Forbes - 👉 Fat finger

CryptoCodex


	Good Tuesday morning. This is Billy Bambrough with what's driving the day in the world of bitcoin and crypto. 🚨🚨 Last chance to register! 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 today at 2:00pm ET 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

$47,835.01

$3,854

$159.46

$0.2075

Doge world 🐶


	Everything is down except dogecoin, which is soaring after Elon Musk said Tesla will add some dogecoin payment support. Dogecoin has surged over 30% in the hour or so since Musk's tweet but is still down by around 70% from its all-time high set in May. See below for details. Bitcoin is down almost 3% since this time yesterday, with the rest of the crypto top ten off by between 2% and 6%. Ethereum rival solana is leading the major market lower after suffering more network issues yesterday, something that's becoming worryingly regular. Ethereum itself is down 4%. Now read this: The future of crypto—The industry that once focused solely on bitcoin is rapidly evolving

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Musk's pet project 🐾



	Elon Musk has been a fan of dogecoin for years AFP/Getty Images

Out of the dog house: After being named Time's 2021 Person of the Year and talking up dogecoin in interviews for the award, Tesla billionaire and meme-master Elon Musk has shocked the crypto community by announcing (via Twitter) the electric car maker will begin accepting dogecoin as payment for "some merchandise." The dogecoin price is soaring following the news, up around 30% on the last 24 hours.

This week... Musk told Time that he still thinks using dogecoin for transactions makes more sense than bitcoin. "The transaction volume of bitcoin is low and cost per transaction is high. Bitcoin is maybe suitable as a store of value but fundamentally bitcoin isn't a good substitute for transactional currency. Even though it was created as a silly joke, dogecoin is better suited for transactions," Musk said, explaining, "the total transaction flow that you can do with dogecoin, transactions per day, is substantially higher [than bitcoin] and it has much higher potential."

Earlier this year... Musk sent the bitcoin price down by around 15% after ending Tesla's bitcoin payment support due to concerns around bitcoin's environmental impact. At the time, Musk said that bitcoin support would be restarted if bitcoin became less energy demanding but has so far declined to reinstate bitcoin payments.

The bottom line: Musk started 2021 by adding $1.5 billion worth of bitcoin to Tesla's balance sheet. He's ending it as Time's Person of the Year and allowing Tesla buyers to pay with dogecoin. Kind of sums up the year, really.

Good to know: Nike Is Moving Deeper Into The Metaverse By Acquiring Virtual Sneaker Designer RTFKT

🏦 Bank of England warns on crypto risks


	⚠️ Cryptocurrencies could pose a danger to the established financial system as they become more mainstream, a senior Bank of England official has told the BBC. 🗣️ "Their price can vary quite considerably and they could theoretically or practically drop to zero," Bank of England deputy governor Sir Jon Cunliffe said, speaking after the publication of the Bank's latest Financial Stability Report, which examined the health of the U.K.'s financial system. 💰 It's thought that at present around 0.1% of U.K. households' wealth is in cryptocurrencies and Cunliffe said the Bank needs to be ready to contain those risks.

Bored Ape NFT disaster 💥


	🏷️ A Bored Ape Yacht Club NFT that was thought to be worth around $300,000 has been accidentally sold for just $3,000 after a trader "fat-fingered" the sale price. 🗣️ "How'd it happen? A lapse of concentration I guess," NFT trader and former Bored Ape Yacht Club owner maxnaut told CNet. "I list a lot of items every day and just wasn't paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 ethereum [$34,000] of gas fees so it was instantly sniped before I could click cancel, and just like that, $250,000 was gone." 🤖 The NFT was bought by an automated account—and put back on sale at nearly $250,000. When such errors, sometimes called "fat finger" mistakes, happen in traditional finance they're often stopped or reversed but that's not possible in the world of decentralized finance (DeFi). Now read this: How to sneak into a Bored Ape Yacht Club Party

	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 - 👉 Fat finger

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