Forbes - 🇺🇸 As American as apple pie 🥧

CryptoCodex


	Good Wednesday morning. This is Billy Bambrough, getting you up to speed with the bitcoin and crypto latest. 🚨🚨 Don't miss: What (or who) is driving the crypto market in 2021 and beyond? Sign up now for Forbes’ free Crypto Codex Live webcast on October 14 at 2:00pm EDT and get ahead of the market


	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

$54,557

$3,446

$454.74

$34.72

A dip or a dive? 🎢


	After the boom, will there be a bust? Cryptocurrency traders are nervously eyeing the bitcoin price this morning which is currently down 4% on this time yesterday and falling. The drop isn't yet so big that it's wiped out bitcoin's gain over the last seven days but tensions are high that there could be a correction looming. The pullback is possibly being driven by deflating expectations the U.S. could get a bitcoin exchange-traded fund this year. Meanwhile, many other major cryptocurrencies have bounced. While ethereum is flat on this time yesterday, despite getting a supportive nod from Coinbase, Binance's BNB has surged. Binance has this morning announced it's gearing up to quit China entirely. See below for details. Elsewhere, polkadot's stellar week is continuing, with its dot token adding a further 6% to its already extensive rally this past week. Good to know: Stripe is hiring a crypto team three years after ending bitcoin support

When you make a purchase through links in this email, the author may earn a commission.

Invest In A Resource That Advises You On Crypto Assets & Keeps You Up-To-Date With The Market

Forbes CryptoAsset & Blockchain Advisor will guide you toward the best choices while also identifying early signs of a big loss. The world of Crypto is full of ups, downs and uncertainty. We'll be your guide to consistent investments through deep-dive interviews and weekly expert insights.

For successful subscription, disable your adblocker

Subscribe To Smart Investments

Bitcoin miners ❤️ the U.S.A.



	The U.S. has replaced China as the country with the biggest market share of bitcoin's hash rate Getty Images

Land of the free: Following Beijing's 2021 crypto crackdown, the U.S. has now overtaken China as the world’s biggest source of bitcoin mining, data has revealed. One-third of bitcoin’s hash rate—a measure of the bitcoin network's combined computing power—now comes from the U.S., according to new data from the Cambridge Centre for Alternative Finance.

Home of the bitcoin: The data shows U.S.-based bitcoin mining has increased 428% since September last year. Bitcoin miners use powerful computers to secure bitcoin's blockchain and validate transactions in return for freshly minted coins.

Exodus: China’s share of the global hash rate fell from 44% to zero between May and July, the data shows.

The great mining migration by the numbers: As of August, bitcoin mining firms in the U.S. had a total of 42.7 exahashes per second (EH/s) of hash rate, followed by Kazakhstan, Russia and Canada. The hash rate powered by mining firms in Kazahkstan has also doubled since the second quarter of the year to nearly 22 EH/s in August with a market share of 18.1%. Bitcoin mining operations in Russia and Canada are competing closely for third place, with 11.2% and 9.6%, respectively.

Corporate control: Over the third quarter this year, just seven publicly listed bitcoin mining firms in the U.S. alone mined about 7.5% of the bitcoin block rewards up for grab, it was reported by The Block earlier this month.

Why it matters: "The whole narrative of China controls bitcoin is now completely destroyed," Boaz Sobrado, a London-based fintech data analyst, told CNBC.

ICYMI: SEC commissioner Hester Peirce shared her Texas Blockchain Summit speech online

... and Binance hates China 😡

✋ Binance, the embattled cryptocurrency exchange that's come under pressure around the world, has said it's halting China yuan over-the-counter (OTC) trading on its platform and will delist its yuan OTC marketplace after December 31. The Journal has a write-up.

🏴󠁰󠁧󠁮󠁩󠁫󠁿 The move by the world's largest cryptocurrency exchange by volume, which was initially based in China before eschewing traditional headquarters, follows China's latest crypto trading crackdown. Late last month, Binance's China rival Huobi said it will suspend its yuan OTC marketplace, has stopped taking new mainland China customers, and will end contracts with mainland clients by the end of the year.

🍀 Earlier this month, Binance told Reuters it was looking to establish a number of headquarters around the world and named Ireland, a Silicon Valley favorite thanks to its tax structure, as a key part of its plans.

Bitcoin or ethereum? Soccer star Mesut Özil asks the big questions

✨ Still sleeping on NFTs? 😴


	🚀 Coinbase, one of the largest U.S. bitcoin and cryptocurrency exchanges and a major crypto on-ramp, has announced it's launching a marketplace for non-fungible tokens (NFTs)—following rival FTX into the NFT game and revving up the competition between ethereum and solana. Read the full story on Forbes. 🤔 NFTs, blockchain-based tokens tied to all manner of both real-world and digital media, have seen a huge surge in popularity this year with a digital artist known as Beeple selling an NFT of his work for $69 million in March. 🗣️ "Everyone in this room should definitely care what an NFT is," Kathryn Haun, general partner at the crypto fund of Silicon Valley venture capital company Andreessen Horowitz, told Fortune's Most Powerful Women Summit this week.

	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

Forbes - 🇺🇸 As American as apple pie 🥧

Older messages

24 Hours Left! 📅 Find Out What (or Who) Is Driving the Crypto Market in 2021 & Beyond

'The Grinch is coming'

The biggest buyout ever?

🏢 For You: The Next Billion-Dollar Startups

Dimon V bitcoin 🥊

You Might Also Like

The ultimate Pi 5 arrives carrying 16GB ... and a price to match [Fri Jan 10 2025]

I Can’t Stop Buying Polartec Alpha Fleece

What A Day: Misinferno

Carter’s Funeral Reminded Us How Presidents Ought to Behave

A handsome alarm clock we love

Friday Briefing: Racing to control Los Angeles fires

Mayor Bruce Harrell on Amazon and Seattle | Blue Origin delays big launch

A Discreet Way To Take Charge Of Your Sexual Health

☕ Influential

☕ Fine by media