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	Good Thursday morning. Billy Bambrough here, getting you up to speed with the bitcoin and crypto latest.


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24-hour crypto market snapshot

$65,288

$4,728

$2.13

$266.71

📈 Inflate, deflate 📉


	The iron law of crypto: What inflates must deflate. After surging U.S. inflation numbers yesterday sent investors rushing into inflation hedges gold and bitcoin, the bitcoin price quickly gave up much of its gains. Cryptocurrency prices are broadly lower this morning with all of the crypto top ten in the red even after bitcoin briefly hit a fresh all-time high yesterday of around $69,000. Cardano, one of ethereum's biggest rivals is leading the major market lower, while litecoin, often called the silver to bitcoin's gold, has given up some of its massive gains made over the last week. Cardano is down 5% while litecoin is off by almost 10% on this time yesterday (but still up 30% on last week). The bitcoin price drop coincided with the latest bad news out of China, with embattled property developer Evergrande now said to be on the brink of bond default, sparking theories it could negatively impact the $73 billion stablecoin tether, a major cog in the crypto market. Meanwhile, journalists at Protos published a multi-month investigation "analyzing every USDT sent to and from Tether since its inception," branded the Tether Papers. Traders are now looking ahead to the next Securities and Exchange (SEC) decision on a fully-fledged bitcoin exchange-traded fund (ETF), set for this weekend. Good to know: Crypto is forbidden for Muslims, Indonesia's National Religious Council rules

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Twitter boldly blockchains ⛓️



	Twitter CEO Jack Dorsey spoke at the Bitcoin 2021 conference earlier this year Getty Images


	Twitter Crypto: Twitter, led by bitcoin believer and Square chief executive Jack Dorsey, has said it is putting together a dedicated crypto team, imaginatively named Twitter Crypto, to explore how it can help creators on its social network earn money or accept cryptocurrencies such as bitcoin for payment, and other ways to use blockchain technology. Twitter said the new team will "set the strategy for the future of crypto at (and on) Twitter." Why it matters: Dorsey, one of Silicon Valley's most outspoken supporters of bitcoin and decentralized technologies, has repeatedly said he sees bitcoin as the future and the internet's "native currency" and is increasingly putting his (and Twitter's) money where his mouth is. Twitter's new team of unspecified size, is being led by software engineer Tess Rinearson, who will report to Twitter’s chief technology officer. However, a Twitter spokesperson declined to give specific examples of what the company might build when asked by the Wall Street Journal but added that it sees "an opportunity to help creators participate in the promise of an evolving, decentralized internet, directly on Twitter." Catch up quick: Twitter has already begun letting its users tip users with bitcoin and recently announced it would incorporate non-fungible tokens (NFTs) as a way to let users verify their profile picture. Centralized decentralization: "Twitter gets crypto, and its early integration of Bitcoin Tips and NFT authentication demonstrates that," Rinearson told the Financial Times. "There’s so much more to explore to help people participate in the promise of an evolving, decentralized internet, directly on Twitter." Squaring up: Dorsey has meanwhile been busy positioning his payments disruptor Square as a crypto company. Two years ago Square launched a bitcoin-buying service, with its huge bitcoin-based revenue sparking the wider trend for crypto support among the likes of PayPal, trading apps and banks. If Twitter and Square become crypto companies, maybe it would be easier for Dorsey to run one big company rather than two medium-sized ones? The bottom line: Like many video game companies, bookmakers and sports teams, Twitter sees a lot of potential in crypto and blockchain-based assets. It's just not sure how exactly it will get to that future from its present. Now read this: How African refugees used bitcoin to build their own grassroots economy

Wrights and wrongs ❌


	👨‍⚖️ Craig Wright, the Australian computer programmer who claims to be bitcoin's mysterious creator, has denied in court that a now-dead friend and fellow computer scientist helped him launch the cryptocurrency. Bloomberg and Coindesk reporters are at the trial in Miami, Florida. ⚖️ The closely-watch trial has seen representatives for the deceased Dave Kleiman, led by Dave’s brother Ira, claim they're entitled to some of a multi-billion dollar fortune that belongs to the anonymous Satoshi Nakamoto. 😢 Wright, who has alienated much of the crypto community with his litigious and heavy-handed attempts to prove he created bitcoin, welled up with emotion when testifying, according to Bloomberg. Wright claims he exaggerated Kleiman’s role after his death in emails, partly "to burnish the legacy of a man he considered to be underappreciated." The art of the NFT: NFT art market boom is overwhelmingly benefiting male creators / Beeple is changing the relationship between the artist and the collector

	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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