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Good Thursday morning. This is Billy Bambrough, getting you up to speed with the bitcoin and crypto latest.
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24-hour crypto market snapshot
Bitcoin (-3%) $36,705
Solana (-6%) $91.71
Luna (-6%) $60.61
Fed follow through 👉
Federal Reserve chair Jerome Powell has confirmed market expectations of an interest rate hike in March, with markets barely moving following his well-telegraphed comments.

Cryptocurrency prices are back on a downward trend, however, with the rally seen over the last couple of days fading. The bitcoin price is down 3% on this time yesterday, while ethereum, cardano and XRP also have also lost around 3%.

The major crypto market is being led lower by solana and Terra's luna, both down some 6%. Meanwhile, Tesla billionaire Elon Musk and burger chain McDonald's have accidentally created a grimacecoin gold rush.

Now read this: The Fed policy error that should worry investors
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Turkey eyes the metaverse 👀
Turkish President Recep Tayyip Erdogan has called for comprehensive research on the metaverse
Turkish President Recep Tayyip Erdogan has called for comprehensive research on the metaverse Anadolu Agency via Getty Images
Ceasefire: Amid an economic and currency crisis, Turkey's president Recep Tayyip Erdoğan has asked the country's ruling Justice and Development Party to look into how the country could embrace cryptocurrencies and the metaverse. Erdoğan has previously declared a "war against bitcoin" and last year the government banned the use of cryptocurrencies to pay for goods and services. Erdoğan and ruling Ak Party officials met earlier this week to discuss the metaverse, with the president calling for comprehensive research on the subject, according to local media reports.

But but but... Erdoğan has previously said Ankara has "absolutely no intention of embracing cryptocurrencies," adding Turkey would move "forward with our own currency that has its own identity."

Get rich or die trying: Bitcoin and crypto trading has exploded in Turkey during a financial crisis that halved the value of the lira last year, while inflation recently surged above 30%, a two-decade high. "A lot of people come here, some are rich, some are poor. But the target is always getting rich—although a lot of people think that if they invest a hundred dollars, they will get a million," a founder of the Altcointurk Istanbul crypto trading hub known only as Shark, told The Guardian newspaper.

Trade-in: In December, the number of cryptocurrency trades in Turkey has surged back above one million per day, data reported by Reuters showed.

Good to know: NFTs 'Achieved Mainstream Breakthrough' in 2021
Putin push back 🙇
🇷🇺 Russia's president Vladimir Putin has come out against the country's central bank's suggestion bitcoin and cryptocurrencies should be banned, calling for "some kind of unanimous opinion" between his government and the Bank of Russia.

🗣️ We "have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and the well-trained personnel available in the country," Putin said, speaking during a virtual meeting with members of the Russian government and calling the regulation of cryptocurrencies "an issue that is currently in the spotlight."

🚫 Last week, Russia's central bank called for the country to follow China in enacting a complete ban on bitcoin and cryptocurrencies, citing its volatility and use for illegal activities.

Now read this: The high price of a crypto salary
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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