Forbes - Market making 💱

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	Good Wednesday morning. This is Billy Bambrough, here with your latest batch of crypto news and analysis. 📧 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%)

$44,140

Ethereum (+3%)

$3,004

Solana (+7%)

$104.58

Luna (+1%)

$93.29

Treading cautiously 👣


	Cryptocurrency prices have reached a plateau after soaring higher on the back of severe financial sanctions being put on Russia by a coalition of global powers. The bitcoin price is trading around $44,000, up more than $10,000 per bitcoin from last week's lows. Investors are now wondering whether the economic fallout from Russia’s invasion of Ukraine could force the Federal Reserve to raise interest rates more slowly than previously anticipated—something that would likely mean a relief rally for stocks and cryptocurrencies. The jury is still out. Ethereum has this morning climbed back above $3,000 per ether for the first time since mid-February while one of its biggest rivals, solana, is leading the major market higher with a 7% increase on this time yesterday. The rest of the crypto top ten, as measured by CoinMarketCap, is more or less flat, with recent winners Terra's luna and avalanche finally slowing after making huge gains in recent days. Listen to this: Zoltan Pozsar on Russia, gold, and a turning point for the U.S. dollar

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Ken Griffin's crypto 180 🌀



	Hedge-fund billionaire Ken Griffin has previously called crypto “a jihadist call” against the U.S. dollar. Getty Images


	Money talks: Ken Griffin, the legendary hedge fund billionaire and founder of market maker Citadel Securities, has changed his tune on cryptocurrencies, revealing that "over the months to come, you will see us engage in making markets in cryptocurrencies." Why it matters: "The role of a market maker is to maximize the availability of liquidity to all participants; how efficiently can we bring buyers and sellers together," Griffin said in 2018, talking about how market makers have helped shore up confidence in the U.S. equity market since the 2008 financial crisis. "The perception and reality that you can create liquidity helps to calm markets." Citadel and similar companies creating better liquidy in crypto markets would likely mean a reduction in the market's extreme price swings. De-camping: Griffin, speaking during a wide-ranging interview with Bloomberg, acknowledged that he was wrong to have been in the "naysayer camp" with regard to digital assets. "Crypto has been one of the great stories in finance over the course of the last 15 years," he said. "And I’ll be clear, I’ve been in the naysayer camp over that period of time. But the crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven’t been right on this call." But but but... "I still have my skepticism," Griffin added, aligning himself with many other Wall Street giants that have recently said they might not like crypto but they're more than happy to charge clients fees to handle it. "But there are hundreds and millions of people in this world today who disagree with that. To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto." About-face: Just a few months ago, Griffin criticized the amount of time and energy spent on cryptocurrencies, saying it's "a jihadist call" that some people don’t believe in the dollar. "I wish all this passion and energy that went into crypto was directed toward making the United States stronger," Griffin told Bloomberg in October. "What a crazy concept this is that we as a country embrace so many bright, young, talented people to come up with a replacement for our reserve currency." Zoom out: In January, Citadel Securities announced its first outside investment worth $1.1 billion from two prominent venture capital firms—Sequoia Capital and the crypto-focused Paradigm. Citadel, which currently has around $38 billion in assets under management, was valued at $22 billion following the investments. The bottom line: What came first the buyer or the market? In reality, the two evolve in tandem and as Wall Street gradually moves to cater to the crypto market, more buyers will emerge. This in turn will inform regulation. Don't be fooled by trillion-dollar market caps, crypto is still in its infancy. Now read this: Ben McKenzie, actor turned crypto naysayer

CZ on crypto bans 🙅


	🚫 Changpeng Zhao (CZ), the chief executive of the world's largest crypto exchange Binance, has ruled out restricting ordinary Russians from using his platform. 🎙️"We're not against any people," CZ told the BBC. "Crypto is meant to provide greater financial freedom for people across the globe" and any unilateral ban would "fly in the face" of the reason crypto was created. 🫔 Last night, major U.S. crypto exchange Coinbase said it "will not institute a blanket ban on all Coinbase transactions involving Russian addresses," despite a request from a Ukrainian government official to do so. Decrypt has the story. Now read this: Bitcoin Demonstrates Its Intrinsic Value To The World

Nation building 🏜️


	🦁 Samson Mow, the chief strategy officer at bitcoin infrastructure company Blockstream since 2017 and an advisor to El Salvador during its adoption of bitcoin, has announced he's leaving the company to focus on furthering "nation-state bitcoin adoption"—and naming Mexico as "on the list" of countries that could adopt bitcoin. Read the full story on Forbes. 🗣️ "I'm working with people from a number of countries and it's still too early to say for sure but bitcoin adoption in some form will be inevitable," Mow said, speaking via Twitter DM. 🔮 In January, Wall Street giant Fidelity predicted other countries and even a central bank could follow El Salvador into bitcoin this year—saying that those who buy bitcoin while the price is low "will be better off competitively than their peers." Good to know: U.K. watchdog bans London tube Floki Inu cryptocurrency ad campaign

	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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