Bitcoin Plummets as Dorsey Bows in Crypto Crash

You’ve probably looked at your crypto holdings by now and noticed that bitcoin has fallen. In fact, early this morning, bitcoin fell $9,000 in one hour. That’s like a Mack truck hitting a cement wall. BTC hit $42,000 before bouncing up again. The total fall was more than 20 percent. It has since bounced back up to $47,000. Is this the beginning of the bear run?

Perhaps the biggest news in crypto this week isn’t in crypto, but it could have some huge crypto ramifications. Jack Dorsey, co-founder of Twitter, has stepped down as CEO. He’s being replaced by CTO Parag Agrawal. On November 29, Dorsey posted his resignation letter to Twitter’s leadership team on his Twitter account. Inc. calls the move a “harsh truth about leadership most people never learn.” The New York Post says Agrawal is walking into a “hornet’s nest” of a content controversy. Just a few days after his announcement, Dorsey’s other company—Square—announced that they were rebranding as Block. That’s not insignificant. Square has gradually been moving into the crypto space and recently changed the name of its crypto service to Spiral BTC. Dorsey’s departure from Twitter could mean a renewed focus—Dorsey has long been a fan of bitcoin—on a deep dive into crypto and blockchain technology.

Okay, so the question of the century is this: Will Jack Dorsey make it easier for you to buy dinner with crypto? Inquiring minds want to know.

One interesting thing about this week in crypto is that Ethereum moved up while Bitcoin went down. In fact, ETH was 50% away from flipping BTC at one point as it approached an all-time high. But, like the rest of the market, ether plummeted with bitcoin and is resting below $4,000. The king of DeFi lost $18 billion in total locked value in November. What happened?

Binance burned over 500 BNB tokens in 24 hours after the Bruno upgrade. Wasn’t there a burn ban in place?

Speaking of Ethereum and Binance, one anonymous wallet transferred over $59.7 million onto Binance. Benzinga will tell you what that means.

Coinbase’s chief product officer says the company wants to be the AWS of crypto. Meanwhile, Coinbase executives will testify before Congress and that could impact XRP like nothing else. Think of this as two high school cheerleaders. One of them is dating the most popular jock and the other one jumps in and says, “Hey, I’ve got something juicy to say about that chick that you ought to know!” Bitch, please.

Charles Hoskinson knows when to expect Cardano-based decentralized exchanges (DEX). As CEO of Cardano, he should. The question is, which one of these five DEX projects will see the light of day first?

BadgerDAO lost $120 million in a security breach. Poor Celsius got caught up in the mess.

How Washington and Beijing differ in their approaches to crypto.

Just like there are different kinds of potatoes, or different varieties of apples, there are different types of crypto traders. Which one are you?

Scott Cunningham wants to tell you how much he earned on cryptosocial media in October.

Here’s a word about blockchain social gaming from Enjin’s CTO.

Wear-to-earn NFTs are coming your way. Time to pull your dress shoes out of the closet. But if you can’t find them, take note that Napoleon Bonaparte’s physical items went up for sale as NFTs on Thursday. Items include a gold snuff box and a whalebone walking cane.

Tron CEO Justin Sun buys Bored Ape for $15 million.

The state of central bank digital currencies. An awesome read!

Speaking of CBDCs, U.S. Treasury Secretary Janet Yellen is undecided whether the Fed should have one. That’s okay. A future treasure secretary will decide for her. I believe every country in the world will eventually have a central bank digital currency. Here’s why. It’s not like they’re trying to decide on a college major.

A new pay-to-earn game, Doge Dash, hits the market today. I wonder if Elon Musk will tweet about it.

Uh-oh. A smart contract bug on MonoX Finance lets hackers steal $31 million.

What you should know about crypto credit cards.

If you’re interested in crypto investing, you should know about these three investment strategies, which aren’t any different than stock investing strategies.

Billionaire investor Charlie Munger admires China for banning cryptocurrencies. Evidently, bitcoin has pissed in his bowl of soup.

Do you work for your crypto or does your crypto work for you?

Is digital currency a panacea?

In India, are cryptocurrencies destined to be regulated? There’s actually a huge discussion about banning them, but the rumor is that the country will settle on simply regulating them. And I think that’s most likely the scenario we’re looking at. What about you?

As usual, this newsletter is not financial advice. For entertainment and educational purposes only. Please seek a financial advisor before investing in crypto. First published at Cryptocracy.

Sources for images: Bitcoin price drop and CBDCs from CoinDesk; Ethereum DeFi from Coin98