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CryptoCodex


	Good Wednesday morning. Billy Bambrough here with the latest from the world of bitcoin and crypto.


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24-hour crypto market snapshot

$37,863

$2,537

$0.1496

$63.84

A new paradigm 🌐


	The cryptocurrency market is still climbing this morning, although the rebound rally has lost some steam. The new bitcoin price range appears to be between $35,000 and $40,000, at least for now, with bitcoin up almost 5% on this time yesterday. The rest of the crypto top ten, as measured by CoinMarketCap, is also rising, with the exception of the highly-volatile Terra luna, which is down around 2%. Dogecoin, the meme-based cryptocurrency, is leading the major market higher, up 10% after Tesla chief executive Elon Musk urged McDonald’s to accept the memecoin as a means of payment, followed by ethereum rivals solana and cardano, both up 6%. Ethereum itself is up 5%. Look out today... for Federal Reserve chair Jerome Powell's highly-anticipated press conference. Powell will update the market on the Fed's position on rampant inflation and its plans for interest rate hikes this year. MarketWatch has a primer. Good to know: Bitcoin encryption could be broken by futuristic quantum computers, researchers predict

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IMF to El Salvador: Please drop bitcoin 🙏



	El Salvador's president Nayib Bukele has led the country's bitcoin adoption efforts AFP via Getty Images


	Stop the spread: The International Monetary Fund (IMF) has urged El Salvador to reverse its decision to make bitcoin legal tender and more closely regulate the bitcoin wallet issued by the government to spread adoption. In September, El Salvador became the world's first country to make bitcoin legal tender under a plan spearheaded by the country’s 40-year-old president. That meant the digital asset could be used to buy goods, send remittances and even pay taxes in the country. Read Forbes contributor Jason Brett's take here. Jimmies rustled: The plea provoked a mocking reaction among the bitcoin faithful who see it as a sign El Salvador's approach is ruffling the right feathers. "The more successful El Salvador is with bitcoin, the more countries will follow, the less relevant the IMF becomes," tweeted one bitcoin supporter while others made analogies to physical stores asking Amazon to stop selling things online. "The IMF’s demands to El Salvador on bitcoin show the institution to be on the wrong side of history and is bullish for cryptocurrencies," said deVere Group chief executive and crypto bull Nigel Green. Stressed out: "[The directors] stressed that there are large risks associated with the use of bitcoin on financial stability, financial integrity and consumer protection, as well as the associated fiscal contingent liabilities," the IMF wrote in a statement, expressing concern over the country's plan to issue bonds linked to bitcoin. Late last year, the IMF warned of the risks of using bitcoin as legal tender following a visit to the country. These concerns have "stymied" talks with El Salvador about providing a $1.3 billion IMF loan, it was reported by Bloomberg. Can't afford not to: El Salvador's president Nayib Bukele—who has branded himself both the country's dictator and CEO over the last year—has bought more than 1,000 bitcoins in recent months. On Friday, Bukele announced via Twitter he bought an additional $15 million of "really cheap" bitcoin, as the crypto market plummeted and made jokes about having to get a fast-food job to weather the downturn. The bitcoin price is down around 50% from its November record high. First mover: Earlier this month, Wall Street giant Fidelity said other countries and even a central bank could follow El Salvador into bitcoin this year—predicting those that buy bitcoin while the price is low "will be better off competitively than their peers." However, others disagree. The Financial Times reports Siobhan Morden of Amherst Pierpoint Securities said in a recent note: "Although ‘first mover’ status on innovative financial products suggests initial investor demand, it’s not clear that this structure would attract sufficient demand as a recurrent source of liquidity." Now read this: He trades bitcoin naked. El Salvador is paying the price

Carpe Meta's diem ✊


	♎ The Meta-led cryptocurrency project formerly known as libra is exploring a sale of its assets following sustained regulatory opposition, according to a Bloomberg report. 🏦 The Diem Association is weighing the sale of its intellectual property as a way to return capital to its investor members, "people familiar with the matter," told Bloomberg, adding discussions are early and there’s no guarantee Diem will find a buyer. 🌬️ Diem's latest route to launch, over two years since the project was first announced by Facebook, via its banking partner Silvergate was reportedly dealt "a final blow" by the U.S. Federal Reserve piling pressure on the bank. Good to know: Coinbase rival FTX U.S. valued at $8 billion

YouTube exploring NFTs 🗺️


	📺 Video-sharing giant YouTube wants to help its users hop on the non-fungible token (NFT) bandwagon. ✍️ "The past year in the world of crypto, NFTs, and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans," YouTube chief executive Susan Wojcicki wrote in a blog post outlining how she thinks NFTs can help "improve the creator experience." 🤳 YouTube is the latest social media platform to begin experimenting with NFTs as a new revenue stream. Over the last week, Twitter, Meta and its photo app Instagram have all floated the idea of allowing users to mint, trade and display NFTs. Now watch this: Almost 5 million people have watched this "deeply strange" video of Paris Hilton talking NFTs with Jimmy Fallon

	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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