Forbes - 🌬️ Winds of change 💨

CryptoCodex


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


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24-hour crypto market snapshot

$59,842

$4,225

$209.34

$0.5526

Flatlining 〰️


	Cryptocurrency prices are trending down this morning but without much conviction. The bitcoin price is still hovering around $60,000 with bulls unwilling to bet on higher prices and bears unable to push it lower. A broad wait-and-see approach has taken hold while the market searches for new information. Solana, the buzzy ethereum rival, is leading the major crypto market lower this morning, down by 6%. Ethereum, meanwhile, is off by 1%. Binance's BNB, cardano and polkadot are all around 3% lower on this time yesterday. Avalanche is still climbing, enjoying a massive week, with the new ethereum challenger potentially breaking into the crypto top ten in coming days as the meme-based dogecoin and shiba inu slide. Crypto.com's cro token is soaring after news broke yesterday the Singapore-based trading platform is dropping $700 million on renaming LA's "iconic" Staples Center. Now read this: After FTX Arena and now Crypto.com Arena, don't forget about the stadium curse

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⚠️ Beware changing trends ⚠️


	Not up only: Cryptocurrencies, stock markets and assets across the board have surged in the past year but huge crypto gains could be wiped out by changing trends as well as regulatory and monetary developments, an official at the Reserve Bank of Australia has warned. In a world where investors become easily accustomed to assets accumulating value, both steadily and in sharp bursts, lower influence of fads, greater concern about crypto's energy usage and its criminal associations could all mean the $2.5 trillion crypto market begins to unwind, Tony Richards, the Reserve Bank of Australia's head of payments policy, said in a speech yesterday it was first reported by Bloomberg. Why it matters: Some crypto investors and enthusiasts talk of a "new paradigm" being created by cryptocurrencies but bitcoin's digital scarcity and digital asset tokenomics aren't a guarantee of ever-increasingly value, despite what social media boosters might suggest. Niche market: "There are plausible scenarios where a range of factors could come together to significantly challenge the current fervor for cryptocurrencies," Richards said, warning cryptocurrencies could become a "niche" technology partly due to central bank stablecoins. "The current speculative demand could begin to reverse, and much of the price increases of recent years could be unwound." Shifting sands: Analysts at JPMorgan have this morning reeled in their prediction of when the U.S. Federal Reserve will act to curtail inflation, now putting their rate hike prediction at September next year, bringing it forward from 2023. A return to what could be called interest rate normality may be a sign the speculative party is winding down. Now read this: After Taproot, what’s next for bitcoin’s future?

A million dollars isn't 🆒...



	Tyler Winklevoss (L) and Cameron Winklevoss, pictured here at Miami's Bitcoin 2021 conference in June AFP via Getty Images


	😎 ... And neither is a billion dollars (anymore). What's cool is the $7.1 billion Tyler and Cameron Winklevoss are eyeing as the valuation for their Gemini cryptocurrency empire, it was this morning revealed by Forbes. ✍️ After bootstrapping their Gemini crypto exchange since 2014, the twins are in the process of getting sign-off on its first funding round of $400 million, led by capital management giant Morgan Creek Digital, with participation from decentralized finance venture firm ParaFi Capital. 🐢🐇 "If the epic competition between the twins and Facebook CEO Mark Zuckerberg is a tortoise vs. hare scenario, now is starting to look like the moment momentum shifts," writes Forbes' Michael del Castillo. Good to know: U.S. congressmen introduce bill to modify crypto tax provision in infrastructure law

Decentralized Treasure 📜


	🤑 A group of crypto investors is plotting to steal buy a rare copy of the U.S. constitution via their decentralized autonomous organization (DAO). 👨‍⚖️ So far ConstitutionDAO has raised over $40 million and the auction house Sotheby’s has said it would accept a winning bid from the group. The auction is scheduled for tonight at 6:30pm ET. 👀 Read the full story on Forbes. Now read this: The bitcoin competitor beloved by the alt-right and criminals


	Correction: I yesterday reported that some 1 million bitcoin lost by Mt. Gox before its collapse are now worth around $8 billion. This was incorrect and should have read the 141,000 bitcoin held by the Japanese trustee in charge of returning the funds to creditors are now worth $8 billion. Thanks to Tom for pointing out the error and my apologies.

	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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Forbes - 🌬️ Winds of change 💨

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