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CryptoCodex


	Good Wednesday morning. Billy Bambrough here with what's driving the day in the world of bitcoin and crypto. (I'm on the road this month so you may receive your copy of *CryptoCodex* a little early/late—apologies in advance for any disruption and normal service will resume the week beginning April 18) 📧 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 (-3%)

$45,297

Ethereum (-5%)

$3,350

Solana (-6%)

$125.08

Dogecoin (+7%)

$0.1513

Summer storms ⛈️


	🚨🚨 Don't miss the latest Forbes crypto billionaires ranking: The Richest Crypto And Blockchain Billionaires In The World 2022 Cryptocurrency prices are trending downward this morning as part of a general market slump triggered by hawkish comments from U.S. Federal Reserve offical Lael Brainard who hinted at trimming the central bank's bloated balance sheet in May. Coindesk has a comprehensive market report. The bitcoin price is down 3% as the crypto community arrives in Miami for what will be most people's second bitcoin conference after Bitcoin 2021 put the event on the map. Excpect a whole lot of wild headlines and showboating from this year's sun-drenched extravaganza. Ethereum is this morning off by 5%, with its major rivals equally troubled. BNB, solana, cardano and avalanche are all down between 3% and 6%. The meme-based dogecoin is meanwhile on the cusp of breaking back into the crypto top ten, as measured by CoinMarketCap, after it was announced Elon Musk will be joining Twitter's board and taking a guiding hand in the social network's direction following news he'd bought 9% of the company. Dogecoin is up a further 7% on this time yesterday, adding to gains earlier in the week as traders bet Musk could try to embed his favourite cryptocurrency into Twitter. Now read this: Miami’s crypto craze on full display at bitcoin conference

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Risky business ⚠️



	El Salvador's adoption of bitcoin as legal tender sparked protests in the country. SOPA Images/LightRocket via Getty Images


	Act now: Two U.S. House representatives this week introduced legislation designed to mitigate the risks of El Salvador's adoption of bitcoin as legal tender and its stockpiling of bitcoins, mirroring a similar Senate bill introduced in February. U.S. representatives Norma J. Torres (D-Calif.) and Rick Crawford (R-Ark.) on Monday introduced the Accountability for Cryptocurrency in El Salvador (ACES) Act which "directs the State Department to produce an analysis of El Salvador’s adoption of bitcoin as legal tender and the risks for cybersecurity, economic stability and democratic governance in El Salvador, and create a plan to mitigate potential risks to the U.S. financial system." The Block has a write-up. The house always wins: "El Salvador’s adoption of bitcoin is not a thoughtful embrace of innovation, but a careless gamble that is destabilizing the country," Torres tweeted. "Global financial institutions have studied and detailed the numerous risks of El Salvador’s adoption of bitcoin, and the international community acknowledges the potential danger," she added in a press release. "El Salvador is an independent democracy and we respect its right to self-govern, but the United States must have a plan in place to protect our financial systems from the risks of this decision." Diplomatic incident: In February, El Salvador’s president Nayib Bukele responded to the original Senate bill via Twitter, telling the U.S.: "We are not your colony, your back yard or your front yard. Stay out of our internal affairs." Bukele, who added "never in my wildest dreams would I have thought that the U.S. would be afraid of what we are doing here," is scheduled to speak at the Bitcoin 2022 conference in Miami tomorrow. Don't forget the popcorn. Washington, District of Crypto: Crypto is becoming a common topic of conversation in DC on both sides of the aisle. "Would the automobile and the internet have developed the way they did if Washington had gotten involved with them to the degree it wants to with crypto," asks Forbes' editor-in-chief, Steve Forbes, adding: "Big political and regulatory battles are coming." Meanwhile... Perhaps business software company turned bitcoin-buyer MicroStrategy will one day be seen as a "risk" to the U.S. after it announced yesterday it had bought another $200 million worth of bitcoin after taking out a loan to do so last month and is now holding a mind-boggling 129,218 bitcoins. CEO Michael Saylor is also speaking at Bitcoin 2022 tomorrow. Listen to this: A viral case against crypto, explored

"Bitcoinizing" the U.S. dollar ⚡


	💸 California-based Lightning Labs, led by chief executive Elizabeth Stark, has raised $70 million from early investors in Tesla and SpaceX to open up bitcoin's layer-2 payments-focused Lightning Network to assets other than bitcoin, including stablecoins and fiat currencies such as the U.S. dollar. Read the full story on Forbes. 🗣️ "That’s really significant because the potential here is for all the world's currencies to route through bitcoin over the Lightning Network," Stark told Forbes ahead of the announcement. 🪙 In recent years, bitcoin has lost its early reputation as an alternative way to make small payments without the need for a trusted third party, with the idea that it could serve as a digital version of gold taking over. The Lightning Network and other such technological solutions are attempting to improve bitcoin's use as a payments network. Good to know: Dubai is luring big crypto firms with tailored regulations

	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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