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CryptoCodex


	Good Wednesday morning. 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

$42,985

$3,278

$1.25

$95.25

Slow and steady 🐢


	Cryptocurrencies aren't out of the woods just yet but the landscape looks far more hospitable than it did at the beginning of the week. Helped by Federal Reserve chair Jerome Powell's dovish comments yesterday, the bitcoin price has bobbed to $43,000 per bitcoin, with ethereum climbing to almost $3,300. Binance's BNB, solana and XRP are all up 4% on this time yesterday while cardano, Terra's luna, polkadot and avalanche have all soared by around 10%. Despite the broad crypto rally, prices have a long way to go to reclaim the kind of levels they'd reached towards the end of last year with the market still down around a third from its November peak. Don't miss: How The World’s Most Dangerous Crypto Anarchist Intends To Neutralize Biden’s Proposed Gun Control Regulations

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Bitcoin's legal guardian ⚔️



	Former Twitter chief executive Jack Dorsey has become one of bitcoin's biggest supporters ASSOCIATED PRESS

Devs got mail: Former Twitter chief executive Jack Dorsey who quit the social media company he co-founded last year in order to spend more time tweeting about bitcoin, has proposed creating a legal defense fund for bitcoin developers. The proposal, sent to the bitcoin-dev mailing list, was shared via Twitter.

A good offense... The Bitcoin Legal Defense Fund Board (Dorsey, along with Alex Morcos of Chaincode Labs and the co-founder of Hudson River Trading, as well as Martin White, reportedly a U.K.-based computer science academic) wrote an open letter to developers, claiming the bitcoin community is "currently the subject of multi-front litigation." "Litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support," the email read. "The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills."

Why it matters: Craig Wright, an Australian computer scientist who's long claimed (without proof) to be bitcoin's mysterious creator Satoshi Nakamoto, is in the process of suing bitcoin developers that hosted the bitcoin white paper while waging a legal war for control cryptocurrencies lost by the defunct Mt. Gox exchange. While the Fund's letter made no direct reference to Wright, it did mention the activities of Wright’s Tulip Trading firm. The Bitcoin Legal Defense Fund's first activity will be to support those independent developers.

Background: Since leaving Twitter, Dorsey, has reorganized his payments company Square under the name Block and directed much of his time toward bitcoin development. In November, Dorsey's decentralized exchange project called tbDEX released a white paper detailing its plans to create a message protocol designed to facilitate trust relationships without relying on a federation to control access.

Now read this: A case for unions and bitcoin

Building a crypto citadel 🏰

💱 Hedge fund billionaire Ken Griffin has sold a $1.2 billion stake in Citadel Securities to venture capitalists Sequoia and the crypto-focused Paradigm, paving the way for an initial public offering of one of the world’s biggest market makers and setting the trading company up for expansion into the fast-growing world of bitcoin and crypto.

🗣️ Citadel Securities is interested in getting into crypto market-making but is waiting for greater regulatory clarity in the U.S. and internationally, a company spokesperson told The Information.

💸 Griffin is known in crypto circles as the man who prevented ConstitutionDAO's crowdsourced effort to buy a rare copy of the U.S. Constitution last year and has described cryptocurrencies as "a jihadist call that we don't believe in the dollar."

Now read this: Ken Griffin’s Fortune Jumps $5 Billion In A Day After Investment From Sequoia Capital, Paradigm

Influencers under fire 💣


	⛽ A group of EthereumMax investors have sued Kim Kardashian, boxer Floyd Mayweather and former NBA star Paul Pierce for allegedly pumping the tiny cryptocurrency's price in order to sell their own coins at a profit. The Hollywood Reporter has the story. 🤳 Last year, Kardashian made an Instagram post promoting EthereumMax, thought to have been seen by around 20% of adults in the U.S. and branded the "financial promotion with the single biggest audience reach in history" by a U.K. regulatory official. Mayweather wore EthereumMax trunks in a fight and Pierce boasted his EthereumMax promotion made him more in a month than his work at ESPN for an entire year. ✍️ "Defendants touted the prospects of the company and the ability for investors to make significant returns due to the favorable ‘tokenomics’ of the EMAX tokens," the lawsuit, filed Friday in California federal court, read. "In truth, defendants marketed the EMAX tokens to investors so that they could sell their portion of the float for a profit." 🐦 Meanwhile, actress Reese Witherspoon, after buying her first non-fungible token (NFT) in October and falling headfirst down the crypto rabbit hole, told her Twitter followers to prepare for an avatar, crypto wallet and digital goods future—to a mixed reception. Good to know: Crypto hiring is fast outgrowing Silicon Valley

	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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