Forbes - Praise Satoshi ⛪

CryptoCodex


	Good Thursday morning. This is Billy Bambrough, here with your latest batch of crypto news and analysis.


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24-hour crypto market snapshot

$61,934

$4,542

$242.94

$0.2653

Mini taper tantrum 💢


	Cryptocurrency prices are dropping this morning, with the combined value of the crypto market pulling back from highs of almost $2.8 trillion in the aftermath of the U.S. Federal Reserve's well-telegraphed announcement it's soon going to begin tapering its unprecedented monthly asset purchases through to the middle of next year. The bitcoin price is off by 2% from this time yesterday, with a brief dip towards $60,000 spooking traders. Ethereum is dropping after recording another all-time high yesterday, down 1%, while one of its biggest rivals, solana, is a bright spot in the crypto top ten. Solana has added almost 5% over the last 24 hours as high-profile investors continue to bet on it. Among memecoins, dogecoin looks like it's come out on top in the dog fight between it and shiba inu. Shib has now crashed out of the crypto top ten, down almost 30% on this time last week as retail traders fret over big whale moves. Don't miss: DeFi—the ‘Wild West’ of crypto—is next on regulators’ hit list

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JPMorgan on bitcoin: 🤷


	Price predictions: Wall Street giant JPMorgan, after giving bitcoin a long-term price target of $146,000 per bitcoin earlier this year, doesn't know whether bitcoin is going to sink or soar, according to a note to clients first reported by Business Insider. Analysts at the bank have given bitcoin a fair value of just $35,000 at the moment due to its extreme volatility but think it could trade at $73,000 in 2022. They also said it could surge above $146,000 or plunge to below $30,000. So who knows. All that glitters: The bank thinks bitcoin may be displacing gold as an inflation hedge, however. "The re-emergence of inflation concerns among investors during September/October 2021 appears to have renewed interest in the usage of bitcoin as an inflation hedge," JPMorgan strategist Nikolaos Panigirtzoglou wrote. "Bitcoin's allure as an inflation hedge has perhaps been strengthened by the failure of gold to respond in recent weeks to heightened concerns over inflation." Why it matters: Yesterday, the U.S. Federal Reserve said it will soon begin tapering its huge pandemic induced $120-billion-a-month bond purchases, partly in response to growing inflation pressures. "If the Fed stays the course and tilts hawkish on inflation, bitcoin might look incrementally less attractive as a hedge against dollar debasement, and the cryptocurrency’s price could come under downward pressure similar to the predictions for the stock market," writes Coindesk's Bradley Keoun. The bottom line: Even the pros don't know which way bitcoin is going to go but its reaction to Fed tapering might shed light on crypto market drivers. Now read this: Even bitcoin is getting hit by the supply chain crisis

Worshiping in the church of crypto 🙏



	Legendary investor Mark Mobius has long been skeptical about bitcoin and crypto Anadolu Agency via Getty Images


	😇 Are cryptocurrencies more like stocks, commodities or currencies? Maybe they're some sort of Holy Trinity combo. 🗣️ "[Cryptocurrency is] not an investment, it’s a religion," Mark Mobius the founder of Mobius Capital Partners told CNBC. "People should not look at these cryptocurrencies as a means to invest. It’s a means to speculate and have fun. But then you got to go back to stocks at the end of the day." 🛐 It's not the first time bitcoin and crypto have been called divine. "The world’s favorite cryptocurrency was developed by a mythical figure whose writings are considered sacred texts," wrote Bloomberg's Joe Weisenthal in January. "Perhaps the best way to think of bitcoin is as a kind of religious movement." Good to know: Chamath Palihapitiya’s Social Capital Co-Leads Investment In Solana-Based Startup Syndica

Extreme cubing 🔲


	⛓️ A decentralized autonomous organization (DAO) has spent $250,000 on an ethereum blockchain-based non-fungible token (NFT) of a large tungsten cube—the latest twist in an increasingly ridiculous crypto community craze. The Block has a write-up (written by cube aficionado Tim Copeland). 🗞️ Tungsten cubes—highly dense, surprisingly heavy, and "great conversation pieces," according to one seller—have seen a surge of interest from crypto enthusiasts over the last month after Coin Center comms director and Twitter personality Neeraj Agrawal began the meme with a fake Bloomberg story that eventually turned into a real one. 🧊 This $250,000 bet is the intersection of two meme investments—an NFT and a useless, heavy, metal cube. Will the blockchain listing of the cube hold its value? Does it even have any value? Does anything make any sense anymore? Best not to think about it. Now read this: Just when you think the YOLO trade is done, another meme comes along

	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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