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CryptoCodex


	Happy Friday! This is Billy Bambrough, here with what's driving the day in the world of bitcoin and crypto.


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24-hour crypto market snapshot

$42,350

$3,248

$1.25

$0.7618

Rally rejected 🚫


	The cryptocurrency combined market cap has now lost $1 trillion in value since its peak of $3 trillion in November, according to CoinMarketCap data. The decline has spooked traders who began the year feeling bullish and are now frantically trying to figure out what's next. Read the full story on Forbes. The bitcoin price, after briefly dropping under $41,000 on some exchanges to lows not seen since September in the early hours of this morning, went on to make an attempt at a breakout but was stopped in its tracks at under $43,000. Ethereum continues to be one of the major market's biggest losers, down a further 3% on this time yesterday. Cardano and XRP have bucked the trend and are making gains, up 3% and 2% respectively. Hex, widely disregarded by many crypto traders and investors as a scam project, briefly appeared in CoinMarketCap's top ten cryptocurrencies by value this morning but has now been removed. Look out today... for the latest U.S. non-farm payrolls report that may give more clarity to the Federal Reserve's movements in the coming months. The report is expected to show the U.S. economy created 400,000 jobs in December with the unemployment rate inching lower. Now read this: Bitcoin mining stocks halve as ‘turbo-charged’ thesis plays out

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The crypto backlash ⚡



	Mozilla is best known as the developer of the Firefox browser SOPA Images/LightRocket via Getty Images


	Following the leader: Emboldened by Facebook's transition to Meta and Wall Street's growing acceptance of cryptocurrencies as a legitimate asset class, non-crypto companies are increasingly looking to embed or support crypto and non-fungible tokens (NFTs) to either better serve users or create new revenue streams—with mixed results. Outfoxed: Last week, the Mozilla Foundation, best known for the Firefox web browser among other open-source software projects, reminded its Twitter followers it accepted cryptocurrency donations, something it's done for years. "Dabble in dogecoin? HODLing some bitcoin and ethereum? We’re using BitPay to accept donations in cryptocurrency," Mozilla posted. After pushback from users who are unhappy about crypto energy use and the unregulated nature of the space, Mozilla has temporarily suspended its crypto donation support. Ouch... "Everyone involved in the project should be witheringly ashamed of this decision to partner with planet-incinerating Ponzi grifters," Jamie Zawinski, who co-founded Mozilla and Netscape, replied to the original post. Mozilla yesterday posted a "listening and learning" style Twitter apology. Game on: Gaming companies such as Square Enix have recently announced they're jumping into an NFT-filled metaverse, to widespread revolt from fans. Yesterday, shares in gaming store-turned meme stock GameStop surged after the company announced plans to launch an NFT marketplace, following in Radioshack's footsteps—which last week said it's launching a crypto market for "the older generation." Many of these ideas have been mocked as shameless cash-grabs or desperate attempts to remain relevant. The bottom line: The internet may have to be dragged kicking and screaming into web3—which will either be a glorious utopia or a terrifying hellscape, depending on who you listen to. Now read this: Football’s future is in the metaverse

Crypto's carbon footprint questioned 👣


	🎙️ U.S. lawmakers are preparing a hearing on the environmental impact of bitcoin and crypto mining, according to a report from The Block, citing sources familiar with the matter. 📝 Congress' Oversight and Investigations subcommittee of the House Energy and Commerce Committee is drawing up a list of witnesses that could be called on as soon as this month. They will be questioned about the energy use of proof-of-work mining, the type of mining used for bitcoin, according to the report, with crypto critics increasingly warning over the sky-high energy costs associated with blockchain-based networks. 🇺🇸 After China's latest crypto crackdown, the U.S. has become the largest contributor to the bitcoin network's hashrate—a measure of how many computers are directing power to secure bitcoin's blockchain and validating transactions in return for coins. Good to know: A Hong Kong crypto exchange has allegedly frozen user funds

	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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