Forbes - Big trouble in lockdown China 🥢

CryptoCodex


	Good Monday morning. This is Billy Bambrough, getting you up to speed with the crypto latest and what to look out for this week. 📧 Thank you for reading CryptoCodex! I’d love to hear your feedback, ideas and tips. Email me directly at billy@billybambrough.com.


	Was this newsletter forwarded to you? Sign up here! Got a crypto-curious friend? Forward Codex to them to help get them up-to-date and ahead of the market!

Year-to-date crypto market snapshot

Bitcoin (-17%)

$38,428

Ethereum (-24%)

$2,825

XRP (-22%)

$0.6528

Luna (-4%)

$87.78

Lockdown blues 🔒


	🔊 Listen to this: Sam Bankman-Fried and Matt Levine on how to make money in crypto Cryptocurrency prices have dropped sharply overnight, with bitcoin losing more than 3% since this time yesterday. Ethereum is down by almost 5% while Ripple's XRP is leading the top ten lower, down nearly 8%. Despite losing almost 3% over the last 24 hours, Terra's luna is still up 10% on this time last week. The sudden crypto sell-off mirrors stock markets in Asia and Europe than have dived due to growing fears that China's latest Covid lockdowns are spreading to Beijing. Good to know: A slew of crypto-focused Super Bowl ads failed to drive an influx of retail investors

When you make a purchase through links in this email, the author may earn a commission.

Crypto is evolving, are you?

Anyone following crypto knows how volatile the market can be. Forbes CryptoAsset & Blockchain Advisor looks at the universe of viable crypto assets with proprietary analysis and insider crypto knowledge to guide you to the best choices. Set yourself up for success in the new year and learn how to make smart investments on this breakthrough technology by leveraging deep-dive interviews and more to further establish your portfolio and fuel profits.

For successful subscription, disable your adblocker

Join Forbes Crypto Asset & Blockchain Advisor

Armstrong on regulation 🧑‍⚖️



	Coinbase founder and chief executive Brian Armstrong Brian Armstrong spoke in India earlier this month following an announcement the crypto exchange will triple its headcount in the country. © 2022 Bloomberg Finance LP


	Not all assets: Coinbase chief executive Brian Armstrong, one of the most influential voices in the world of crypto, has weighed in on what the future crypto regulatory landscape could look like as the U.S. Securities and Exchange Commission (SEC) lobbies for more powers and after the Biden administration issued an executive order directing federal agencies to thrash out rules for the crypto space. Armstrong, speaking on the latest episode of the All-In Podcast, predicted the crypto industry will likely not be regulated solely by the SEC because not all digital assets should be considered securities. Oddities: "[Bitcoin is] pretty clearly a commodity," Armstrong said. "Many of these [cryptocurrencies like ethereum are] commodities that probably should be regulated by the commodities [regulator], or the Commodity Futures Trading Commission." But but but... Armstrong does think some cryptocurrencies, such as companies raising money with an initial coin offering (ICO), fall under the SEC jurisdiction and repeated his regular call for "more clarity." Why it matters: Last week, Coinbase chief legal officer Paul Grewal blasted the SEC over its proposal to update its definition of an exchange, saying the SEC is "going beyond its authority." The SEC proposal, published in January, would expand the definition of an exchange and has been roundly criticized by the crypto community. Zoom out: In September last year, the SEC threatened to take legal action against Coinbase if it followed through with plans to launch a crypto lending product, with Armstrong going on the offensive and accusing the regulator of "skipping basic steps" and jumping straight to litigation without providing guidance to the industry. Big Apple: Elsewhere, Armstrong last week said he believes Apple’s App Store rules have impeded Coinbase's product roadmap, accusing the iPhone-maker of banning features from their app and generally not being friendly to the cryptocurrency industry. "Apple so far has not really played nice with crypto, they’ve actually banned a bunch of features that we would like to have in the app, but they just won’t allow it—so there’s potential antitrust issues there," Armstrong told the Superteam Podcast. Ripples in the water: Meanwhile, the SEC's long-running legal battle with Ripple, the crypto company behind XRP, could now run well into next year, according to a crypto legal expert. The SEC sued Ripple over a year ago, alleging Ripple conducted an illegal securities offering through sales of XRP, the world’s sixth-biggest cryptocurrency. Now read this: How crypto giant Binance built ties to a Russian FSB-linked agency

