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	Good Monday morning. This is Billy Bambrough, here with the biggest news from the world of crypto and what to look out for this week. 📧 Thank you for reading CryptoCodex! I’d love to hear your feedback, ideas and tips. Email me directly at billy@billybambrough.com.


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24-hour crypto market snapshot

Bitcoin (-1%)

$42,139

Ethereum (-2%)

$2,872

XRP (-6%)

$0.7862

Avalanche (-5%)

$77.87

An all-time high... 🤨


	Cryptocurrency prices are trending downwards this morning despite crypto companies dropping millions on Super Bowl ads. See below for how that went. The bitcoin price is down 1% over the last 24 hours as fears of a potential Russian invasion of Ukraine continue to rattle investors. However, the bitcoin hash rate, a measure of the computing power required to mine blocks on the bitcoin network with higher rates making it more difficult for singular entities to try and control the network in the so-called 51% attack, hit a new record high over the weekend. Decrypt has a write-up. Elsewhere on crypto markets, the ethereum price is down 2%. Ethereum's biggest rivals BNB, solana, cardano and avalanche are all down between 3% and 5%. Ripple's XRP, after soaring through February, is leading the major market lower, down 6%. Just out: DBS plans to launch retail digital assets trading desk by year-end

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Coinbase gets bowled over 📲



	The Los Angeles Rams defeated the Cincinnati Bengals in Super Bowl LVI last night Getty Images


	Crypto bowl: Cryptocurrency companies were a major presence at this year’s Super Bowl, with the likes of Crypto.com and FTX splashing out on the game's pricey ads to promote their trading platforms, non-fungible tokens (NFTs), or similar crypto projects. - Watch: Why are cryptocurrency adverts taking over the Super Bowl? Coining it in: Coinbase, the biggest U.S. bitcoin and crypto platform that is rumored to have dropped a cool $14 million on its 60-second ad, treated the estimated 200 million viewers to nothing but a black screen with a QR code bouncing around in a way reminiscent of DVD screen savers of the early 2000s, for the audience to scan with their phones. Users were meant to be taken to a page offering them $15 in crypto but (as often happens to Coinbase) its site buckled under the pressure, almost immediately going down. "Coinbase spending $16,000,000 on a Superbowl ad to direct people to their website and $0 to make sure that website doesn't crash 10 seconds after the ad starts is so very internet," tweeted whistleblower Edward Snowden. However, the outage didn't last long and Coinbase was back up a few minutes later, including its homepage that displayed the giveaway promotion along with messages like "Less Talk, More Bitcoin" and "WAGMI." Silver lining: Coinbase chief product officer Surojit Chatterjee said the website was experiencing “more traffic than we’ve ever encountered” immediately after the stunt went live. "Going to try something... a bit different," Coinbase chief executive Brian Armstrong tweeted ahead of the ad. An app crash is probably not what he had in mind. Crypto backlash: Despite the flurry of pricy crypto ads, many weren't impressed. Here are some of the best Twitter clap-backs. - "All these celebrity crypto ads are destined for a supercut montage in the inevitable documentary after the recession," posted comedian Emily Heller. - "You’d think more of these crypto ads would be emphasizing the concrete DeFi applications and wide range of other use cases," said Slow Boring editor Matthew Yglesias. - "The crypto ads this year are highly reminiscent of all the dot-com ads we saw in 2000, right before the market came crashing down," tweeted journalist Bilge Ebiri. Now read this: Bitcoin paradise? Briton creates ‘crypto utopia’ in South Pacific

Cent suspended 🫰


	🐦 Cent, the non-fungible token (NFT) platform that sold an NFT of Twitter cofounder Jack Dorsey's first tweet for $2.9 million last year, has suspended sales citing "rampant" fakes and plagiarism. 🗣️ "There's a spectrum of activity that is happening that basically shouldn't be happening—like, legally," Cent chief executive and co-founder Cameron Hejazi told Reuters. 🚀 NFT sales rocketed to around $25 billion in 2021 as musicians, celebrities and the world of art and sport all began experimenting with the technology. Now read this: Inside the bitcoin laundering case that confounded the internet

The week ahead 📆


	👀 Look out for these cryptocurrency and crypto-related events this week. 📈 Tomorrow, U.S. producer price inflation data is expected to rise 9.1%, below the 9.7% jump in December which was the fastest on record as inflation remains red-hot. 🤝 Also tomorrow, Facebook's Meta will hold an all-hands meeting about the metaverse, it was reported by The Information. 📑 On Wednesday, the Federal Reserve will release the minutes from its last meeting. Investors will be watching carefully for any new insights on its plans for rate hikes, the inflation outlook or comments on the Fed's huge balance sheet. 🪆 Then on Thursday, Russia, as the current head of the UN Security Council, is due to chair a discussion at the body’s global headquarters in New York about the ongoing Ukraine crisis that's causing consternation for markets. 🗃️ Throughout the week, retail giant Walmart, chip-maker Nvidia and gaming platform Roblox are all reporting results and could mention crypto, the metaverse or non-fungible tokens (NFTs). Good to know: Indian crypto exchanges met with finance ministry officials to seek tax reconsideration

	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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