Forbes - Can't ban, won't ban 🙅

CryptoCodex


	Happy Friday! This is Billy Bambrough with the latest from the world of bitcoin and crypto.


	Was this newsletter forwarded to you? Sign up here! Got a crypto-curious friend? Forward Codex to them to help get them up-to-date and ahead of the market!

24-hour crypto market snapshot

$47,288

$3,209

$0.2135

$38.34

Made of stronger stuff 💪


	Cryptocurrency prices are suddenly soaring this morning, though the driving force behind the rally isn't clear. "October is here," tweeted Blockworks, suggesting the rally is merely a result of the bearish month of September coming to an end. The leap higher has once again pushed the combined crypto market above $2 trillion. The bitcoin price has added almost 10% since this time yesterday, with a 5% leap toward $50,000 in the last hour alone. Bitcoin has now settled at around $47,000. Big questions: What's the difference between bitcoin and ethereum? 🤷‍♀️ The rest of the cryptocurrency top ten has pumped higher along with bitcoin, with ethereum and all other major tokens adding between 7% and 10%. Ethereum has now bounced back over the closely-watched $3,000 level. The meme-based dogecoin is bringing up the rear with a 7% bounce. Just outside of the top ten, strong recent performers Uniswap's uni token and terra are up 12% and 14% respectively. Good to know: Most Americans today believe the stock market is rigged, and they’re right

When you make a purchase through links in this email, the author may earn a commission.

Invest In A Resource That Advises You On Crypto Assets & Keeps You Up-To-Date With The Market

Forbes CryptoAsset & Blockchain Advisor will guide you toward the best choices while also identifying early signs of a big loss. The world of Crypto is full of ups, downs and uncertainty. We'll be your guide to consistent investments through deep-dive interviews and weekly expert insights.

For successful subscription, disable your adblocker

Subscribe To Smart Investments

"No intention" of banning bitcoin 🚫



	Fed chairman Jerome Powell testified before the House Financial Services Committee yesterday alongside Treasury secretary Janet Yellen AFP via Getty Images


	Divergence: After China accelerated its bitcoin and cryptocurrency crackdown last week, making crypto transactions illegal, Federal Reserve chairman Jerome Powell has said the U.S. won't be following suit. Speaking during the Oversight of the Treasury Department's and Federal Reserve's Pandemic Response hearing and alongside Treasury secretary Janet Yellen, Powell confirmed that the U.S. has no plans to ban bitcoin and cryptocurrencies. Coindesk has a full write-up. Coin clarity: When asked by representative Ted Budd (R-N.C.), a crypto proponent and a member of the Congressional Blockchain Caucus, to clarify statements he'd had made during a July hearing that the development of a U.S. central bank digital currency (CBDC) could undercut the need for private crypto and stablecoins, Powell said he'd misspoken. Intent matters: "So Mr. chairman is it your intention to ban or limit the use of cryptocurrencies like we’re seeing in China?" asked Budd. "No," Jerome Powell replied. "No intention to ban them." Shutting the stable door: Powell meanwhile compared stablecoins to money market funds or bank deposits. "They’re to some extent outside the regulatory perimeter, and it’s appropriate that they be regulated. Same activity, same regulation," Powell said. Letting it fly: This week, Tesla chief executive and crypto influencer Elon Musk, speaking to New York Times columnist Kara Swisher on stage at the California Code Conference, said the U.S. government shouldn't try to regulate the crypto market, telling lawmakers and regulators they should "do nothing" and "just let it fly." Elsewhere, Katie Haun, a general partner at influential venture capital company Andreessen Horowitz (A16Z), also warned this week the U.S. shouldn't follow in China's footsteps when it comes to crypto regulation. Here today, gone tomorrow: Even without governments wielding the ban hammer, many of the most bullish cryptocurrency investors don't expect all the thousands of different coins to survive. "I would bet 75% of cryptos don't make it" through the next decade, Mike Novogratz, founder and CEO of crypto fund Galaxy Digital, told CNN's Foreseeable Future event. Now read this: Confusion reigns after China slams door on crypto

Visa's CBDC vision takes shape 👥


	⛓️ Payments giant Visa yesterday announced it's moving forward with a blockchain interoperability platform that will link traditional currencies, central bank digital currencies (CBDCs), private stablecoins, and cryptocurrencies like bitcoin and ethereum—called the universal payment channel. ICYMI: Competitors Or Collaborators? The Future Of CBDCs And Cryptocurrency 🗨️ "This is a much longer-term future thinking concept around a way that Visa could potentially help become a bridge between one digital currency on one blockchain and another digital currency on another blockchain," Visa's head of crypto, Cuy Sheffield, told The Block. In August, Visa made headlines when it bought a CryptoPunk, one of thousands of non-fungible token (NFT)-based digital avatars, for nearly $150,000. 📱 Meanwhile, Venezuela, after announcing in August that it planned to overhaul its national currency, has today launched its CBDC—the digital bolivar. The digital bolivar will use an SMS-based exchange system to facilitate payments and transfers between users. Don't miss: Stakes rise for Singapore’s big crypto bet

A bitcoin eruption in El Salvador 🌋


	⛏️ El Salvador has officially started mining bitcoin with volcanos, according to its president Nayib Bukele, using the country's geothermal energy to create 0.0059 bitcoin, worth around $260. NFT watch: TikTok has announced its first NFT collection 🗣️ "We’re still testing and installing, but this is officially the first bitcoin mining from the volcanode," tweeted Bukele, sharing a breakdown of the mining rewards. 🤑 El Salvador became the first country to make bitcoin legal tender last month, giving out $30 worth of bitcoin to anyone who signed up for its Chivo bitcoin wallet. Now read this: Will the next web be built on ethereum?

	Billy Bambrough
	Forbes Senior Contributor

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

Follow me on Twitter or email me.

You’ve received this email because you’ve opted in to receive Forbes newsletters.

Unsubscribe from CryptoCodex.

Or, manage your paid subscriptions on your Forbes profile here.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Forbes Senior Contributor

Forbes - Can't ban, won't ban 🙅

Key phrases

Older messages

Welcome To The Forbes CEO Network Newsletter | Moves For The CEO Of The Future

You're in ✅

Your world's changing fast. Find out how in just 3 minutes.

Follow For Creative Strategies And Market-Shaping Moves For The CEO Of The Future

👉 You're hired!

You Might Also Like

Immigrants are saving the American economy

Numlock News: May 2, 2024 • Konami, Flops, Meteorites

☕️ Super confusing

NPR Suspends Editor, a Massive Black Hole, and Floridian Plays ‘Find the Alligator’

Ohio Rejects Biden Ballot Plan, NBA Player Banned, and a Volcano That Spits Gold

Trump Jury Seated, Six-Year-Old Rescues Family, and a Mouse-Sized Village

Welcome to The Flyover

Man Lights Himself on Fire, Hockey Playoffs Begin, and Cold Case Playing Cards

House OKs Ukraine Aid, Reddick Wins at Talladega, and Little Lambs Go to School

Student Protests, Secret Places in the USA, plus Dolphins, Rhinos and a Gator