Forbes - Crypto clarity in 2022? 🤔

CryptoCodex


	Good Friday morning and happy Christmas Eve! This is Billy Bambrough with what's driving the day in the world of bitcoin and crypto.


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24-hour crypto market snapshot

$50,959

$4,077

$1.44

$98.91

A Santa surge 🛷


	The bulls are back in the driving seat ahead of a day off on Wall Street as the Christmas break looms. Cryptocurrency prices have seen a Santa surge over the last 24 hours as markets around the world cheer an improving outlook on the fast-spreading omicron Covid-19 variant. The bitcoin price has broken back above $50,000 per bitcoin, climbing to highs not seen since a steep sell-off in early December. Ethereum is firmly back above $4,000, up around 3%, while one of its biggest rivals, cardano, is leading the major market higher with a 6% rally as excitement continues to build ahead of a January upgrade. Terra's luna has meanwhile topped $1 for the first time, adding a further 14% over the last 24 hours as its stablecoin network topped $20 billion in total value locked for the first time, surpassing Binance Smart Chain. Now read this: Investors braced for test of nerves in 2022

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New year, new regs 🥳



	U.S. senator Cynthia Lummis (R-WY) is one of bitcoin’s most vocal advocates on Capitol Hill CQ-Roll Call, Inc via Getty Images


	Clarity required: Cynthia Lummis, the Wyoming Republican senator that's one of the crypto industry's biggest political supporters, is planning on a regulatory blitz in 2022 in an attempt to end years of uncertainty around how digital assets from stablecoins to decentralized finance (DeFi) are taxed, monitored and policed. Bitcoin or bust: Lummis has gone all-in on bitcoin this year. In October it was reported Lummis recently bought between $50,001 to $100,000 in bitcoin and her Wyoming website accepts donations in bitcoin via Bitpay. New sheriff in town: Lummis will pitch Congress on creating a crypto regulatory body as part of her "sweeping digital asset policy bill," according to a Coindesk report that cited a senior aide. Earlier, Bloomberg reported Lummis "is planning to introduce a comprehensive bill next year that would cover everything from how digital assets are taxed and categorized to consumer protections." Go deeper: "Regulators can no longer ignore the potential transformative role cryptocurrencies will play in the future financial system," writes Foreign Policy analyst Gahyun Helen You. "With competition over digital currencies among private companies and governments ramping up, the regulations established today will set the path for the future of global finance." Zoom out: The soaring popularity of digital assets has pushed crypto regulation to the top of the agenda among other financial institutions and regulators. This year, Gary Gensler, the Securities and Exchange Commission chair who's an expert on blockchain technology, has pushed for lawmakers to expand the scope of regulators to better police and control crypto markets. Last month, the Federal Reserve, Federal Deposit Insurance Corporation (or FDIC), and Office of the Comptroller of the Currency (OCC) issued a joint statement announcing a plan to clarify the rules and regulations around how banks can use cryptocurrencies in 2022. ICYMI: Meta aims for ‘deep compatibility’ with blockchain, according to an internal post

Kraken's collateral 🐙


	💸 U.S.-based crypto exchange Kraken is developing a non-fungible token (NFT) marketplace that will allow NFTs to be used as loan collateral. 🗣️ "If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account. And if you want to borrow funds against that," Kraken is working on a system to determine the liquidation value of the NFT deposited, the exchange's chief executive Jesse Powell told Bloomberg in an interview. 📲 Kraken will be following rival exchanges Coinbase and FTX into the red-hot NFT market, while decentralized finance project NFTfi and crypto lender Nexo already offer NFT-backed loans. Good to know: Billionaire Crypto Pioneer Says Market Will Grow To Tens Of Trillions Of Dollars

NFT explosion 💥


	🔊 The non-fungible token (NFT) market has generated around $23 billion in trading volume—up from just $100 million in 2020, according to data from DappRadar, helped by CryptoPunks, the Bored Ape Yacht Club and digital artist Beeple. Read the full story on Forbes. 👛 Data showed the number of unique active wallets engaging with NFTs on a daily basis went up from 5,000 at the beginning of the year to around 140,000 by December. 🔮 Looking ahead, the frantic pace of the market is expected to slow in 2022. "The hype is coming down," Modesta Masoit, DappRadar’s head of finance and research, told Forbes. Now read this: What Jack Dorsey's beef with ‘Web 3′ is really about

	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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Merck’s Covid pill

Thursday, December 23, 2021

Plus: 6% of US adults know someone with a fake vaccine card ADVERTISEMENT Forbes | InnovationRx The FDA authorized Merck's Covid-19 antiviral pill molnupiravir for emergency use today, the day

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Forbes - Crypto clarity in 2022? 🤔

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Merck’s Covid pill

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