Forbes - NFT fail 🤦‍♂️

CryptoCodex


	Good Wednesday morning. Billy Bambrough here with the latest news from the world of bitcoin and crypto. 📧 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!

24-hour crypto market snapshot

Bitcoin (+1%)

$38,990

Ethereum (+1%)

$2,862

Tron (+10%)

$0.07952

Apecoin (+15%)

$17.45

Primed 💥


	Traders around the world are watching and waiting ahead of the Federal Reserve's latest interest rate decision, out at 2pm ET. Fed chair Jerome Powell will then hold a press conference at 2:30pm that will likely be a lot more illuminating for markets than the 50-basis point interest rate hike that is widely expected. The bitcoin price has climbed slightly ahead of the announcement but remains stuck under the psychological $40,000 level. Ethereum has also climbed, both are up around 1% on this time yesterday. Terra's luna and ethereum rival cardano are leading the major market higher, each adding almost 4%. Further down the charts, tron is still soaring following founder Justin Sun announcing the network will follow Terra in creating an algorithmic stablecoin. Tron, now the 20th most valuable cryptocurrency according to CoinMarketCap data, has rocketed 25% over the last week. Apecoin, a highly volatile coin linked to the Bored Ape Yacht Club NFT collection, has suddenly jumped after Tesla billionaire Elon Musk changed his Twitter profile picture. See below for details. Now read this: Crypto bros on the beach feel a cold wind at their necks

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

NFT tailspin or takeoff? 💫


	Flatlining: "The NFT market is collapsing," the Wall Street Journal yesterday reported, pointing to data that showed sales of non-fungible tokens (NFTs)—blockchain-based digital certificates designed to convey ownership of or interest in anything from art, music or virtual land—have declined by 92% since a September peak, with the number of active NFT wallets dropping 88% since November. But but but... It's a bold claim to make in the week following a record-breaking so-called "mint" of NFTs. Over the weekend, Yuga Labs, the company behind the hugely popular Bored Ape Yacht Club NFT collection, raised more than $300 million in what was considered the "largest NFT mint in history" that was so in demand some desperate bidders paid transaction fees more than five times higher than the cost of what they were trying to buy. The Journal named various NFTs and NFT projects that have either failed completely or are now worth far less than they were orginally bought for, however, Cointelegraph has put together "contrasting analysis" that it says shows not contraction but "consolidation." Musk watch: Tesla billionaire and increasingly full-time Twitter troll Elon Musk has this morning changed his Twitter profile picture to collage of various Bored Apes avatars in what could be either a supportive signal or making mockery of NFTs. Anyone can download, view, share or display images from the Bored Ape Yacht Club collection, the community merely (politely) asks that you don't unless you hold the corresponding blockchain-based NFT. "I dunno … seems kinda fungible," Musk subsequently posted. Last night, the Journal reported Musk has proposed returning Twitter to public markets after just a few years following his bid to take it private. The bottom line: The NFT craze may have peaked but don't expect it to disappear. Now read this: Royal Flush—Inside Crypto’s Most Exclusive Gathering

SEC civil war 🪖



	U.S. Securities and Exchange Commission (SEC) member Hester Peirce has been dubbed "crypto mom" by the bitcoin and crypto community. CQ-Roll Call, Inc via Getty Images


	🤬 U.S. Securities and Exchange Commission (SEC) member Hester Peirce—an outspoken crypto advocate and longtime opponent chair Gary Gensler’s enforcement-heavy approach to regulation—has publicly criticized the expansion of the agency’s newly named Crypto Assets and Cyber Unit, growing its headcount from 30 to 50. 🐦 "The SEC is a regulatory agency with an enforcement division, not an enforcement agency," Peirce posted to Twitter, going on to ask "why are we leading with enforcement in crypto" and revealing she's not involved in the cross-government group put together following U.S. president Joe Biden’s crypto executive order. 🗳️ Meanwhile, two crypto-friendly politicans picked up the Republican and Democrat nominations to run for Ohio's open Senate seat. Coindesk has a write up. Now read this: Who’s surprised by the SEC’s ‘power grab?’

	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

A New Hot Spot for Oligarch Yachts | What’s Next For Abortion | NFTs Grow Up

Wednesday, May 4, 2022

Plus: FedEx's New Delivery Guy ADVERTISEMENT Forbes Following the bombshell leak of a draft opinion that shows the Supreme Court poised to overturn landmark abortion-rights precedent, the chief

Subscribe To Forbes For Unlimited Access

Tuesday, May 3, 2022

A Year Of Inspiration: Unmatched Value For Just $1 Per Week Unlimited Access For Just $1 Per Week Dear Reader, Thank you for reading Forbes' trusted journalism. From breaking news coverage to

How To Prepare For An Interview Amid The Great Resignation | FedEx’s New Delivery Guy | Marcus Buckingham On Embracing Your Fears

Tuesday, May 3, 2022

Plus: Why Elon Musk Is The Wrong Man To Take Over Twitter ADVERTISEMENT Forbes Happy Tuesday, everyone. Welcome to May-hem, that time of year when work and family demands seem to collide more than any

Forbes - NFT fail 🤦‍♂️

Older messages

A New Hot Spot for Oligarch Yachts | What’s Next For Abortion | NFTs Grow Up

Subscribe To Forbes For Unlimited Access

How To Prepare For An Interview Amid The Great Resignation | FedEx’s New Delivery Guy | Marcus Buckingham On Embracing Your Fears

Our Guide To The Best Mattresses Of 2022

Many Titles, One Top Tech Leader | ‘Bullying Is Not Leadership’ | Corporate Culture Checkup

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