El Salvador Told to Ditch BTC 🤯

The Federal Reserve is meeting later today. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap $1.74 (+7.04%) 24 Hour Volume $124.42B (+12.99%) Notable Movers[(MATIC) $1.70]( (+16.28%) Notable Movers (DeFi)[(AVAX) $71.11]( (+8.69%) Bitcoin Dominance 41.65 %[(-0.50)]( Bitcoin Price[(BTC) $38,211.06 (+4.96%)]( Ethereum Price[(ETH) $2,634.05 (+9.71%)]( Cardano Price[(ADA) $1,12 (+9.22%)]( Editor's Note Is Diem Dead? We all know how much the media loves to declare Bitcoin as dead — there’s even a whole website dedicated to gathering Bitcoin obituaries. The new cryptocurrency that keeps on apparently dying is Diem — Facebook/Meta’s long-talked about, highly controversial stablecoin that was supposed to change the world. Regulators hated this idea from the beginning — putting even more power in the hands of Facebook/Meta by giving them the power to issue their own currency? As many different regulators said in many different ways, no one wants Facebook as a new global economic power. This week, after the many other deaths of Diem (the warning letter by U.S. government officials killed it, the switch from being backed by a basket of currencies to just the dollar killed it, the U.S. Federal Reserve putting pressure on Diem's banking partner Silvergate to not launch the token killed it), there may be an actual final nail in the coffin. According to Bloomberg, the Diem Association may be trying to sell its assets (intellectual property) — and if this is true and they find a buyer, then there wouldn’t even be a Diem left to kill! What does this all mean for the future of Facebook/Meta’s foray into crypto? Twitter co-founder Jack Dorsey probably put it best when he tweeted an article about the rumors with the phrase: carpe diem. Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] recovers ahead of Fed meeting]( Bitcoin has managed to hit $38,000 as the crypto markets continue their recovery for a second day. At the time of writing, BTC has risen by 4.77% over the past 24 hours. Ether and Binance Coin are outperforming — up 8.52% and 6.13% respectively. Both cryptocurrencies had suffered outsized losses during sell-offs earlier this week. On Wednesday, markets rallied ahead of the Federal Reserve's meeting, where economists are expected to indicate interest rates will begin rising in March. facing a purge, analysts warn]( Bloomberg Intelligence's Mike McGlone — who continues to maintain an upbeat tone on BTC — believes Bitcoin will prevail in the coming 12 months, but warns that smaller altcoins could face aggressive sell-offs similar to the internet purge in 2000-01. McGlone went on to compare Dogecoin and SHIBA INU with the likes of AOL and Pets.com. Looking ahead, $30,000 is regarded as key support for Bitcoin — and indeed, BTC did manage to bounce off $33,000 on Monday. BTC as legal tender, El Salvador told]( El Salvador is being urged to abandon Bitcoin as legal tender. The International Monetary Fund says the cryptocurrency's use creates "large risks" when it comes to "financial stability, financial integrity and consumer protection." In a statement, the IMF went on to warn El Salvador's public debt is projected to reach 96% of GDP in 2026 — describing it as on an "unsustainable path." Nayib Bukele was characteristically dismissive of the warning… responding with a meme from The Simpsons. Diem digital currency 'is dead']( Diem — the digital currency that Facebook wanted to launch — is dead, according to reports. Bloomberg News claims that the Diem Association is considering whether to begin selling its intellectual property — and engineers who worked for the project may be moved to other companies. The news outlet's sources suggest this amounts to "cashing out whatever value remains" in the embattled project, which has faced a staunch pushback from regulators since the beginning. 'could be worth $1.36 million by 2030']( A single Bitcoin could be worth $1.36 million by 2030, according to a bullish new report by ARK Invest. However, this hinges on increased adoption among countries, asset managers and companies in the S&P 500. Overall, ARK Invest argues Bitcoin has "significant appreciation potential" — and its total market cap could scale 25x over the next decade. At the time the report was being prepared, BTC had a market cap of $1.1 trillion — compared with $10 trillion for gold and $106 trillion for global equities. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [App Store]( [Google Play]( [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Update Settings]( | [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States