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	Good Wednesday morning. 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 (-2%)

$42,144

Ethereum (-2%)

$2,961

Cardano (+4%)

$0.9827

Apecoin (+12%)

$12.11

Transitory rally ✨


	A cryptocurrency rally yesterday has stalled this morning with news that El Salvador's hotly-anticipated bitcoin-backed bond could be delayed until September taking the wind out of markets. See below for details. The bitcoin price climbed to over $43,000 yesterday but has now fallen back to around $42,000. Meanwhile, ethereum has also dipped despite "enthusiasm starting to mount" ahead of the blockchain's long-awaited transition away from proof-of-work, the validation model used by bitcoin, to proof-of-stake—expected to help the network run more efficiently and use less electricity. Read the full story on Forbes. The rest of the crypto top ten is mixed, with ethereum rivals cardano climbing 4% and avalanche dropping 5%. Apecoin, the hot new coin associated with the Bored Ape Yacht Club non-fungible token (NFT) collection, is climbing again following a huge new funding round for creator Yuga Labs. Keep an eye out for more U.S. and European Union sanctions on Russia as U.S. president Joe Biden begins a European tour in Brussels today. Politico speculates "possible measures could include adding two major Russian banks—Sberbank and Gazprombank—to the list of institutions banned from the international SWIFT payments system." Look out today... for U.K. finance minister Rishi Sunak who's unveiling how the country plans to tacking the soaring cost of living crisis that's seen inflation surge to over 6% and Federal Reserve chair Jerome Powell who's speaking on a Bank of International Settlements (BIS) panel at 8am EDT. Listen to this: Is gold the safest place to invest?

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Volcano blocked up 🌋



	Bitcoin has been accepted by stores throughout El Salvador since last summer. AFP via Getty Images


	El Dorado: After missing it's scheduled time frame of last week, El Salvador yesterday announced it has postponed its closely-watched and unprecedented issue of a bitcoin-backed, volcano-powered, $1 billion bond. The bond could now be delayed until September, it was reported by Reuters. "In May or June the market variants are a little different. At the latest in September. After September, if you go out to the international market, it is difficult (to raise capital)," El Salvador's finance minister Alejandro Zelaya was quoted by the newswire, indicating the country will wait for more favorable market conditions. Better late than never: According to Zelaya, the bitcoin bond will have a "substantial oversubscription" that could reach $1.5 billion. The bond will be issued not by the government but instead by the state-owned thermal energy company La Geo. It will have a sovereign guarantee provided by the Salvadoran state, he added. Uncertain outcomes: El Salvador has faced fierce criticism from the traditional financial world for its adoption of bitcoin and plans to use its bitcoin bond to create an ultra low tax city, with the International Monetary Fund (IMF) leading calls for the country to change course. Talks between El Salvador and the IMF over a $1 billion loan stalled after the lender became concerned El Salvador's use of bitcoin and its policy of accumulating thousands of bitcoins could threaten financial stability. Telegraph columnist Ben Wright yesterday wrote the "world should fear El Salvador’s bizarre bitcoin experiment, warning that "each new initiative like El Salvador’s bitcoin bond could chip away at the greenback’s supremacy a little, potentially making the world that bit harder to police and a touch more dangerous." Bukele bites back... Invest in Volcano Bonds 🌋 and "make the world that bit harder to police," El Salvador's president Nayib Bukele posted to Twitter after sharing Wright's Telegraph piece, adding: "Bitcoin fixes colonialism!" Now read this: Bitcoin miners want to recast themselves as eco-friendly

Funding bonanza 🤑


	🤝 A wave of crypto deals were announced yesterday, with some mind-numbing numbers being thrown around... Katie Haun, a former partner at venture capital company Andreessen Horowitz who left to set up her new VC company Haun Ventures, has raised $1.5 billion for two new crypto-focused funds. Read the announcement here. - Haun's haul is the largest debut fund ever by a female VC The creator of the Bored Ape Yacht Club non-fungible token (NFT) collection, Yuga Labs, has announced a $450 million round, led by Andreessen Horowitz, that gives it a huge $4 billion valuation. - Yuga Lab's purchase of CryptoPunks this month means it now owns two of the top-selling NFT projects Controversial crypto startup Worldcoin is raising $100 million with investors valuing the company's total stockpile of tokens at $3 billion, it was reported by The Information last night, citing two unnamed sources. - Worldcoin, the eyeball-scanning cryptocurrency unicorn, hits signup snags Good to know: Fifa has added Crypto.com as football World Cup sponsor

	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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