Forbes - Spooked 👻 - Newsletterest

CryptoCodex


	Good Thursday morning. Billy Bambrough here, bringing you your latest batch of crypto news and analysis.


	Was this newsletter forwarded to you? Sign up here! Got a crypto-curious friend? Forward Codex to them to help get them up-to-date and ahead of the market!

24-hour crypto market snapshot

$42,898

$3,354

$147.20

$25.97

Race to the bottom 🏁


	After an unusually quiet period over the holidays, volatility is back. The combined cryptocurrency market value is poised to fall under $2 trillion for the first time since October and down almost $1 trillion from its November peak. The sudden sell-off was caused by the release of Federal Reserve December meeting minutes that showed policy-makers are keener than previously thought to raise interest rates and trim the Fed's bloated balance sheet. Read the full story on Forbes. The bitcoin price has lost $5,000 per bitcoin, down almost 10% on this time yesterday and looks at risk of falling under the closely-watched $40,000 level. All top ten coins, as measured by CoinMarketCap, are down around 10%, with ethereum, solana, and polkadot currently leading the major market lower. Meanwhile, NFT tokens were among the hardest hit by the sell-off. Decrypt has a write-up. Now read this: Where Are Bitcoin Prices Heading Next After Today's Move Toward $42,000?

When you make a purchase through links in this email, the author may earn a commission.

Crypto is evolving, are you?

Anyone following crypto knows how volatile the market can be. Forbes CryptoAsset & Blockchain Advisor looks at the universe of viable crypto assets with proprietary analysis and insider crypto knowledge to guide you to the best choices. Set yourself up for success in the new year and learn how to make smart investments on this breakthrough technology by leveraging deep-dive interviews and more to further establish your portfolio and fuel profits.

For successful subscription, disable your adblocker

Join Forbes Crypto Asset & Blockchain Advisor

Kazakhstan offline 📵



	Demonstrators have taken to the streets of Kazakhstan in recent days to protest the price of fuel ASSOCIATED PRESS


	Gone dark: Kazakhstan's new bitcoin and crypto miners have been knocked offline after the country’s largest internet service provider shut down access to the internet in response to protesters storming government buildings over sky-high energy costs. The country's government has resigned and a two-week curfew, including a ban on mass gatherings, has been implemented for the city of Almaty and surrounding areas. Super-dirty: "The curtain just lifted on one of the many mysteries surrounding bitcoin: How much is being produced using super-dirty coal in Kazakhstan," writes Fortune. Why it matters: Kazakhstan has become a major cryptocurrency mining hub after China's expulsion of miners through 2021. Crypto miners use powerful computers to secure cryptocurrency blockchains and validate transactions in return for freshly-minted coins. Kazakhstan is now thought to be home to as much as 18% of the world's bitcoin mining power, according to research from the Cambridge Centre for Alternative Finance out late last year and reported by The Block. While the computing power being directed at a blockchain—known as its hashrate—is not directly correlated to the price of a cryptocurrency, it gives an indication of the network’s security and sudden swings can both spook investors and potentially cause miners to sell more coins than usual. Mine offline: Crypto mining in Kazakhstan "is likely to be hurt," by the internet blackout, Coindesk reported. "I guess some geeks would say that in theory, you could mine without internet, but in practice, all the machines in Kazakhstan should be turned off because of the internet shutdown," Jaran Mellerud, a researcher at Arcane Research, told CoinDesk. What next? Power problems had been anticipated in Kazakhstan. In November, the Financial Times reported that "Kazakhstan has been struggling to cope with the huge popularity of crypto mining ... The pressure on the grid caused by crypto mining operations has caused blackouts in towns and villages across six regions of the country since October." Those problems had already forced some crypto miners to look for a more stable home elsewhere and now internet blackouts are likely to cause another relocation. Good to know: Crypto scammers took a record $14 billion in 2021

Crypto tax troubles 🧾


	🇮🇳 India's tax authorities have accused the country’s largest cryptocurrency trading platform, Binance-owned WazirX, of evading taxes to the tune of $5.4 million. Quartz has a write-up. 🤑 The investigation is the first crypto-related tax investigation India and, according to Quartz, "signals a new era for India’s tax authorities, with crypto a potential source of revenue as well as alleged fraud." ⌛ India, one of the world's largest crypto trading markets, is still weighing strict new crypto regulations that are expected to be finalized in the coming months. Now read this: Crypto means freedom—Garry Kasparov

	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.

You’ve received this email because you’ve opted in to receive Forbes newsletters.

Unsubscribe from CryptoCodex.

Or, manage your paid subscriptions on your Forbes profile here.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Vera Acquires Castlight | Covid Job Growth | $45M For Medicaid Startup

Wednesday, January 5, 2022

Plus: Food shortages and other challenges in China's big lockdown ADVERTISEMENT Forbes | InnovationRx Are we in a healthtech bubble? As SoftBank and Tiger Global continue to stoke stratospheric

The Best Washers And Dryers That Do Everything Short Of Folding Your Clothes For You

Wednesday, January 5, 2022

Plus: The Best Dark Spot Correctors For Melanin-Rich Skin, According To Dermatologists All products and services featured are independently selected by Forbes Vetted contributors and editors. When you

Going for gold 🥇

Wednesday, January 5, 2022

CryptoCodex Forbes Billy Bambrough Forbes Senior Contributor Forbes Good Wednesday morning. This is Billy Bambrough with what you need to know from the world of bitcoin and crypto. Was this newsletter

2022 Market Forecasts | Entrata Chairman’s Abrupt Exit | Evergrande’s Enduring Troubles

Wednesday, January 5, 2022

Plus: Devin Booker, Already An NBA Star, Is Heating Up As An Investor ADVERTISEMENT Forbes Good morning. Will 2022 markets be dominated by bulls or bears? Investment strategists share their predictions

New Year’s Resolutions For Small Business Owners | Baby Food Startup Raises $67 Million In Funding | How Small Businesses Can Prepare For Tax Season

Wednesday, January 5, 2022

Plus: 2022 Might Look Uncertain. Here's How To Set Yourself And Your Team Up For Success In The New Year. ADVERTISEMENT Forbes Happy New Year! I hope you all had a lovely holiday with family and

Forbes - Spooked 👻

Older messages

Vera Acquires Castlight | Covid Job Growth | $45M For Medicaid Startup

The Best Washers And Dryers That Do Everything Short Of Folding Your Clothes For You

Going for gold 🥇

2022 Market Forecasts | Entrata Chairman’s Abrupt Exit | Evergrande’s Enduring Troubles

New Year’s Resolutions For Small Business Owners | Baby Food Startup Raises $67 Million In Funding | How Small Businesses Can Prepare For Tax Season

You Might Also Like

An urgent deadline is looming, and we’re short

☕ 24/7

Open Thread 327

‘The Everything War’: Inside Amazon with author and WSJ reporter Dana Mattioli

SEC Sued To Define Ether | Samouri Wallet Shut Down On Money Laundering Charges

“Is the media prepared for an extinction-level event?”

University presidents backed into a corner

YOU LOVE TO SEE IT: Flying The Fairer Skies

Trials and Tribulations

30 great Mother’s Day gifts