Forbes - NFT fail 🤦‍♂️

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	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.


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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

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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.

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