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Good Tuesday morning. Billy Bambrough here, getting you up to speed with the bitcoin and crypto latest.
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24-hour crypto market snapshot
Bitcoin (+6%) $48,952
Luna (+10%) $84.35
A rally cry 📯
Cryptocurrency prices have seen a sizeable bump in the last 24 hours, with both bitcoin and ethereum climbing around 6%. The rally mostly came in the aftermath of a Twitter spat sparked by the website's cofounder Jack Dorsey. See below for details.

While Dorsey was broadly criticizing most major cryptocurrencies, that didn't prevent them from climbing on the back of its rally. Avalanche and terra's luna are leading the crypto top ten, as measured by CoinMarketCap, higher this morning with a 13% and 10% rally, respectively.

Meanwhile, on traditional currency markets, it's been a wild few days for Turkey’s lira that had whipsawed lower before staging its biggest daily rally since at least 1983 yesterday. Many, including popular clinical psychologist Jordan Peterson, have suggested bitcoin as an antidote to Turkey's currency ills.

Now read this: The big market questions for 2022
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Trash talk 🤬
Andrew Bailey, governor of the Bank of England, has often criticized bitcoin and cryptocurrencies
Andrew Bailey, governor of the Bank of England, has often criticized bitcoin and cryptocurrencies Getty Images
Caught in a web: Former Twitter chief executive Jack Dorsey, one of the fiercest bitcoin proponents in Silicon Valley, ignited an almighty Twitter row overnight, trashing what he branded the venture capital-owned web3 and telling people to "know what you’re getting into." Read the full story of Forbes.

Why it matters: Dorsey, who recently quit the social media giant he cofounded to grow his payments company, has been seen as a trailblazer for web3—the idea a decentralized, crypto and blockchain-based version of the internet will relace of the Silicon Valley-centric web 2.0—with the Wall Street Journal this week naming him as a leader of a group of "unlikely revolutionaries who want to reboot the internet" through web3.

But but but... "I have nothing to do with 'web3,'" Dorsey tweeted. "WSJ and others need names and photos to generate clicks." Ouch.

Backlash: Tech investor and former Coinbase chief technology officer Balaji Srinivasan and general partner at the venture capital firm Andreessen Horowitz Chris Dixon led the response to Dorsey, with thousands telling him they disagree (though many other so-called bitcoin maxis gave him their support). "I am a huge fan of [Dorsey] and hope we can eventually bring him around to ethereum and other blockchains," tweeted Dixon. "Bitcoin is great as digital gold but there are other important applications that require other chains."

Bitcoin bros: Dorsey joined Tesla chief executive Elon Musk in mocking the idea of a crypto-based web3. "Has anyone seen web3? I can’t find it," Musk tweeted, with Dorsey replying: "It’s somewhere between a and z"—thought to be a reference to Andreessen Horowitz, which has recently invested billions in the development of web3.

End of an era? Meanwhile, Dorsey also predicted bitcoin will eventually replace the U.S. dollar. Dorsey, replying to rapper Cardi B on Twitter—who asked "do you think crypto is going to replace the dollar?"—replied: "Yes, bitcoin will."

The bottom line: Many of the criticisms Dorsey made about web3 have also been made about bitcoin itself: That it's effectively centralized and most bitcoin are owned by a small group. No matter which flavor of blockchain you back or invest in, you'll be adding value to those who got there before you.

Now read this: The new get-rich-faster job in Silicon Valley—Crypto start-ups
CZ of Arabia 🇦🇪
🌴 Continuing its global partnership tour, the embattled crypto exchange Binance has announced it's partnered with Dubai's new crypto regulator to accelerate crypto adoption in the city—a favorite haunt of some of crypto's biggest influencers.

✍️ Binance said it will "set-up of a new industry hub for global virtual assets," in an announcement posted to its website, and will assist in the development of crypto regulations and help crypto exchanges become licensed.

🐪 "Dubai," tweeted Binance chief executive Changpeng "CZ" Zhao, alongside a photo of him in traditional Arabic clothing.

hello world
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.
Follow me on Twitter or email me.
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