The good news about cryptocurrency was that Elon Musk Company Tesla will start accepting Dogecoins as payment from March. The bad news could be the Senate Banking Committee members continue to mention concern over stablecoins and DeFi. The cryptocurrency ecosystem has spawned and expanded by enormous proportions. However, while a section of the economists is for the latest blockchain miracle, others advocate extreme caution. The\u00a0cnbc.com reports that the major crypto players like BTC and ETH are in the red; there have also been notable flashes of brilliance. BTC is trading at $46,766 as per data from Coin Metrics, and ETH is trading at around $3,880. However, the number one and two crypto assets have been down about 6% in the last seven days. However, there have been some incredible growth by tokens featuring the top ten crypto assets. Terra\u2019s LUNA is up over 29% in the past week and is now trading at $80, according to data received from CoinGecko. Avalanche\u2019s AVAX is also up 29% in the past week and is currently trading at $113. Tesla to accept Dogecoins as payment from March However, there has been some positive and negative news in the world of the cryptocurrency market. First, the enfant terrible and maverick billionaire, Elon Musk, has said that Tesla will start accepting Dogecoin from March. It must be remembered that Elon Musk and his tweets had led Dogecoin to singe the market with its phenomenal growth. Tesla will make some merch buyable with Doge & see how it goes \u2014 Elon Musk (@elonmusk) December 14, 2021 However, later, Elon Musk did a U-turn and criticized crypto mining as ecologically destructive, and his company stopped accepting Cryptocurrency. As a result, Dogecoin and other cryptocurrencies crashed in what is now known as the April mayhem. However, Elon has said that if crypto mining employed ecologically friendly energy sources, Tesla would again start accepting Cryptocurrency as payment for its electric cars. Senate Banking Committee members continue to mention concern over stablecoins and DeFi The bad news is that exchange Coinbase and price-tracker CoinMarketCap hit a glitch and started listing inaccurate cryptocurrencies prices. However, the glitch has been rectified. The Senate Banking Committee members continue to mention concern over stablecoins and DeFi at Tuesday\u2019s Senate Banking Committee hearing. Members were skeptical about stable coins pegged to reserve assets like a dollar but may not be stable for long. In his opening statement, Chairman Sherrod Brown, D-Ohio, shared his thoughts on stablecoins and their risks. The crypto conversation continues on Capitol Hill this morning with the Senate Banking Committee holding a stablecoin hearing. Federally chartered digital asset bank @Anchorage co-founder @diogomonica explains why regulation is so crucial to the burgeoning space.@CNBC pic.twitter.com\/GeZ52o1Obh \u2014 Squawk on the Street (@SquawkStreet) December 14, 2021 \u201cLet\u2019s be clear about one thing: If you put your money in stablecoins, there\u2019s no guarantee you\u2019re going to get it back. Stablecoins and crypto markets aren\u2019t an alternative to our banking system. Instead, they\u2019re a mirror of the same broken system \u2014 with even less accountability and no rules at all.\u201d Senator Elizabeth Warren, D-Mass., agreed. \u201cStablecoins pose risks to consumers and our economy. They\u2019re propping up one of the shadiest parts of the crypto world, Defi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late.\u201d The last bad news is $7.7 billion was stolen in crypto scams in 2021, according to a new report by blockchain analytics firm Chainalysis. That\u2019s an 81% rise compared to 2020. The post Good And Bad News For Cryptocurrency Market Last Week appeared first on CoinGape.