Forbes - Gone super Novi 💥

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	Good Wednesday morning. Billy Bambrough here with what's driving the day in the world of bitcoin and crypto. 🚨🚨 Final offer! Forbes CryptoAsset & Blockchain Advisor Black Friday sale has been extended for a final day! See below for details.


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24-hour crypto market snapshot

$57,231

$4,690

$0.00004583

$0.737

Santa rally expectations 🎅


	Welcome to December, the month of bitcoin new all-time highs. Last year, bitcoin broke through the previously set record of around $20,000—three years to the month since it last nudged the level. The traditional market Santa rally, referring to the stock market's tendency to surge through the last weeks of December into the new year, has become a regular event in crypto markets and expectations are already building that December 2021 will produce another bitcoin all-time high. Bitcoin's off to a bad December start, however, trading down around 1% on this time yesterday, even as ethereum, Binance's BNB and polkadot all climb by about 2%. Solana is soaring, meanwhile, up 6% over the last 24 hours. Further down the rankings, the meme-based dogecoin and its main rival shiba inu are struggling, down 5% and 15% respectively after a Kraken listing-induced rally over the last couple of days. Crypto.com's cro is surging after the trading platform announced an acquisition-fuelled U.S. expansion (see below for details). Now read this: A normie’s guide to becoming a crypto person and how to (cautiously and skeptically) fall down the rabbit hole

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Marcus' Meta mission fail ❌


	Failure to launch: David Marcus, one of the top executives at Meta (née Facebook) and the leader of its long-awaited and yet-to-launch cryptocurrency project, has announced he's leaving the social media giant to pursue other projects—teasing that he'll be creating a startup in a "personal news" Twitter thread. Tangled in red tape: Marcus joined Facebook in 2014 from PayPal and first ran the Messenger service before spearheading the newly-created blockchain division from 2018. Since then he's co-created diem (née libra), built Novi, the company’s digital wallet that launched in October, and apparently spent most of his time wrestling with regulators who feared a Facebook empire-wide private digital currency would elevate the company a little too near nation-state status. What next for diem? Plans for Facebook's ambitious libra project, originally conceived as a way to send money across borders as easily as sending a text, have been heavily scaled back over recent years, with launches repeatedly pushed back and eventually being rebranded as diem. Last month, Novi launched a pilot project using the Paxos-administered USDP stablecoin instead of diem. A Meta spokesperson told Coindesk that Stephane Kasriel, another PayPal alum, will be the new head of Novi. Marcus the maximalist: Marcus told The Information in August he'd been "a big fan of bitcoin for a long time." Perhaps he'll team up with bitcoin-bestie Jack Dorsey, who's probably got an hour or two to spare after quitting Twitter this week. The bottom line: It's a brave new metaverse and diem still hasn't gotten off the ground. Now read this: How crypto vigilantes are hunting scams in a $100 billion market

Taper time ⌚



	U.S. Treasury secretary Janet Yellen spoke alongside Federal Reserve chair Jerome Powell yesterday Getty Images


	🚩 Federal Reserve chair Jerome Powell yesterday signaled his support for a quicker tapering of the Fed's massive asset purchase program when he sat down in front of U.S. lawmakers—something that's worrying crypto investors. 🗣️ "The economy is very strong and inflationary pressures are high," Powell said, giving evidence alongside Treasury secretary Janet Yellen, adding it's "probably a good time to retire" the word transitory from the Fed's description of soaring inflation. 📝 Powell said he expected the Federal Open Market Committee to discuss a speedier taper at its next meeting, which will take place on December 14 and 15. Meanwhile... Yellen said stablecoins could lead to greater efficiencies and contribute to easier payments, but required proper regulation. Coindesk has the details. Don't miss: Good Doge! Crypto fans are naming their dogs ‘Doge’ and cats ‘Bitcoin’ and ‘Elon’

Crypto.com's U.S. expansion 🗽


	🇺🇸 Singapore-based cryptocurrency exchange Crypto.com, after making headlines with its aggressive branding and marketing campaigns in recent weeks, is expanding into the U.S. with the acquisition of two trading platforms from London-based IG Group. 🚀 The exchange's cro cryptocurrency has rocketed over the last month, adding almost 300% and charging toward the crypto top ten by value. 🤝 Crypto.com is buying North American Derivatives Exchange (Nadex) and IG's nearly 40% stake in the Small Exchange for $216 million in cash, according to an IG statement. The deal is expected to close in the first half of 2022 and is subject to regulatory approval. 🤑 It's thought Crypto.com will use the acquisitions as a route to offer some derivatives and futures trading services to U.S.-based customers. Good to know: India’s cryptocurrency enthusiasts call New Delhi’s bluff on ban

	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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