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	Happy Friday! This is Billy Bambrough, here with what's driving the day in the world of bitcoin and crypto. 🚨🚨 No doubt, 2021 has been a momentous year for crypto assets. But what’s ahead for this revolutionary and intensely popular technology and asset class? Join editor of Forbes CryptoAsset & Blockchain Advisor, Steven Ehrlich, and Forbes senior editor, Michael del Castillo on *Tuesday, December 14* as they discuss crypto's outlook for 2022 as well as the breakthrough moments for the asset class this year.


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24-hour crypto market snapshot

$49,192

$4,189

$181.05

$0.8552

"It was a trap" 😵


	That's according to former Twitter chief executive Jack Dorsey, who's gone full bitcoin after leaving the social media company he co-founded, referring to the bitcoin price falling back after climbing earlier this week—known as a bear trap. Dorsey's payments company Square is today completing its rebrand to Block, reflecting Dorsey's ambition to build a blockchain-based tech conglomerate in the image of Amazon, Alphabet, and Meta. The bitcoin price dropped to lows of $47,500 last night before recovering slightly and is now flat on the last 24 hours. Meanwhile, ethereum is off by just over 3%. Ethereum rival solana has also fallen, recording a 4% decline after mysterious congestion on its super-fast blockchain spooked investors. Coindesk has a write-up. Solana had a worrying, multi-day outage earlier this year. Elsewhere, after representative Brad Sherman joked about a hypothetical mongoose coin replacing dogecoin and ethereum at this week's crypto hearing, several mongoose-based cryptocurrencies have surged, mostly on decentralized exchanges. Cointelegraph has the details. Today, look out for the latest U.S. monthly consumer price index figures as the Federal Reserve continues to gauge whether to accelerate its planned tapering. U.S. inflation is expected to have increased 0.7%, down from a 0.9% rise in October, according to economists polled by Refinitiv. Now watch this: Do Kwon, the founder and chief executive of luna creator Terraform Labs, wasn't happy with the U.S.-centric nature of Coindesk questioning

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Binance eyes Indonesia opportunity 👀



	Binance, the world’s largest crypto exchange, has faced a regulatory backlash due to its rapid growth NurPhoto via Getty Images


	Growth mindset: Binance, the world's largest cryptocurrency trading platform that wrestling with regulators around the world thanks to its decentralized corporate structure and rapid growth, is reportedly discussing "crypto ventures" with some of Indonesia’s biggest companies, it was this morning reported by Bloomberg, citing sources familiar with the matter. Why it matters: Binance is in a state of flux after crackdowns across Europe and Asia over the summer. Founder and chief executive Changpeng "CZ" Zhao has said he'd step down in order to help the exchange make peace with lawmakers but in the meantime, CZ is working to establish regional bases to better comply with local rules. Its U.S. division, ostensibly a separately run entity, is reportedly under investigation by U.S. regulators. Keeping it in the family: The exchange, formerly headquartered in Malta before beginning to operate without an official HQ, is in talks over a possible venture with PT Bank Central Asia (BCA), controlled by billionaire brothers Budi and Michael Hartono, Indonesia's richest family, and state-owned PT Telkom Indonesia, the country’s largest telecom operator. Lips sealed: Binance has a policy "of not commenting on rumors or speculation," a Binance spokesperson told Coindesk when asked to confirm the Bloomberg report. "We are supportive of the sustainable growth of the blockchain industry globally and we are constantly looking at business opportunities in every country," the spokesperson added. The bottom line: Indonesia is a rapidly growing economy with a large unbanked and financially underserved population. A government-backed deal would give Binance a port in a storm and a huge new market to tap. Now read this: Capitol Hill Warms Up To Crypto

Whale spotting 🔎🐳

✊ The third-largest bitcoin holder bought around $150 million worth of the cryptocurrency during the latest price crash, it was first reported by the Independent, citing data from blockchain monitoring service BitInfoCharts.

🕵️ The anonymous investor now holds around $5.7 billion worth of bitcoin, having made more than $3 billion in profit over the last couple of years as a result of bitcoin’s rising price and adding a further 3,000 bitcoins over the last few days.

🐂 The purchase indicates some large bitcoin buyers, including MicroStrategy chief executive Michael Saylor and El Salvador president Nayib Bukele, are still bullish on bitcoin despite the recent sell-off.

Good to know: Cathie Wood thinks ethereum is ‘even more undervalued’ than bitcoin

	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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