Forbes - Crypto... currency? 💱

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	Happy Friday! This is Billy Bambrough, getting you up to speed with the latest goings-on from crypto-land. 🚨🚨 Join Forbes’ director of research and digital assets, Steven Ehrlich, for an exclusive webinar on Tuesday, September 21 at 2.30pm EST as he and a panel of crypto and tax experts share insights and advice on how to navigate the often-confusing crypto tax landscape and discuss all the important tax considerations crypto hodlers need to be aware of before the end of the year. Sign up here—it's free!


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24-hour crypto market snapshot

$47,449

$3,461

$2.36

$136.79

Sol-off 📉


	Cryptocurrency bulls took another swing at $50,000 per bitcoin yesterday but failed to get very close, with the bitcoin price topping out at just over $48,000 before beginning to fall away from the closely-watched level. Bitcoin is now down around 1% over the last 24 hours and falling. The wider crypto market has followed bitcoin lower, with most of the top ten, including ethereum, Binance's BNB, cardano, Ripple's XRP and polkadot, down by around 5% on this time yesterday. Solana, the buzzy ethereum rival that's roared into the big leagues in the last few months, has meanwhile dropped considerably over the last 24 hours, losing 15% since this time yesterday as the implications of a major outage this week are fully realized. A "detailed post-mortem" of the 17-hour blackout will be issued in the coming weeks, according to the @SolanaStatus Twitter account. The broad crypto sell-off comes after reports China is ramping up its "hunt for cryptocurrency miners in hiding," with China's latest crypto crackdown apparently far stricter than previous attempts to clamp down on bitcoin and digital currencies. Now read this: Olaf Carlson-Wee’s Polychain Capital Co-Leads $230 Million Investment In Ethereum Challenger Capitalizing On DeFi

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🙅‍♀️ "Cryptos aren't currencies" - Lagarde


	What's in a name? Christine Lagarde, the former managing director of the International Monetary Fund (IMF) who's now the president of the European Central Bank (ECB), has said digital tokens, such as bitcoin and ethereum, aren't currencies. Asked by Bloomberg podcast host David Rubenstein whether "cryptocurrencies are a plus for the global economy," Lagarde shot back: "Cryptos are not currencies, full stop. Cryptos are highly speculative assets that claim their fame as currency, possibly, but they’re not. They are not." You can listen to the full interview, covering the global economic Covid recovery, here. But but but... Lagarde remains open to stablecoins, cryptocurrencies that are tied to traditional currencies or real-world assets, and central bank digital currencies (CBDCs). "On the other hand, you have those stablecoins that are beginning to proliferate, which some big techs are trying to promote and push along the way, which are a different animal and need to be regulated, where there has to be oversight that corresponds to the business that they’re actually conducting, irrespective of how they name themselves." Why it matters: Under Lagarde, the ECB this year launched a digital euro project, designed as a response to private-sector digital currencies from bitcoin to Facebook's proposed diem stablecoin. It's not expected to launch for around five years, however. In the meantime, the ECB and Eurozone regulators will have to deal with the soaring popularity of bitcoin and other cryptocurrencies—with Lagarde's comments suggesting she takes a dim view of digital currencies. The big picuture: Governments and central banks around the world, most importantly in the U.S. and China, are beginning to experiment with CBDCs. China has stolen an early lead, with real-world trials already underway, but the U.S. Federal Reserve is known to be investigating a digital dollar (with a long-awaited report due out this month). Relevant: Why ECB president Christine Lagarde's latest stance on bitcoin is a good thing

Satoshi Nakamoto statue unveiled 🪞



	A public statue honoring bitcoin creator Satoshi Nakamoto in Hungary AFP via Getty Images


	🗿 A statue of bitcoin's mysterious creator Satoshi Nakamoto has been unveiled in Budapest, Hungary. You can watch the reveal here. 🤲 The sculptors, Gergely Réka and Tamás Gilly, wanted to capture the mantra "we are all Satoshi," making its face reflective. 🗣️ "The goal of the statue is to honor Satoshi Nakamoto, the founders believe that his work is truly something to be remembered," wrote the four Hungarian organizers of the memorial. ICYMI: How bitcoin can immunize America from cancel culture

El Salvador investigates 🔎


	🗯️ El Salvador's public resources and management watchdog will investigate a complaint about the government's adoption of bitcoin, according to a document seen by Reuters. 🪧 Protestors have taken to the streets of El Salvador this week, angry about how president Nayib Bukele's government has rapidly rolled out bitcoin support and bought millions of dollars worth of bitcoin. 🏧 The country's Court of Accounts, which will look into El Salvador's bitcoin purchases and the construction of kiosks for cryptocurrency ATMs, said it received a complaint on September 10 from Cristosal, a regional human rights and transparency organization. Now read this: Crypto companies set their sights on derivatives

	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.

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Forbes - Crypto... currency? 💱

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