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CryptoCodex


	Good Thursday morning. This is Billy Bambrough, here with the latest news from crypto-land. (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 (-4%)

$43,532

Ethereum (-4%)

$3,229

Solana (-9%)

$115.79

Dogecoin (-11%)

$0.1461

Sub-$2 trillion ⛷️


	Cryptocurrency prices are struggling this morning, with almost $200 billion wiped from the combined crypto market that briefly dipped back under the $2 trillion level for the first time since mid-March. Read the full story on Forbes. The bitcoin price is trending downwards, now closer to $40,000 than $50,000. The sudden sell-off was first sparked by hawkish comments from a Federal Reserve governor this week then exacerbated by Fed meeting minutes that revealed officials agreed to begin reducing the bank's yawning balance sheet by $95 billion a month, likely beginning in May. Ethereum is down around 4% over the last 24 hours, while one of its major rivals, solana, is leading the market lower, down almost 9%. Dogecoin, after riding high on Elon Musk's Twitter bombshells, has crashed back, erasing all this week's gains. Now read this: Is crypto re-creating the 2008 financial crisis?

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Zuck bucks are back! 👍


	The third time's the charm: First came libra, then diem. Now, Meta (née Facebook) is again looking to launch a crypto-inspired digital currency to shore up its struggling ads business, according to a report from the Financial Times' ear-to-the-ground in San Fransisco, Hannah Murphy. But but but... Reportedly dubbed Zuck Bucks by Meta staff, Zuckerberg's latest shot at creating his own private currency is "unlikely to be a cryptocurrency based on the blockchain," the FT reports, citing anonymous sources. App for that: The virtual coins and lending services would take the form of in-app tokens that would be centrally controlled by the company. Meta is also looking into the creation of so-called "social tokens," "reputation tokens" or "creator coins," according to "company memos and people close to the plans," with Meta-based non-fungible tokens (NFTs) potentially launching as soon as May. Why it matters: Facebook's plans to create a digital currency to be used across its platforms sent shockwaves through the world of central banking in 2019, forcing bankers and governments to take digital currencies seriously or risk getting made redundant by tech giants. Facebook's attempts to work with regulators to launch libra then diem were repeatedly shot down by regulators who feared the amount of financial and economic power the social network would wield. Ultimately, Facebook's strategy to ask permission rather than for forgiveness failed and its digital currency projects collapsed, triggering a mass exodus of senior leadership and developers. What lessons will Zuckerberg have learned from his misadventures in the world of finance? Meanwhile, everyone still hates Worldcoin: The Sam Altman–founded crypto startup that launched last year promising a fairly-distributed, cryptocurrency-based universal basic income in return for biometric data took a double whammy yesterday with both BuzzFeed and MIT Technology Review publishing devastating reports that reveal "deception, exploited workers, and cash handouts." Now read this: Waves founder blames short-sellers for its woes. Here's why that's a red flag

Techno bull, Bukele out, and big bets 🪫



	Miami mayor Francis Suarez unveiled a robotic bull, a take on the Charging Bull of Wall Street. © 2022 Bloomberg Finance LP


	🚨🚨 Here's the latest from the Bitcoin 2022 conference in Miami... 🙅 Bitcoin 2022, perhaps the most highly-anticipated event in the crypto calendar, kicked off not with a bang but with a backing-out yesterday. El Salvador's president Nayib Bukele, who was due to headline today's proceedings, canceled his appearance, citing "unforeseen circumstances" in his home country. The Block has a write-up. ♉ Miami mayor Francis Suarez unveiled a laser-eyed bull statue meant to symbolize Miami becoming the self-proclaimed "world’s capital of crypto"—to a mixed reception that wasn't helped by the crypto market collapsing at the same time. The Intelligencer has branded it "an abomination" and "a crime against god." 🌙 Billionaire crypto investor Michael Novogratz predicted that once the Federal Reserve has tamed the rampant inflation that's forcing it to hike rates and cut its balance sheet, the bitcoin price will go "to the moon." 🦈 Celebrity investor and Shark Tank star Kevin O’Leary argued crypto regulations and policy changes will cause a flood of capital to flow into the crypto space but warned about the effects of the Securities and Exchange Commission's proposed carbon audit standards on energy-intensive bitcoin mining. Watch: Bitcoin 2022 kicks off in Miami

	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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