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	Good Wednesday morning. Billy Bambrough here with what you need to know from the world of bitcoin and crypto. 🚨🚨 Don't miss: What (or who) is driving the crypto market in 2021 and beyond? Sign up now for Forbes’ free Crypto Codex Live webcast on October 14 at 2:00pm EDT and get ahead of the market


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24-hour crypto market snapshot

$51,466

$3,393

$154.44

$0.2502

A bumpy flight 💸


	Cryptocurrency prices are mixed this morning, with a break higher after bitcoin rolled over $50,000 yesterday proving hard to hold. While we have been here multiple times before, many market watchers are predicting crypto prices across the board could soon re-test their all-time highs. 🚨🚨 The Richest Under 30 In The World—All Thanks To Crypto As bitcoin continues to climb, ethereum has already begun falling back after yesterday's rally. The ethereum price is down just over 1% on this time yesterday. Cardano and Binance's BNB are both down around 4%. The rest of the crypto top ten is mixed, with Ripple's XRP off by almost 2% and buzzy ethereum rival solana crashing back by almost 10% on this time yesterday. The meme-based dogecoin is still soaring following what appears to be another Elon Musk-based pump that also boosted "dogecoin killer" shiba inu, adding 5% during the last 24 hours. Shib is up over 60%. Now read this: Traders phone up gambling helplines as game-like broker apps spread

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Chasing waterfalls 🌊



	Brazil's congress, pictured here in 2019, will discuss a bitcoin and cryptocurrency regulation bill AFP via Getty Images

Top billing: Brazil’s Congress is set to discuss a bill that would see cryptocurrency companies in the country more tightly regulated, including potential new penalties for crypto pyramid schemes and other illegal activities. A date hasn't yet been set for the debate. Coindesk has a write-up.

Banking on bitcoin: The bill comes alongside a surge in crypto interest in the country and lawmaker Aureo Ribeiro, who introduced the legislation, reportedly telling local media he's hoping Brazil will follow in El Salvador's footsteps in making bitcoin a recognized currency.

Get real: Recently, two of Brazil's top central bankers, João Manoel Pinho de Mello and Roberto Campos Neto, have both queued up the creation of a digital real in coming months, with Manoel Pinho de Mello predicting a significant migration in the next few years. In September, a Visa executive in Brazil reportedly said the payments giant is planning to add support for cryptocurrencies in the country.

White gold: Meanwhile, a high-profile Colombian politician has suggested the country switch from producing cocaine to using waterfalls to mine bitcoin, Decrypt reports. "What if the Pacific coast took advantage of the steep falls of the rivers of the western mountains to produce all the energy of the coast and replace cocaine with energy for cryptocurrencies," Gustavo Petro, a leftist senator said via Twitter, retweeting a story about El Salvador using volcanoes to power bitcoin-mining computers.

Why it matters: El Salvador's bitcoin experiment, now into its second month, has given credence to the idea of nation-states adopting bitcoin and embedding it into their economies. Those that are interested are so far taking a wait-and-see approach but the ball is rolling.

Shot down: Treasury secretary Janet Yellen said she opposes minting a $1 trillion coin, calling it a "gimmick"

📣 Louder for those at the back


	🔁 The U.S. won’t follow China’s lead in banning bitcoin and crypto, Gary Gensler, the U.S. Securities and Exchange Commission (SEC) chairman, said yesterday, echoing comments made by Federal Reserve chair Jerome Powell last week. 🗳️ However, Gensler said that while he has no plans to ban crypto, speaking during a House Committee on Financial Services meeting, he did add that ultimately the decision "would be up to Congress." 👀 Gensler also urged crypto exchanges to register with the SEC and emphasized that decentralized finance platforms could still be subject to his oversight. *"We own some coins—not a lot—but the coins themselves are less interesting than the use cases of DeFi and things like that"* - Soros Fund Management chief investment officer Dawn Fitzpatrick

	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.

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