🚨🚨 Musk and Twitter latest


	🗞 News reports emerged overnight that Twitter could reach a deal to sell itself to Tesla billionaire Elon Musk as soon as this week, potentially bringing to an end one of the most tumultuous months in Twitter's history. 🤖 Crypto has played an outsized role in Musk's free speech-inspired bid for Twitter, with his dislike of verified, scam crypto bots one of his biggest gripes with the service. Yesterday, Musk again shared his thoughts on how to improve the meme-based bitcoin rival dogecoin, sparking fresh speculation doge support could be added in to a Musk-controlled Twitter. 💸 Last week, it was announced that Twitter has added support for some users to get paid in crypto via payments processor Stripe. CNBC has a write-up. Good to know: Twitter founder Jack Dorsey is not a CEO, he’s the block head

The week ahead 📅


	👀 Look out for these cryptocurrency and crypto-adjacent events this week. 💰 Earnings season rolls on this week, with big technology companies dominating. Google's Alphabet, Microsoft and Visa get the ball rolling tomorrow, with Facebook's Meta, PayPal, Twitter, Apple and Robinhood later in the week. 🧾 Today, European Union lawmakers will discuss how to tighten up tax laws and procedures for the web3 era after internal EU documents last week revealed the extent of anti-bitcoin talks among officials. Coindesk has the details. 📛 Two big crypto conferences are slated for this week, with the FTX-backed Crypto Bahamas and the Financial Times' Crypto and Digital Assets Summit both kicking off tomorrow. Crypto Bahamas has already generated controversy with a speaker list topped by former U.K. prime minister Tony Blair and ex-U.S. president Bill Clinton. Binance chief executive Changpeng Zhao, ethereum cofounder and cardano creator Charles Hoskinson, along with former U.S. Securities and Exchange Commission Jay Clayton will be generating headlines at the Crypto and Digital Assets Summit in London. 🦘 On Wednesday, Australia's first spot bitcoin exchange-traded funds (ETF) will begin to roll out, following a "fresh push" from crypto asset manager Grayscale to win regulatory approval for its U.S. bitcoin ETF. 📊 In economic data, the first estimate for first-quarter U.S. GDP is out on Thursday and the Federal Reserve's preferred inflation measure, the personal consumer expenditures index, is out Friday. 🎪 On Saturday, Warren Buffett's Berkshire Hathaway will hold its "Woodstock for capitalists" annual shareholders meeting in-person for the first time since 2019. Buffett and his right-hand man Charlie Munger are two of the most high-profile critics of bitcoin and crypto. Good to know: Controversial crypto startup Worldcoin released details of its "privacy-preserving proof of personhood protocol"

	Billy Bambrough
	Forbes Senior Contributor

I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.

Follow me on Twitter or email me.

You’ve received this email because you’ve opted in to receive Forbes newsletters.

Unsubscribe from CryptoCodex.

Or, manage your paid subscriptions on your Forbes profile here.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Forbes - Big trouble in lockdown China 🥢

Older messages

The Best Global Crypto Exchanges

Bitcoin Falls As Jerome Powell Strikes Again | Coinbase Debuts NFT Marketplace

America losing its allure? 🇺🇸

Covid was the third leading cause of death in 2021

Under 30 Hours To Botswana

You Might Also Like

☕ Great chains

Pete Hegseth's confirmation hearing.

Honourable Roulette

📬 No. 62 | What I learned about newsletters in 2024

⚡️ ‘Skeleton Crew’ Answers Its Biggest Mystery

I Tried All The New Eye-Shadow Sticks

How To Stop Worrying And Learn To Love Lynn's National IQ Estimates

☕ Olympic recycling

Ozempic has entered the chat

How a major bank cheated its customers out of $2 billion, according to a new federal lawsuit