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	Happy Friday! This is Billy Bambrough, here with what's driving the day in the world of bitcoin and crypto. 📧 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 (-7%)

$40,290

Ethereum (-6%)

$2,889

Avalanche (-7%)

$87.25

Luna (-10%)

$50.85

No safe spaces 🛟


	Cryptocurrency prices have fallen sharply over the last 24 hours along with global stock markets as tensions between Russia and Ukraine reach fever pitch. Read the full story on Forbes. The bitcoin price has plunged toward $40,000, dropping almost 10% since this time yesterday, after looking like it could have climbed over $50,000 just days ago. The major crypto market has followed bitcoin lower, with ethereum and its biggest rivals BNB, solana and cardano all down a similar amount. Terra's luna is leading the market lower with a 10% drop. This weekend, Russia has said it's planning nuclear exercises to test its ballistic and cruise missiles so expect investor nerves to remain frayed. Good to know: Kraken CEO says users should consider taking crypto off exchanges amid Canada's crypto crackdown

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U.S. crypto upheaval 🗽



	U.S. president Joe Biden could sign an crypto-related executive order as soon as next week. Getty Images


	Times are a-changin': The U.S. is set for an overhaul of how it deals with bitcoin and cryptocurrencies with a raft of major changes fast coming down the track. This week we've had news of: 💫 The Biden administration's long-awaited executive order that's now expected next week and will charge several government agencies with the examination of cryptocurrencies; 🌟 The FBI has said it will form specific digital currency unit for blockchain analysis and virtual asset seizure, and ✨ Securities and Exchange Commission (SEC) chairman Gary Gensler has renewed his push for increased crypto market oversight. Biden his time: President Joe Biden is next week expected to issue an executive order directing agencies across the government to study cryptocurrencies, a potential digital dollar, and come up with a government-wide strategy to regulate digital assets, it was reported by Yahoo Finance, citing an administration official familiar with the matter. The agencies will have three to six months to produce a regulatory report for the White House and the Biden administration will reportedly use the input to direct its regulatory approach to digital assets. Earlier this week, it was reported by Bloomberg that a rift has developed between the White House and Treasury over crypto regulation. Treasury secretary Janet Yellen reportedly views the plan for an executive order as unnecessary, particularly any mention of a central bank-issued digital dollar. Federal Bitcoin Investigators: The FBI is meanwhile creating a "virtual asset exploitation" unit in the aftermath of the Justice Department's seizure of $4.5 billion worth of bitcoin that were stolen in the 2016 Bitfinex crypto exchange hack, it was reported by Reuters. The U.S. Justice Department has also tapped a seasoned computer crimes prosecutor to lead the high-profile new blockchain analysis and virtual asset seizure division as cyber crimes fueled by the crypto price boom surge. Eun Young Choi, a prosecutor who led the case against a Russian hacker who helped steal information about more than 80 million JPMorgan customers, will lead the department's cryptocurrency enforcement team. Gary's game: SEC chair Gary Gensler has continued his pitch to U.S. lawmakers on his vision for crypto oversight, speaking to Democrats of the House Financial Services Committee during an annual retreat for Democratic members and legislative staff, it was reported by The Block. Gensler reportedly compared the flurry of crypto advertisements during this month’s Super Bowl to the surge in subprime mortgages that led to the financial crisis of 2007-2008. The bottom line: The U.S. is getting real about crypto and the internet's Wild West is about to get a little less wild. Now read this: Crypto investors are wealthier. No one knows how much they’re spending

Sequoia's $600m market bombshell 💣


	🌲 Sequoia, one of the most powerful and influential Silicon Valley venture capital companies, has said it's to raise $500 million to $600 million for its first sector-specific crypto fund. Read the full story on Forbes. 🧑‍⚖️‍ Sequoia Capital said it will bet on cryptocurrencies directly and actively manage tokens, from staking them to providing liquidity to participating in governance. ✨ This will be Sequoia's first sector-specific fund since its founding in 1972 and it will continue to invest in crypto startups out of its main seed, venture, growth, and expansion funds that have over $7.5 billion in total capital commitments. Watch: Is bitcoin the 21st century gold?

	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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