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CryptoCodex


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


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24-hour crypto market snapshot

$56,217

$4,522

$1.67

$64.74

😊 Ups and downs 😔


	Cryptocurrency prices are painting a mixed picture this morning, with bitcoin trading lower while some smaller coins make massive gains. The bitcoin price is down by around 2% and moving further from the closely-watched $60,000 level. Meanwhile, ethereum has also moved lower after surging toward its all-time highs yesterday. Ethereum and its biggest rival Binance's BNB are both down around 4%. Further down the rankings, solana and cardano are both on the up, rising 2% and 6% respectively. Ripple's XRP and polkadot are both down around 5%. Tesla billionaire Elon Musk's latest dogecoin endorsement boosted the memecoin earlier this morning but doge has since fallen back. Outside the top ten, terra's luna is soaring, up 12%. Now read this: Why The SEC’s Stance On Bitcoin ETFs May Need To Change

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Square, cubed ⛓️



	Jack Dorsey's payments company Square has gone meta with a rebrand to Block Block


	Squared up: The fintech giant Square, led by former Twitter chief executive Jack Dorsey, has announced a major corporate rebrand that puts its bitcoin, crypto and blockchain ambitions in focus. Square is reorganizing under the umbrella Block, effective December 10, and will see the company’s various products—including music streaming service Tidal, Cash App, TBD, and Square itself—move under one brand. Square Crypto, a separate part of the company "dedicated to advancing bitcoin," will become Spiral. Not happy: Crypto news and analysis outlet The Block. Moving fast: The announcement comes just days after Square founder and CEO Jack Dorsey stepped down from Twitter and sees the company follow Facebook (now Meta) in reorganizing its various business interests under a unified corporate brand. "We built the Square brand for our Seller business, which is where it belongs," Dorsey said in a press release. "Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy." Block's bitcoin: Last year, Square bought $50 million worth of bitcoin and has also been considering creating a bitcoin hardware wallet. The TBD division last month released a white paper detailing a new decentralized protocol for exchanging digital and other assets called tbDEX. The bottom line: Dorsey sparked wild speculation he'd be spending more time working on bitcoin, crypto, blockchain and the decentralized web3 when he threw in the towel at Twitter and Square's rebrand to Block is a clear indication that assumption was correct. Good to know: Facebook parent company Meta is relaxing its crypto ad rules

Crypto execs in the spotlight 🔦

🏛️ The top brass from eight major cryptocurrency companies have been called to testify before a U.S. congressional committee later this month.

🔥 The hearing, set for December 8, will be the first time executives from the burgeoning cryptocurrency sector have been grilled by lawmakers.

📢 Crypto execs called up include Coinbase chief financial officer Alesia Haas, Circle chief executive Jeremy Allaire and Bitfury CEO and former financial regulator Brian Brooks—with Coinbase chief executive Brian Armstrong notably absent. Armstrong has been a vocal critic of lawmakers and regulators who he claims have failed to give clear guidance to crypto companies.

Now read this: SEC chief says crypto exchanges need regulatory oversight

	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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