S. affiliate of global cryptocurrency exchange FTX International, announced that it will acquire LedgerX, a cryptocurrency derivatives exchange regulated by the Commodity Futures Trading Commission (CFTC), for an undisclosed amount.