Forbes - Coming carnage 🌪️

CryptoCodex


	Good Tuesday morning. Billy Bambrough here with what you need to know 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 (-5%)

$40,242

Ethereum (-5%)

$3,029

Solana (-7%)

$103.22

Cardano (-7%)

$0.9554

Full retreat 🛡


	Cryptocurrency prices have crashed overnight, falling sharply along with stock markets as confidence evaportates. Yesterday, Arthur Hayes, the co-founder of crypto exchange BitMEX, wrote an in-depth blog post that warned the price of bitcoin and ethereum could fall much further and predicted "carnage" ahead. Read the full story on Forbes. Bitcoin is down 5% on this time yesterday, dipping under the key $40,000 level and taking its weekly loss to around 15%. Ethereum is down a similar amount while the rest of the crypto top ten are looking even worse. Ethereum rivals solana and cardano are leading the major market lower, each down almost 10% over the last 24 hours with weekly losses of nearly 30%. Meanwhile, Coinbase has published a list of some new(ish) coins it's considering listing this quarter and some on crypto Twitter aren't happy. Look out today... for the latest U.S. inflation data, expected to help steer the Federal Reserve's coming interest rate and balance sheet decisions. Yesterday, the White House said it's bracing for the Labor Department’s consumer price index (CPI) report to show that inflation is "extraordinarily elevated." Already this morning, Germany released data showing its annual rate of inflation accelerated in March from February, the highest reading since the autumn of 1981. Now read this: 10 billion reasons bitcoin could become a reserve currency

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True Value Of Cryptocurrencies

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PAC attack 👻


	PAC it in: With crypto and digital asset lobbying effects spreading through Washington DC, two new cryptocurrency political action committees (PACs) have formed over the past week, aiming to ensure bitcoin and crypto gets its spot in the upcoming U.S. midterm election. Republic-coins: Yesterday, FTX Digital Markets co-CEO Ryan Salame launched American Dream Federal Action, a new PAC supporting "forward-looking Republican candidates who want to protect America’s long-term economic and national security." Salame is putting an initial $4 million into the PAC and is looking "forward to supporting forward-looking conservative leaders who understand the urgency of advancing smart policies that set America up for success," Salame said in a statement to Politico. Bitcoin on the ballot: Last week, the Financial Freedom PAC, also called the Bitcoin PAC, was introduced by Bitcoin Magazine’s Grant McCarty at the Miami Bitcoin 2022 conference and will support "candidates that aim to defend and uphold the following rights of bitcoin owners in the United States." Supporting the Bitcoin PAC is the Bitcoin Advocacy Project, which will help the PAC "vote out anti-bitcoin politicians like Brad Sherman and Elizabeth Warren." Earlier this year, a hedge fund that includes former president Donald Trump's communications director Anthony Scaramucci announced PAC GMI (standing for the crypto community phrase "gunna make it"), which plans on spending $20 million to help "elect pro-crypto candidates in federal races." In the blue corner... It's not just Republican's getting crypto cash, however. Protect Our Future PAC and Web3 Forward, both super PACs, spent more than $2 million to boost Texas Democrat Jasmine Crockett in the March primary, Fortune reported. FTX co-founder and CEO Sam Bankman-Fried is involved in Protect Our Future, and SBF was notably among president Joe Biden’s biggest financial backers last election cycle. Web3 Forward is linked to GMI PAC. Apes together strong: "Cryptocurrency companies and executives are flexing some political muscle this cycle," writes Politico's Stephanie Murray. Good to know: Facebook's Meta has begun building a digital economy for creators in Horizon Worlds

Bored Apes go to Hollywood 🎬



	The popular Bored Ape Yacht Club non-fungible token (NFT) art series has spawned various real-world projects. Getty Images


	📽️ The Bored Ape Yacht Club, one of the most popular non-fungible token (NFT) collections, is getting its own film trilogy, with crypto exchange Coinbase issuing a Bored Ape casting call. 📢 Coinbase announced yesterday the series of animated short films, set to be divided into three parts called "The Dengen Trilogy," will premiere at NFT.NYC in June. Ape owners selected will get a licensing fee of $10,000 in apecoin or bitcoin, according to the film's website. The license will be recorded on-chain and will continue with the ape into the secondary market. 🌀 The announcement comes after a whirlwind few weeks for the Bored Ape project that's seen the launch of the associated apecoin cryptocurrency and the project's parent company Yuga Labs acquiring the rival CryptoPunks NFT collection. Now read this: Explaining crypto's billion-dollar bridge problem

	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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