Illustration by Mitchell Preffer for Decrypt

Crypto traders are feeling the fear. For a start, the price of Bitcoin fell below $35,000 for the first time since January earlier this morning, though that’s hardly unexpected in light of the fact that most leading cryptocurrencies’ prices are in their fifth consecutive week of decline

Still, most industry pundits over on Crypto Twitter refrained from too much bearish negativity this week. The week began with a lot of screaming directed at Bored Ape Yacht Club (BAYC) franchise creators Yuga Labs for an NFT drop last weekend that was considered shambolic by many. Decrypt covered some disgruntled reactions to the mint earlier this week.

Yuga Labs has since refunded 90.57 ETH (about $265,500) to customers who paid astronomical gas fees during the minting frenzy, but whose transactions failed for some reason or another. Yuga said “it seems abundantly clear” that it will migrate the BAYC ecosystem’s native ApeCoin token off of Ethereum and onto its own blockchain, prompting Ethereum developer Mark Beylin to call the company “con artists of the highest order.”

Also on Monday, crypto podcaster Peter McCormack had something to say about Bitcoin Improvement Proposal 119 (BIP-119). The proposal, pitched to the Bitcoin community by Bitcoin core developer Jeremy Rubin, introduces the controversial new operation code “


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