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Forbes - Degraded performance 💫

Good Tuesday morning. 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
Bitcoin (+8%) $36,323
Bounce back 🎾
Cryptocurrency prices found a floor yesterday, bouncing back along with stock markets as bitcoin's inflation hedge narrative crumbles. The bitcoin price is now up 8% on this time yesterday with ethereum also adding 8% as the market ricochets ahead of the hotly-anticipated Federal Reserve press conference tomorrow afternoon. Markets are braced for more volatility today, with U.S. stock index futures falling sharply in early trading.

Meanwhile, ethereum rivals Binance's BNB, solana and polkadot are leading the market higher this morning, all up between 8% and 10%. Other top ten coins—cardano, XRP, Terra's luna and dogecoin—are up around 5%.

Now read this: Teenage bitcoin throws an interest rate tantrum
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Flipping NFTs to flipping burgers 🍔
McDonald's has become linked with bitcoin and crypto market crashes
McDonald's has become linked with bitcoin and crypto market crashes Getty Images
Stackin' sats and sandwiches: As the crypto market crashes, burger chain McDonald's has jumped on the memewagon, asking "how are you doing people who run crypto Twitter accounts." The jibe follows high-profile crypto founders, influencers and even El Salvador's president joking about getting jobs at fast-food restaurants due to the crypto downturn that's wiped around $1.4 trillion from the market over the last two months.

Down bad, spirits high: "Doin' whatever it takes to acquire more bitcoin," MicroStrategy's Michael Saylor replied to McDonald's. El Salvador's self-styled "CEO" president Nayib Bukele changed his profile picture to one showing giving a speech while sporting a badly photoshopped McDonald’s branded cap and t-shirt. Bukele also ran a Twitter poll asking if he should "quit my job at McDonald’s and open a bitcoin burger joint?" MicroStrategy stock is down around 20% since Thursday while financial markets remain unimpressed with El Salvador's bitcoin strategy. The country's 5-year credit default swaps have surged from 412.54 to 1,812.81 since adopting bitcoin as legal tender in September, according to S&P Global Market Intelligence.

Counting the cost: Meanwhile, ten of the wealthiest cryptocurrency investors tracked by Forbes have lost a combined $27 billion since early November when the bitcoin and crypto market peaked. Read the full story on Forbes.

Good to know: Some NFT artists don't trust Meta
SBF on solana's slow down ☀️
🚦 Solana, the ethereum rival that's hoping to win non-fungible token and decentralized finance (DeFi) market share, has suffered a severe slow down in recent days with the network's official Twitter account claiming the blockchain has been "experiencing high levels of network congestion" tied to "excessive duplicate transactions."

🐦 Sam Bankman-Fried, the chief executive of crypto exchange FTX and a major solana backer, weighed in on Twitter last night, saying "solana has had degraded performance this week" but "it's still processed more transactions than all other major blockchains."

📉 The solana price has crashed more than any other major cryptocurrency over the last week and is now down around 65% from its November all-time high. Traders are complaining about solana's performance, raising questions about its status as a Wall Street darling, according to a report in The Block.

Now read this: The rise of the crypto mayors
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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