1. Home
  2. Discover
  3. News
  4. Forbes

You're Invited To CryptoCodex | 🚨 Get ahead of bitcoin and crypto markets 🚨

Dear Forbes reader,

Bitcoin and cryptocurrencies can no longer be ignored. Every day blockchain-based technology is changing the world.

From Tesla billionaire Elon Musk to the world’s biggest banks on Wall Street and record-breaking digital artists, crypto is laying the software-based foundations of the future virtual world.

With CryptoCodex, Forbes’ new, free, daily newsletter, you’ll get the latest developments from the world of bitcoin, cryptocurrency and blockchain delivered to your inbox every day in a digestible email. Click here to instantly sign up for the newsletter.

Welcome to CryptoCodex!
Billy Bambrough
Write to me at billy@billybambrough.com
Get the daily CryptoCodex newsletter by Billy Bambrough:
The free essential briefing on what’s driving the day in bitcoin and crypto.
Instantly Sign Up For CryptoCodex
The following is a sample of the CryptoCodex
newsletter from Monday, August 2, 2021.
Good Monday morning. This is Billy Bambrough, getting you up to speed with the latest from the world of bitcoin and crypto and what to look out for this week.
Seven-day crypto market snapshot
Bitcoin (+4%) $39,557
XRP (+14%) $0.7492
Dogecoin (-7%) $0.2061
🏀 Bouncing around
Cryptocurrency prices kept traders on their toes over the weekend, with bitcoin bouncing to well over $40,000 per bitcoin only to give up its gains and drop back under the closely-watched level. Cryptocurrency volatility increased over the weekend as questions swirl around what the draft U.S. Senate’s bipartisan infrastructure bill, which includes a provision for taxing the crypto industry and market, will mean for crypto adoption and growth.

Ethereum has given up some of the gains it racked up over the last week during the last 24 hours but traders should expect big moves ahead of a major software upgrade this week, code-named London, that will cut the supply of new ether tokens entering the market.

Ripple's XRP is just about holding onto its huge gains over the last week as investors bet the company will manage to fend off the U.S. Securities and Exchange Commission's lawsuit against Ripple. However, investor confidence took a knock after one well-known legal expert, James Filan, warned he doesn't expect there to be a settlement anytime soon.

The meme-based dogecoin, by far the most volatile coin in the crypto top ten, has trended down over the past week and is looking shaky as Tesla billionaire Elon Musk's dogecoin-boosting hiatus drags on.
📄 Infrastructure bill fears
Lawmakers on Capitol Hill have been hashing out a huge infrastructure bill through July
Lawmakers on Capitol Hill have been hashing out a huge infrastructure bill through July (AP PHOTO/JOSE LUIS MAGANA)
Over the last few days, cryptocurrency lobbyists in Washington have been desperately trying to modify a section of the still-unreleased bipartisan infrastructure bill that's currently making its way through U.S. legislature.

The cryptocurrency provision in the $550 billion, 2,702-page infrastructure bill, set to pass the Senate this week, extends some tax reporting rules to cryptocurrency brokers that some fear could hobble the burgeoning industry, effectively shuttering U.S. crypto miners.

Early this morning, it was reported an updated draft of a controversial crypto reporting requirement narrows the definition of "broker" for the purposes of crypto tax collection, but stops short of specifying that only companies that provide services for customers qualify, according to Coindesk, which obtained a copy. It was later posted online.

On Sunday, Ron Wyden, chairman of the Senate Finance Committee, took to Twitter to criticize language used in the draft bill.

"Americans avoiding paying the taxes they owe through cryptocurrency is a real problem that deserves a real solution," he said, but what he called the "Republican provision" "isn’t close to being that solution."

"It’s an attempt to apply brick and mortar rules to the internet and fails to understand how the technology works," he said.
🔥 Ethereum's burning upgrade
What: Ethereum, the second-biggest cryptocurrency by value after bitcoin, is about to undergo a major upgrade—code-named London—that will reduce the supply of new ether tokens hitting the market each day by a third. London is made up of five separate Ethereum Improvement Proposals (EIP) that have been proposed, debated and agreed upon. The best known of the EIPs is EIP-1559, a controversial code change that will burn transaction fees, taking some ether tokens out of circulation.

When: The software update is scheduled to go live this week, on either Wednesday or Thursday but most likely in the early hours of Thursday morning.

Why: Ethereum has long been trying to move from bitcoin's proof-of-work to a so-called proof-of-stake model that proponents say is more efficient and will scale better. But critics warn the change could make ethereum's blockchain less decentralized and open to abuse. Ethereum miner revenues are expected to take a hit in the short term.

Next: Ethereum supply is due to drop further as its broader upgrade to proof-of-stake moves forward, set for early next year. In December, a "difficulty bomb" that's coded into the London upgrade will take effect that will make ether tokens impossible to mine without using a software upgrade. Immediately after the so-called hard fork, a separate version of ethereum without the change will continue but isn't expected to retain many users.
💰 Making billions from bitcoin 💰
Jack Dorsey's other company, Square, last night revealed its popular Cash App brought in a staggering $2.72 billion from bitcoin trading over the last year—up 200% on the year before.

