Forbes - Breaking the budget 🫰

CryptoCodex


	Good Tuesday 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 (+1%)

$47,658

Ethereum (+2%)

$3,435

Luna (+9%)

$102.89

Waves (+67%)

$53.79

Digging deep ⛏️


	Cryptocurrency prices are more or less holding steady this morning with bulls digging deep to maintain the levels the crypto market surged to on Sunday. The sudden rally has pretty much petered out for most of the crypto top ten with bitcoin up just 1% on this time yesterday while ethereum is up 2%. Ethereum's biggest rivals, BNB, cardano, solana and avalanche, are all up between 1% and 3%. Polkadot, now sitting just outside of the crypto top ten according to CoinMarketCap rankings, is down 2%. Meanwhile, Terra's luna is still surging, up 9% on the last 24 hours. Waves, an ethereum rival that's currently just outside of the top 30, has rocketed 60% since this time yesterday in a move that's been put down to some high-profile hires for developer. Good to know: Institutional investors are (still) just around the corner

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Be thankful I don't take it all 🎶



	U.S. president Joe Biden took questions from reporters yesterday after presenting his budget for the fiscal year 2023. The Washington Post via Getty Images


	'Cause I'm the taxman: U.S. president Joe Biden’s budget, released yesterday, includes proposals that would "modernize" tax rules for cryptocurrencies and other digital assets that could generate as much as $11 billion by 2032. The budget is forecasting almost $5 billion in additional revenue in 2023 alone. 🚨🚨 Need help with your 2021 crypto tax obligations? Forbes has got you covered Reporting requirements: The budget proposal include an update of the so-called mark-to-market rules to include digital assets, changes to tax laws that would increase reporting requirements for certain taxpayers who hold cryptocurrency in accounts abroad and require cryptocurrency companies and financial institutions to report more information on their customers to the IRS. Fighting crime: The budget would also see an additional $52 million spent on countering cyber threats, including boosting programs for "combating the misuse of cryptocurrency" and "more agents, enhanced response capabilities, and strengthened intelligence collection and analysis capabilities"—likely meaning more government money headed towards the likes of Chainalysis and Elliptic. Zoom out: In November last year, the bipartisan infrastructure bill was signed into law by Biden that included a controversial crypto clause that some feared could cripple the U.S. crypto economy and is expected to raise $28 billion over ten years through stricter IRS reporting requirements. - The budget's crypto clause also comes shortly after Biden signed an executive order that directed a number of federal agencies to work on a cohesive crypto strategy, stressing the need to protect users, investors and the financial system. Now read this: Bitcoin After 2140—Differing Views On The Future Of The Future Of Money

Climate V crypto 🥊


	🌱 A consortium of climate activist groups, as well as Ripple billionaire Chris Larsen, have launched a campagin called Change the Code Not the Climate that will next month barage bitcoin supporters and high-profile figures like Tesla's Elon Musk and Block's Jack Dorsey with ads urging to them to make bitcoin less energy demanding. ⚡ "While I still believe moving to a low-energy consensus mechanism is the most climate-friendly long-term solution, I recognize it’s no easy feat," Larsen, who isn’t representing XRP developer Ripple in this campaign, posted to Twitter. Larsen, who's locked horns with those who think bitcoin's energy demands are justified before, is donating $5 million to the cause. 🗝️ Ethereum, the second-largest cryptocurrency after bitcoin, is meanwhile expected to transition from bitcoin's proof-of-work consensus mechanism to the more energy efficienct proof-of-stake in mere months, branded a "key inflection point" for crypto mining by TechCrunch—and reportedly giving investors "major FOMO." Now read this: Blockchain bros are turning a South Pacific island into ‘crypto paradise’

	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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Forbes - Breaking the budget 🫰

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