Crypto crash: how a teacher's dream investment turned into a nightmare loss

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Today's News

Cryptocurrencies and central bank policy were in the news today, with reports on the Central African Republic's top court blocking purchases with a new cryptocurrency, and Fed Chair Jerome Powell's comments on inflation and interest rates. In other news, investors are grappling with the possibility of higher interest rates, and some are pouring money into web3 technology.

Outline

The Central African Republic's top court has blocked purchases with a new cryptocurrency, stating that it violates the country's monetary laws.
Morning Bid: Powell steals summer punchbowl refers to the fact that Jerome Powell, the Chairman of the United States Federal Reserve, has effectively stolen the summer punchbowl by keeping interest rates low and boosting asset prices.
Cryptocurrency ethereum plans to cut carbon emissions by 99% with upgrade - Ethereum plans to reduce its carbon emissions by 99% through a planned upgrade.
Crypto crash: how a teacher’s dream investment turned into a nightmare loss - A teacher invested in cryptocurrency, only to see the value of his investment plummet.
US stocks drop as bond yields rise amid investor concerns over renewed Fed hawkishness - US stocks fell as bond yields rose, amid concerns that the Federal Reserve may raise interest rates sooner than expected.
US stocks fall to extend Friday's steep declines as investors grapple with hawkish Fed policy outlook - US stocks fell further on Monday as investors grappled with the possibility of higher interest rates.
Five trends to watch when considering a digital banking strategy - As digital banking grows in popularity, there are certain trends that banks should be aware of.
Venture Capitalists are Pouring Money into Web3. Here's Why. - Web3 is a new type of internet that is decentralized and powered by blockchain technology.
Transcript: Eric Balchunas - This is a transcript of an interview with Eric Balchunas, a analyst at Bloomberg Intelligence.
10 Monday AM Reads - This is a list of 10 articles that are recommended reading for Monday morning.
Why Ethiopia has moved from banning crypto to regulating it - Ethiopia has changed its stance on cryptocurrency, from banning it to now regulating it.
Bitcoin drops below $20,000 over concerns on Fed rate hikes - Bitcoin's price dropped below $20,000 as investors worried about the possibility of higher interest rates.
Why Coinbase Global Stock Couldn't Maintain Its Pop Today - Coinbase, a popular cryptocurrency exchange, had a disappointing stock debut today.
1 Cryptocurrency to Buy and Hold Forever - Bitcoin is a good cryptocurrency to buy and hold for the long term.
Daily Dozen | Forbes: U.S. Dollar Peaks; Bitcoin Blow; Jetsons Dream Delay - The Daily Dozen is a list of 12 recommended articles from Forbes.
Applied Blockchain Broadens Digital Ambitions - Applied Blockchain is a company that is working on blockchain applications.
Dow Falls 200 Points—Market Selloff Continues As Investors Worry About Higher Interest Rates - The Dow fell 200 points as investors worried about the possibility of higher interest rates.
Web3 Growth Stymied By Scarcity Of Programmers - Web3 is a new type of internet that is decentralized and powered by blockchain technology.
NASA’s Headed Back To The Moon And Here Are Innovators That Will Help Get There - NASA is planning to go back to the moon, and there are companies that are helping to make that happen.
Ethereum: Merge, Sell-Off, Or Rally? Time To Place Your Bets - Ethereum is a cryptocurrency with a lot of potential.
The End of the Texas Bitcoin Mining Gold Rush - The Texas Bitcoin mining gold rush is over.
First Mover Americas: Bitcoin Bounces to $20K as Dollar Recedes From 20-Year High; Equity Futures Slide - Bitcoin's price bounced back to $20,000 as the US dollar fell from a 20-year high.
The Truth About Crypto and Sex Work - Cryptocurrency can be used to buy and sell sex services.
First Mover Asia: Bitcoin Falls to $19.6K as Investors Continue to Mull Fed Chair's Comments - Bitcoin's price fell to $19,600 as investors continued to weigh the comments of the Federal Reserve Chair.
Brazil’s Largest Private Bank, Itaú, Selected by Central Bank to Develop a DeFi Liquidity Pool - Brazil's largest private bank has been selected by the country's central bank to develop a decentralized finance liquidity pool.
Crypto Coin AVAX Drops 11% After Self-Described Whistleblower Says Avalanche Weaponized Litigation Against Rivals - The cryptocurrency AVAX dropped 11% after a self-described whistleblower said that the company had weaponized litigation against rivals.
The Metaverse Casino That Wasn’t - The Metaverse casino was a virtual reality casino that never opened.
In Defense of Crime - There are some positive aspects to crime.
Surfing Bitcoin Maximalism - Bitcoin maximalism is the belief that Bitcoin is the only true cryptocurrency.

Central African Republic top court blocks purchases with new cryptocurrency

Central African Republic's Constitutional Court on Monday ruled that the purchase of citizenship, "e-residency" and land using a cryptocurrency the government launched last month was unconstitutional.

Morning Bid: Powell steals summer punchbowl

A look at the day ahead in U.S. and global markets from Mike Dolan.

Powell steals summer punchbowl

A look at the day ahead in U.S. and global markets from Mike Dolan.

