The dominos fall 🁠

Good Thursday morning. This is Billy Bambrough, getting you up-to-speed with the big news from the world of bitcoin and crypto.
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24-hour crypto market snapshot
Like a phoenix from the ashes 🔥
Cryptocurrency prices have roared back over the last 24 hours, shrugging off the fear that was sparked earlier in the week by bitcoin's near-20% flash crash. Bitcoin itself has failed to rally along with the wider market, however, and has treaded water as other top ten cryptocurrencies make double-digit gains.

Reaction to Coinbase's row with the SEC: Lending bitcoins is tricky / Coinbase threat signals Gensler is getting tough on crypto

Leading the market higher is once again solana. Solana's sol token is up around 30% on this time yesterday, resuming a rally that's seen it add almost 500% over the last month along and propelling it up the crypto charts and well into the crypto top ten. Another ethereum rival, cardano, has added 10% over the last 24 hours and expectations begin to build ahead of its alonzo upgrade, scheduled for this weekend. Ethereum, meanwhile, has added 5%.

While the combined cryptocurrency market remains around $200 billion off its recent highs of around $2.3 trillion, the market has returned to strength and looks comfortably over $2 trillion.

Later today... watch out for a European Central Bank (ECB) meeting in which investors are expecting it to announce a slowdown in the pace of bond purchases thanks to an improvement in the E.U.'s economic outlook. Its latest policy decision, at 7:45am EDT, will be followed by a press conference with president Christine Lagarde.

Now read this: NFT mania is sign of a land grab for the online ‘metaverse’
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After El Salvador, crypto fever spreads to Ukraine and Panama 🤒
A Ukrainian national flag flies over the Verkhovna Rada building in central Kiev
A Ukrainian national flag flies over the Verkhovna Rada building in central Kiev NurPhoto via Getty Images
B-Day +2: One day after El Salvador officially adopted bitcoin as legal tender, the European country of Ukraine adopted a law that legalizes and regulates cryptocurrency and Panama saw a bill introduced designed to provide "legal, regulatory, and fiscal certainty to the use, holding and issuance of digital value and crypto assets in the Republic of Panama."

Step change: Ukraine is the fifth country in as many weeks to adopt ground rules for the cryptocurrency market, described by CNBC as "a sign that governments around the world are realizing that bitcoin is here to stay." According to the Kyiv Post, authorities have up until now treated cryptocurrencies as a scam, raiding crypto-related businesses, and "often confiscating expensive equipment without any grounds," according to the Kyiv Post.

Don't miss: How Joseph Lubin became Wall Street’s crypto whisperer

In Panama, the bill, entitled "crypto law: making Panama compatible with the digital economy, blockchain, crypto assets, and the internet," was announced on Twitter by Congressman Gabriel Silva. "Today we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets and the internet," Silva said. "This has the potential to create thousands of jobs, attract investment and make the government transparent."

Now read this: Meet Michael Saylor, king of 'electric money'
Robinhood rolls out auto-buy
🏹 Robinhood, the fee-free trading app that's revolutionized stock markets in recent years, is rolling out a new feature allowing users to automatically invest in cryptocurrencies on a daily, weekly, or monthly schedule.

🗣️ "The crypto markets can be volatile due to the nature of the industry. Investing on a recurring basis can help you focus on long-term growth, reduce risk, and reduce the stress of timing the markets," the company wrote in a blog post.

✊ Robinhood will allow auto-buying of its supported cryptocurrencies, including bitcoin, ethereum, and dogecoin, but not auto-selling—pitching it as a way to do "dollar-cost averaging" investing and encouraging users to "hodl," not try to day-trade the market.

Now read this: Diaries of a 'Bitcoin Babe'

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Billy Bambrough
Forbes Contributor
I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.
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