Forbes - Diem another day 🌅

CryptoCodex


	Good Tuesday morning. Billy Bambrough here with the latest news from crypto-land. (I'm on the road this month so you may receive your copy of *CryptoCodex* a little early/late—apologies in advance for any disruption and normal service will resume the week beginning August 23)

Seven-day crypto market snapshot

$422.55

$2.08

$1.21

$72.70

Alt season ❄️


	Alt season, when smaller cryptocurrencies outperform bitcoin and ethereum, is in full swing with some tokens making massive strides over the last few days. Bitcoin and ethereum have more-or-less treaded water over the last week with both on pause after kicking off August with a bang. Despite the double-digit percentage gains made by some smaller tokens, bitcoin and ethereum's more than 60% dominance of the crypto market means there's been little change in the combined crypto market capitalization—now hovering at just under $2 trillion. The largest gains among the crypto top ten since this time last week have been made by ethereum's biggest rivals, Binance's BNB, cardano, and solana. Solana, after climbing from just $2 at the beginning of 2021, has now roared past $70 per SOL token. Forbes' Nina Bambysheva has a full write-up of solana's fortunes. Elsewhere, Ripple's XRP has also added almost 50% as investors feel increasingly confident Ripple will come out on top in its tussle with the Securities and Exchange Commission (SEC). Brush up: Everything you’ve wondered about crypto (but were too embarrassed to ask)

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Sliding into the Diems



	Facebook CEO Mark Zuckerberg was quizzed by Congress over his proposed cryptocurrency in late 2019 Getty Images


	🚧 Facebook's stalled cryptocurrency project, the yet-to-launch stablecoin that began as libra and has been renamed diem, has run into another hurdle. 💫 Novi, Facebook’s crypto wallet subsidiary, is looking for a new stablecoin partnership after "regulatory headwinds" hit its tie-up with Silvergate Bank, the San Diego-based crypto-specialist. 🕵️ The news, first reported by The Block, citing unnamed sources, comes as U.S. regulators increase their scrutiny of the now more than $100 billion stablecoin market. What's next: "Novi has held conversations with both [stablecoin issuers] Circle and Paxos as it explores options outside of Diem," tweeted The Block's Frank Chaparro. Big picture: Facebook's crypto plans, first announced over two years ago, have been repeatedly pared-back and rethought as global regulators and central banks balk at the idea of a technology company expanding into money issuance. State-side: In May, the Diem Association withdrew its application for a Swiss payment license and shifted its operations to the United States. Diem has moved its operational headquarters from Geneva to Washington, D.C., where its U.S. unit is based. Playing catch up: The People’s Bank of China has been racing ahead with trials of its digital yuan and there have been growing calls for the U.S. Federal Reserve to develop a digital version of the dollar. Don't miss: How Coinbase Ventures Became One Of Crypto’s Busiest VCs—Without Any Full-Time Staff

Zcashing in


	Twitter chief executive Jack Dorsey's ambitious plans to revolutionize and decentralize social media have taken a long-awaited step forward. Sky's the limit: The Bluesky project has appointed a former zcash engineer, Jay Graber, as its formal lead with Graber expected to direct how the protocol develops moving forward. Graber, who had already been working in a less formal role inside the Bluesky team, previously built out her own decentralized social network called Happening alongside work on the privacy-focused cryptocurrency zcash. 🗣️ "The really powerful thing about Twitter doing a decentralized protocol move is that if you could design a protocol that works in an ideal way, you don’t have to go through the initial effort of finding the niche to bootstrap from because Twitter will bring so many users," Graber told TechCrunch in January. Now read this: Twitter’s decentralized future

	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.

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Forbes - Diem another day 🌅

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