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	Good Wednesday morning. Billy Bambrough here with your daily dose of crypto news and analysis.


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24-hour crypto market snapshot

$63,842

$3,855

$1.10

$39.06

Approaching the summit 🗻


	Cryptocurrency traders have been on the edge of their seats all night after the bitcoin price rally stalled just under its all-time highs of almost $65,000. Bitcoin hit highs of around $64,400 last night, a mere few hundred dollars away from its May peak. Bullish traders sent the bitcoin price sharply higher yesterday after the first U.S. bitcoin futures exchange-traded fund (ETF) began trading in New York, clocking up a near-5% stock price rise and almost $1 billion of intra-day trading volume. ICYMI: Treasury warns that digital currencies could weaken U.S. sanctions Elsewhere, most major cryptocurrencies are climbing this morning, though bitcoin remains the front-runner. Ethereum is 2% higher than this time yesterday, along with Ripple's XRP. Other top ten coins are more or less flat. Just outside of the top ten, as measured by CoinMarketCap, luna, the native token of the decentralized financial payment network Terra, has soared 8% over the last 24 hours, continuing a rally that's seen it rise three-fold since August. Now read this: Untethered

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Facebook's image problem 🤳



	Facebook chief executive Mark Zuckerberg wants to create the metaverse Getty Images


	Facebook's Alphabet moment: The embattled social media giant will change its name next week to reflect its plan to build a metaverse, it's been reported by The Verge, following in the footsteps of Google parent company Alphabet which reshuffled its corporate structure in 2015 to help it grow beyond its core services. Why it matters: Facebook's interest in metaverses, the concept of shared virtual world environments, combined with its pursuit of a bitcoin-inspired digital currency in recent years, has led to speculation among the crypto community that Facebook will look to adopt and develop scarce digital assets. Zucked in: According to The Verge, Facebook chief executive Mark Zuckerberg will talk about the change at the company’s annual Connect conference next week. The metaverse is "going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet," Zuckerberg told The Verge over the summer. "And I think it’s going to be the next big chapter for our company too, really doubling down in this area." On the Horizon: The Verge names "Horizon" as a possible inspiration for Facebook's new name, thought to be an umbrella organization that will include Facebook itself and its apps Instagram, WhatsApp, and the virtual reality brand Oculus. According to The Verge, Horizon is the "still-unreleased VR version of Facebook-meets-Roblox that the company has been developing for the past few years." Meanwhile, in Washington... A group of U.S. senators have warned Facebook cannot be trusted to manage a cryptocurrency, urging it to halt the development and pilot discontinue immediately a small pilot of its cryptocurrency wallet named Novi. "Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape," the senators wrote in a letter to Zuckerberg, it was reported by Reuters. Diem another day: Yesterday, Facebook announced it's finally starting to roll out a "small pilot" of its Novi digital wallet in the U.S. and Guatemala, more than two years after the project was first unveiled and after regulators forced major changes. The pilot is meant to "test core feature functions, and operational capabilities in customer care and compliance," according to a Twitter thread written by David Marcus, the head of Facebook Financial. The big picture: Facebook's planned reboot comes after a seemingly never-ending series of scandals for Facebook and its various platforms. Executives will likely be hoping it will help contain and compartmentalize its laundry list of issues. Cryptic crypto: Zuckerberg isn't the only tech mogul piquing the interest of the crypto community. Twitter's Jack Dorsey, an outspoken bitcoin believer, yesterday tweeted the number "705742," causing some to ask if it's his bitcoin price target. Another Twitter user asked if it was related to bitcoin's blockchain, with the number corresponding to a bitcoin block that was mined not long after Dorsey's tweet. Last week, Dorsey said his payments company Square is looking at getting into the bitcoin-mining rig business. The bottom line: Facebook is about to dive deep into the metaverse and it could have serious ramifications for the future of cryptocurrencies and digital assets. Good to know: Cryptocurrency traders are looking for ways around China's ban

Crypto Down Under 🦘

🇦🇺 Australia’s cryptocurrency industry needs a robust policy and regulatory framework to compete on the global stage, the country's parliamentary committee reviewing digital assets has found.

🛡️ The Select Committee on Australia as a Technology and Financial Centre said a framework is needed to protect consumers, promote investment, facilitate enhanced market competition and provide a structure where innovation can thrive, it was reported by Bloomberg.

📝 12 recommendations in the draft report include:

- Creating a market licensing regime for cryptocurrency exchanges;
- Establishing a custody or depository regime for digital assets, and
- Mapping the best way to characterize the various digital assets in Australia.

Now read this: Martha Stewart does NFTs—jack-o’-lantern art and a seductive selfie

	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.

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