Why it matters: The numbers were announced as part of Square's second-quarter financial letter to shareholders and will likely mean Square Crypto, the payment company's bitcoin-focused division, will continue to grow at pace.

Counting coins: Square, which bought $50 million worth of bitcoin late last year before topping it up with a further $170 million at the beginning of 2021, said the fair value of its bitcoin holdings was $281 million at the end of June. The bitcoin price is up 10% since then.

Branching out: Square also announced it's buying Australian buy-now-pay-later company Afterpay in an all-stock deal worth $29 billion.
hello world
Billy Bambrough
Forbes Contributor
I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

Follow me on Twitter or email me.
Forbes

Unsubscribe from invites to Forbes Journalist Enrepreneur Newsletters.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Older messages

Elon Reveals Crypto Portfolio | Record-Breaking FTX Funding

Saturday, July 24, 2021

Also: SEC Commissioner Has Had It With Bitcoin ETF Obstructionists Also: SEC Commissioner Has Had It With Bitcoin ETF Obstructionists View in browser “I MIGHT PUMP BUT I DON'T DUMP” If you missed

Bitcoin Slides Toward $30,000 | New Crypto Funding Record

Saturday, July 17, 2021

Also: Algorand Founder Silvio Micali Breaks Down How To Construct A Fast And Secure Blockchain In A World Full Of Adversaries Also: Algorand Founder Silvio Micali Breaks Down How To Construct A Fast

Bitcoin’s Consolidation | Crypto SPAC Mania

Saturday, July 10, 2021

Also: FinCEN Gets A Crypto Leader That Appreciates The Industry's Potential Also: FinCEN Gets A Crypto Leader That Appreciates The Industry's Potential View in browser CIRCLE GETS THE SQUARE

NCR’s Bitcoin Play | JPMorgan Betting On ETH

Saturday, July 3, 2021

Also: JPMorgan Says Ethereum Upgrades Could Jumpstart $40 Billion Staking Industry Also: JPMorgan Says Ethereum Upgrades Could Jumpstart $40 Billion Staking Industry View in browser MORE TROUBLES FOR

China’s Clampdown Continues | Bitcoin Tumbles And Recovers

Saturday, June 26, 2021

Also: Proposed Bitcoin Capital Requirement For Banks: Too Low And Would Leave Banks Vulnerable Also: Proposed Bitcoin Capital Requirement For Banks: Too Low And Would Leave Banks Vulnerable View in

You Might Also Like

My Hunt for a Non-Hideous Sleeper Sofa

Friday, November 15, 2024

Plus: Some New Yorkers on their small-space essentials. The Strategist Every product is independently selected by editors. If you buy something through our links, New York may earn an affiliate

Amazon confirms employee data exposed in leak linked to MOVEit vulnerability [Wed Nov 13 2024]

Friday, November 15, 2024

Hi The Register Subscriber | Log in The Register Daily Headlines 13 November 2024 data breach Amazon confirms employee data exposed in leak linked to MOVEit vulnerability Over 5 million records from 25

☕ Bonuses are back

Friday, November 15, 2024

Plus, Saudi Arabia's megacity descends further into chaos... November 13, 2024 View Online | Sign Up | Shop Morning Brew Presented By Compare Credit Good morning. Here's an opportunity to share

Numlock News: November 13, 2024 • Ouch, Forgeries, Sails

Friday, November 15, 2024

By Walt Hickey ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Elon, Vivek to Lead Cost-Cutting Agency, CNN Layoffs, and a James Bond Auction

Friday, November 15, 2024

President-elect Donald Trump on Tuesday named Elon Musk and former GOP presidential candidate Vivek Ramaswamy to head up a new federal agency, the Department of Government Efficiency, or DOGE. ͏ ‌ ͏ ‌

Jared Kushner's $3 billion conflict of interest

Friday, November 15, 2024

During Donald Trump's first term, one of his most influential advisors was his son-in-law, Jared Kushner. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

How our deadliest roads got — and stay — so dangerous

Friday, November 15, 2024

Plus: The new and familiar faces joining Trump's inner circle, "blue zone" diets, and more. November 13, 2024 View in browser David Zipper is a senior fellow at the MIT Mobility

The Shampoos Our Writers Actually Buy

Friday, November 15, 2024

“I always finish a bottle of Bumble and Bumble. The Strategist Beauty Brief November 13, 2024 Every product is independently selected by editors. If you buy something through our links, New York may

☕ Slackadaisical

Friday, November 15, 2024

Does this AI make me look lazy? November 13, 2024 Tech Brew Together With Indeed It's Wednesday. Does using AI at work make you seem like a tech-savvy go-getter, or a task-dodging sloth? New Slack

Essential Reading Alert: Drop Site News

Friday, November 15, 2024

Drop Site News have established themselves as a powerful investigative reporting force committed to uncovering truths that others might overlook. At a time when the world desperately needs hard-hitting