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	Good Tuesday morning. This is Billy Bambrough, getting you up to speed with the bitcoin and crypto latest. 📧 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 (+4%)

$42,875

Ethereum (+4%)

$3,021

Cardano (+6%)

$0.9531

Avalanche (-3%)

$88.74

Stocks go down 📉 crypto goes up 📈


	Cryptocurrencies are soaring this morning even as company shares struggle in the face of the Federal Reserve's plans to drive down inflation. Bitcoin is up almost 4% on this time yesterday, strengthening its position over $40,000, while ethereum has topped $3,000 for the first time in two weeks, also up 4%, as investors cheer the latest institutional overtures into crypto markets. See below for details. Ethereum rivals cardano and polkadot are leading the major market higher, both up around 6%, while Terra's luna and avalanche are down 2% and 3% respectively. Stock markets and government bond prices gyrated yesterday after Fed chair Jay Powell said he'd go further and move faster than traders had expected to fight inflation. Stocks dropped in the immediate aftermath of Powell’s comments but recovered most of their losses later in the afternoon. Watch out today... For Tesla billionaire, one-time dogecoin "CEO" and premier crypto influencer Elon Musk who's in Berlin for a tour of Tesla's new "gigafactory." Musk has said little on crypto in recent months (perhaps due to his ongoing attempt to wrangle a better deal with the Securities and Exchange Commission over his shoot-from-the-hip approach to Twitter) but press conferences are no holds barred. Check out these: "Striking" photos of crypto mining farms from Siberia to Spain

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Institutional arrivals 🏦



	Goldman Sachs is the latest Wall Street giant to begin offering crypto trading services to clients. SOPA Images/LightRocket via Getty Images


	First of many: Goldman Sachs' digital assets trading unit has made its first-ever over-the-counter (OTC) crypto transaction in the form of a bitcoin non-deliverable option, according to an announcement by its partner Galaxy Digital. "We are pleased to continue to strengthen our relationship with Goldman and expect the transaction to open the door for other banks considering OTC as a conduit for trading digital assets," said co-president and head of global markets at Galaxy Digital Damien Vanderwilt in a statement. Goldman, after connecting clients to Galaxy Digital's ethereum fund earlier this month and taking part in crypto bank Anchorage's $350 million Series D funding round last year, has also added another digital assets VP to its team headed up by Matthew McDermott. Don't dilly-dally: Meanwhile, Bridgewater Associates, the world’s largest hedge fund with $150 billion in assets under management, is preparing to back its first crypto fund, it was yesterday reported by Coindesk. However, Ray Dalio's investment giant doesn't plan to buy cryptocurrencies itself, according to hot-shot reporters Danny Nelson and Ian Allison. They write: "It’s the first signal to date the world’s largest hedge fund is taking crypto seriously with its own money." Bull case: The supply of bitcoin in private wallets across exchanges has reached a three-year low, according to data compiled by Glassnode. Bloomberg called the data "a technical signal that’s potentially pointing to a new breakout." But but but... Cryptocurrency funds have continued to see outflows as investors withdraw cash following the Federal Reserve's first interest rate hike since 2018 and to the uncertainty over the potential ramifications of Russia's invasion of Ukraine. Almost $50 million were pulled out of digital-asset investment products in the seven days through March 18, according to CoinShares' latest report. Coindesk has a write-up. The bottom line: Institutions are continuing to tiptoe into crypto markets but aren't quite willing to take the plunge. Now read this: Remember when bitcoin was 'anonymous'?

🇬🇧 U.K.'s crypto ad "red alert"


	🐶 The U.K.'s advertising watchdog, the Advertising Standards Authority, has warned some 50 companies, including Coinbase, eToro, Luno and Crypto.com, they need to review their ads to make sure they comply with new guidance. ⚠️ "This is a ‘red alert’ priority issue for us and we’ve recently banned several crypto ads for misleading consumers and for being socially irresponsible," the ASA said, giving crypto companies a deadline of May 2 to make sure their ads comply or they'll be reported to the Financial Conduct Authority (FCA). 🚀 The U.K. has ramped up its oversight of the crypto market in recent months. In January, the FCA announced its plans to tighten oversight of crypto advertising after it was granted additional powers by the government. Good to know: Indian tax officials say crypto profits are like lottery wins

	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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