Forbes - Sugar crash 🍭

CryptoCodex


	Good Monday morning. This is Billy Bambrough, here with what's driving the day in the world of crypto and what to look out for this week. (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.


	Was this newsletter forwarded to you? Sign up here! Got a crypto-curious friend? Forward Codex to them to help get them up-to-date and ahead of the market!

24-hour crypto market snapshot

Bitcoin (-1%)

$42,283

Ethereum (-2%)

$3,172

Avalanche (-4%)

$79.93

Luna (-6%)

$88.54

Back to reality 🕹️


	Cryptocurrency prices are falling this morning after a disappointing week that resulted in a lot of positive bitcoin news coming out of Miami's Bitcoin 2022 conference but little price action. Bitcoin's correlation with big tech stocks has now hit a record high. After Miami's "sugar rush" began to wear off, the Luna Foundation Guard bought another $170 million worth of bitcoin over the weekend which failed to bolster the bitcoin price. Bitcoin is down 1% on this time yesterday. Terra's luna, a recent big crypto market winner, is leading the major market lower, down 6%. Elsewhere, ethereum and its big rivals BNB, solana, cardano and avalanche, are all down between 1% and 5%. The meme-based dogecoin, after soaring last week on the back of news Tesla billionaire and dogecoin fan Elon Musk had snapped up a large stake in Twitter, has fallen back after it was revealed Musk has declined to join Twitter's board. See below for details. Check it out: Miami's Bitcoin 2022 in pictures

When you make a purchase through links in this email, the author may earn a commission.

True Value Of Cryptocurrencies

The geopolitical strife taking place in Ukraine has once again underlined the true value proposition of digital currencies that are secure, censorship resistant and easily transportable. To get in-depth research, interviews, trading signals and other valuable information unavailable anywhere else subscribe to Forbes CryptoAsset & Blockchain Advisor.

For successful subscription, disable your adblocker

Get started for only $29

Musk trolls Twitter 🧌



	Tesla billionaire Elon Musk has become an activist investor in Twitter and has proposed adding the meme-based bitcoin rival dogecoin as a potential payment option. NURPHOTO VIA GETTY IMAGES


	Do the hokey-pokey: Part-time entrepreneur and full-time Twitter troll Elon Musk took everyone off guard last night when it was announced he would not be joining Twitter's board after buying a 9% stake in the social network—making him the largest shareholder. Musk's addition to the board had been assumed, with the company website investor relations section already listing him as a board member and others with board seats posting welcome messages. Edit button required: "🤭," was posted to Twitter by Musk soon after Twitter chief executive Parag Agrawal made the announcement but was then deleted. Musk has lobbied for Twitter to roll out an edit button and make various other changes over the last month or so with varying degrees of seriousness. What does it really mean? Agrawal's statement begins with the cryptic line "here's what I can share about what happened." The BBC's tech reporter James Clayton summed it up: "Clearly a lot has gone on behind the scenes that he has left out." Reaction to the announcement has been mixed with some speculating this could mean Musk is rowing back on his ambitions to have more influence over Twitter. Others think that if Musk took a seat he'd be prevented from buying more than around 15% of the company—suggesting he could be considering buying more. Others still think Musk merely prefers heckling from the virtual sidelines to a formal position at the company. Why it matters: Over the weekend, Musk (in another now deleted tweet) called for everyone who signed up for Twitter's $3 per month paid service, Twitter Blue, to "get an authentication checkmark," following it up with the not-yet-deleted: "maybe even an option to pay in doge?"—renewing his support for the meme-based bitcoin rival after its price has crashed dramatically from its 2021 highs. Read the full story on Forbes. The bottom line: Musk understands the internet economy (including the bitcoin and crypto market) is attention-based. Last week he dominated the online conversation (and made around a billion dollars in the process) and looks set to this week as well. Despite occasionally signalling his support for dogecoin and adding bitcoin to Tesla's balance sheet, Musk has still not turned the full power of his spotlight on crypto; something that seems inevitable eventually and will likely cause a crypto shake up comparible to Musk's Twitter odyssey. Now read this: Crypto industry helps write, and pass, its own agenda in state capitols

Traffic jam 🚦


	🔍 Traffic to bitcoin and crypto exchanges increased by 6% in March to 360 million visits, up from 340 million visits in February, according to research conducted by The Block. 🦁 Binance and Coinbase took the lion's share of the traffic, with ByBit, an exchange with almost $10 billion in 24-hour trading volume, coming in 3rd place. 📉 The data will feed into bullish sentiment that the crypto market could be on the brink of recovery after trending downward in recent months. Now read this: Can crypto fill the gap left by Russian money in the U.K.?

The week ahead 📆


	👀 Keep an eye out for these cryptocurrency and crypto-related events this week. 🗳️ The dust is settling in France this morning after the country's presidential election yesterday in which incumbent Emmanuel Macron narrowly beat far-right rival Marine Le Pen in the first round of voting. The run-off is scheduled for April 24. - There's always an angle: France's presidential candidates ignore crypto issues 📈 Tomorrow will bring the latest U.S. consumer price inflation numbers, with prices expected to have surged around 8% from a year ago. Traders will be watching for any surprises that could influence the Federal Reserve's thinking on the pace of interest rate hikes and the extent to which it will consider trimming its bloated balance sheet. 🏦 On Wednesday, the first-quarter earnings season begins with JPMorgan kicking off a flurry of Wall Street reports this week. On Thursday we hear from Citigroup, Goldman Sachs, Morgan Stanley, State Street and Wells Fargo—many of which have recently dipped their toes in bitcoin and crypto services. Now read this: How Sotheby’s Combined NFTs And A Netflix Attitude In A Wild Bid To Be Crypto Cool

	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.

Follow me on Twitter or email me.

You’ve received this email because you’ve opted in to receive Forbes newsletters.

Unsubscribe from CryptoCodex.

Or, manage your paid subscriptions on your Forbes profile here.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Forbes Senior Contributor

Forbes - Sugar crash 🍭

Key phrases

Older messages

Bitcoin’s Enemies List | Lightning Strikes Miami

Meet The 27-Year-Old Billionaire On The Forbes 400 Cover

Here Are 6 Of The Best Sales To Shop This Weekend

New Greenwashing Threat | Hacker-Proofing The Grid | Incentives To Counter The Plastic Crisis

Information wars 💻

You Might Also Like

This $12 Conditioner Lets Me Stretch My Time Between Haircuts

☕ AI overview

What $61 billion can do in a war

Foreign Aid, DOJ Settlement, and a Gull-Screeching Champ

Money talks

Numlock News: April 24, 2024 • Chartreuse, Muskrats, Chicken Soup for the Soul

☕ Whiffed

Microsoft really does not want Windows 11 running on ancient PCs [Wed Apr 24 2024]

Contra Hanson On Medical Effectiveness

How Summer Lee cruised to victory