Cryptocurrency ethereum plans to cut carbon emissions by 99% with upgrade

‘The merge’ project will end role of ‘miners’ in blockchain ecosystem to help reduce electricity usageEthereum, the second largest cryptocurrency, will complete a plan to lower its carbon emissions by more than 99% in the next month, the foundation that contr…

Crypto crash: how a teacher’s dream investment turned into a nightmare loss

Small-scale investors left counting the cost this year after value of digital assets fell off a cliff“If I’d sold everything, I would’ve had a quarter of a million pounds,” Duncan* says ruefully of the staggering worth of his cryptocurrency holdings at the st…

US stocks drop as bond yields rise amid investor concerns over renewed Fed hawkishness

Stocks pared some losses but ended lower on the day as investors deal with concerns that the Fed will continue to aggressively raise rates next month.

US stocks fall to extend Friday's steep declines as investors grapple with hawkish Fed policy outlook

US stocks slid Monday as investors continue to sell risk assets after Federal Reserve chair Jerome Powell reiterated a hawkish policy stance.

Five trends to watch when considering a digital banking strategy

A new report from Alkami Technology highlights five trends banks and credit unions should be aware of during their digital evolution.

Venture Capitalists are Pouring Money into Web3. Here's Why.

Venture capital firms invested $33 billion in crypto and blockchain startups in 2021 and are on pace to nearly double that in 2022. Here's why VCs are so enamored by Web3.

Transcript: Eric Balchunas

Transcript: The transcript from this week’s, MiB: Eric Balchunas on the Vanguard Effect, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier p…

10 Monday AM Reads

My back-to-work morning train WFH reads: • ‘Inflation Fever’ Is Finally Breaking — But Central Banks Won’t Stop Hiking Rates: Slowdowns on key commodity markets signal some relief is in store after worst price shock in decades. (Bloomberg) • The Office’s Last…

Why Ethiopia has moved from banning crypto to regulating it

In June this year, Ethiopia’s central bank issued a statement saying that crypto business in the country is illegal. Less than three months later, the country seems to have reversed this decision, instead requiring cryptocurrency operators to register with th…

Bitcoin drops below $20,000 over concerns on Fed rate hikes

The volatility has come amid uncertainty about the path and magnitude of Fed rate hikes & effect on riskier assets.

Why Coinbase Global Stock Couldn't Maintain Its Pop Today

A rise in coin and token prices didn't end up boosting the stock.

1 Cryptocurrency to Buy and Hold Forever

Out of the thousands of cryptocurrencies, this one deserves to be a part of every crypto portfolio.

Daily Dozen | Forbes: U.S. Dollar Peaks; Bitcoin Blow; Jetsons Dream Delay

The Biden Administration is conducting a review into the damage caused by former President Donald Trump’s storage of classified documents at Mar-A-Lago; new details on student loan relief; how race intersects with the "quiet quitting" conversation; and more.

Applied Blockchain Broadens Digital Ambitions

Proposed name change signals new step away from crypto focus.

Dow Falls 200 Points—Market Selloff Continues As Investors Worry About Higher Interest Rates

Investor sentiment took a major hit last week after more hawkish commentary from the Federal Reserve.

Web3 Growth Stymied By Scarcity Of Programmers

Developer shortage stands in the way of decentralized, blockchain-centric internet bliss.

NASA’s Headed Back To The Moon And Here Are Innovators That Will Help Get There

Here are startups and innovators that are part of NASA's Artemis project, whose mission is to eventually establish permanent human settlements on the Moon.

Ethereum: Merge, Sell-Off, Or Rally? Time To Place Your Bets

Ethereum is two weeks away from the much-awaited merge. The cryptocurrency has rallied strongly in the last month but is now selling off. Read my take on ETH.

The End of the Texas Bitcoin Mining Gold Rush

The new era for mining in the state might look more like a slog than a boom – but it could also be better for the electric grid.

First Mover Americas: Bitcoin Bounces to $20K as Dollar Recedes From 20-Year High; Equity Futures Slide

The latest price moves in bitcoin (BTC) and crypto markets in context for August 29, 2022. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

The Truth About Crypto and Sex Work

Sex workers are skeptical that crypto can answer all their financial problems. This piece is part of CoinDesk's Sin Week.

First Mover Asia: Bitcoin Falls to $19.6K as Investors Continue to Mull Fed Chair's Comments

Ether and other major altcoins are down in weekend trading.

Brazil’s Largest Private Bank, Itaú, Selected by Central Bank to Develop a DeFi Liquidity Pool

The Banco Central do Brasil chose seven other projects as part of the Financial and Technological Innovation and Technology Laboratory.

Crypto Coin AVAX Drops 11% After Self-Described Whistleblower Says Avalanche Weaponized Litigation Against Rivals

AVAX drops to the lowest since July 13 even as Ava Labs CEO dismisses accusation as "conspiracy theory nonsense."

The Metaverse Casino That Wasn’t

ICE Poker drives 60% of the Decentraland metaverse’s traffic. Is it a casino? More like a casino-that’s-not-a-casino.

In Defense of Crime

Crime can be an important signal that something in society needs reforming, writes David Z Morris. Financial surveillance that attempts to completely prevent crime could just make things worse in the long run. This piece is part of CoinDesk's Sin Week.

Surfing Bitcoin Maximalism

For three days, thousands of Bitcoiners convened in the French coastal city of Biarritz to dive deep on Bitcoin, network, and promote Bitcoin maximalism.