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• Hashrate lag, despite Kazakhstan Reboot. BTC holders remain unshaken. Dorsey launches Bitcoin Defense Fund

• Jerome Powell believes private cryptos could coexist with a U.S. fed coin

• Polygon and Lead Altcoin Rally, Moonbeam Becomes Polkadot’s First Parachain

• To balance the work environment, Coinbase (NASDAQ) will be shut down for four weeks in 2022

Bitcoin Hashrate Lag, Despite Kazakhstan’s Reboot, BTC Holders Remain Unshaken. Dorsey launches the Bitcoin Defense Fund

Kazakhstan was the focus of attention as Bitcoin dropped to its lowest level since September. After its internet was shut down, Bitcoin’s hashrate fell more than 12 per cent.

With the restoration of internet access, mining companies in Kazakhstan now have a recovery rate between 80% and 90%. However, Bitcoin’s overall hashrate remains 17% off its all-time high recorded before the drop.

The drop in hashrate affected Bitcoin’s price, with Bitcoin now trading around $42k. Glassnode reports that Bitcoin holders have turned positive despite losing 15% over the past 10 days.

Former Twitter (NYSE:) boss and strong supporter of Bitcoin, Jack Dorsey, Alex Morcos, and Martin White from Chaincode Labs, have announced a “Bitcoin Legal Defense Fund.” The fund will help defend Bitcoin developers against legal disputes and provide funding for outside counsel.

Flipsider:

• The positive trend has seen Bitcoin consolidate while altcoins continue to rally despite it.

A 24-hour chart showing the price of Bitcoin (BTC) Source: Tradingview

What You Need to Care About

The recent recovery trend has proven that Bitcoin is maturing, and the IMF believes it will be ‘an integral part of the digital asset revolution.’

Jerome Powell: Private cryptos and a U.S. fed coin can be coexisting

There have been many debates about whether digital currencies can be co-existed with private stablecoins, such as and since central banks’ attention has turned to digital currency.

During his Senate confirmation hearing on Tuesday, Federal Reserve Chair Jerome Powell asserted that there’s room for privately issued stablecoins to exist alongside a possible CBDC. He noted that they won’t need to ban private stablecoins.

Powell claims that the Fed will publish a report about digital currencies within the next few weeks. However, the central bank hasn’t said whether it plans to launch its own digital dollar akin to efforts underway in other countries such as China.

Flipsider:

• The Fed and U.S. watchdogs had previously stated that stabilitycoins needed more regulation and should not be issued without banks’ approval.

What You Need to Care About

This statement by the Fed Chair means that the crypto industry might finally receive regulatory clarity in 2022.

Polygon and Polkadot Lead Altcoin Rally, Moonbeam Becomes Polkadot’s First Parachain

Six consecutive days of losses have left altcoins reeling. This rally, led by Polygon and Polkadot by (DOT), is the most recent. MATIC gained more than 9% in the past 24 hours and trades now at $2.3486.

Polygon’s 24-hour price chart (MATIC) Source: Tradingview

Bitcoin has remained almost unchanged while (BNB), (AVAX) both have increased 6% within the last 24 hour. Polkadot’s (DOT) price has increased by 10% and currently trades at $26.4

This is the 24-hour price chart for Polkadot. Source: Tradingview

DOT’s rally comes amidst the launch of the first parachain on the Polkadot mainnet. Moonbeam was the third part of a launch that began on December 17th.

Moonbeam allows you to easily build interoperable native blockchain applications using a smart-contract platform. Moonbeam has made Polkadot compatible and enabled token staking.

Flipsider:

• Concerns have been raised by the International Monetary Fund. The crypto market is now more in line with the stock markets.

What You Need to Care About

Polkadot has launched parachains and is now looking to establish a flourishing DeFi ecosystem.

Coinbase Shuts Down For Four Weeks In 2022 in Balance with Work Environment

The United States’ largest crypto exchange, Coinbase, has announced that it will be shutting down for four weeks (one week in each quarter) in 2022. Coinbase announced that “nearly the entire company will shut down” in those four separate weeks.

The exchange noted that the shutdown would give its employees time to recharge after “long days and long weeks” of intense work. L.J. Brock said that the shutting down was part of an experiment in balancing its highly stressful work environment.

Brock explained that Coinbase has “an intense work culture, and [employees] are regularly pushed out of our comfort zones.” However, he notes that it was observed that many employees weren’t taking enough time off to recharge.

Coinbase wants to make sure its growth rate is long-term sustainable. It joins the growing number of tech companies and crypto firms that adjust their work environment in order to improve their employees’ lives.

Flipsider:

• Microsoft (NASDAQ) has been hit hard by defections in the war for tech talent and crypto.

What You Need to Care About

Due to increasing stress, the pandemic prompted a shift toward remote work. The Great Resignation spawned a talent race in the crypto- and tech industry.

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