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	Good Tuesday morning. Billy Bambrough here with what's driving the day in the world of bitcoin and crypto.


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24-hour crypto market snapshot

$62,921

$4,219

$0.2698

$.0...53

Bounced ⛹️‍♀️


	The cryptocurrency market has bounced higher over the last 24 hours, driven by a bitcoin price uptick. Bitcoin has added almost 1% since this time yesterday, pushing the combined crypto market back over $2.6 trillion after it dropped under $2.5 trillion over the weekend. Bitcoin is now bobbing around $63,000 and could re-challenge its all-time highs. Meanwhile, ethereum has stregthened its foothold over $4,000, adding 3% over the last 24 hours. Ethereum's rivals are also climbing, although at a slower clip, with Binance's BNB, cardano, solana and polkadot all up between 1% and 2%. Doge-based memecoins are also still soaring, with dogecoin up 2% and its main rival shiba inu up a head-scratching 20%. ICYMI: Facebook whistleblower bought ‘crypto at the right time’ and ‘fine for the foreseeable future’

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SEC puts stablecoins in its sights 🎯



	Securities and Exchange Commission chair Gary Gensler ASSOCIATED PRESS


	Taking point: The U.S. Treasury Department will let the U.S. Securities and Exchange Commission (SEC) take the lead in regulating stablecoins such as tether and USDC, it has been reported by Bloomberg. Why it matters: SEC chair Gary Gensler pushed for changes behind closed doors, according to Bloomberg's unnamed sources, with language added to a highly-anticipated report expected to be published this week emphasizing the SEC’s powers. "The recommendations could reinforce the SEC’s ability to pursue enforcement actions and policies for cryptocurrencies," Bloomberg wrote. By the numbers: Tether’s market value has grown to nearly $70 billion from $21 billion at the end of 2020, according to CoinMarketCap. USDC, the second-largest stablecoin, increased to $32.6 billion from $3.9 billion last year. The big picture: Both Gensler and Federal Reserve chair Jerome Powell have both publicly stated that centralized stablecoins are similar to money market funds and should be regulated in a similar manner. Gensler has been signaling that he's ready to expand regulations for stablecoins and the decentralized finance markets they enable since his appointment in April. The bottom line: The fast-growing stablecoin market is seen as an on-ramp to the crypto ecosystem and a crackdown could have wide-ranging repercussions. It's going to be a rocky week for stablecoins as the new regulatory landscape is revealed. Now read this: Central banks are getting serious about digital money

Robinhood earnings preview 👀


	🌪️ Robinhood, the fee-free trading app that's hit Wall Street like a tornado this year, will report its third-quarter earnings today after the close followed by a 5pm EDT earnings call. Investopedia has a numbers preview. 👛 Details are expected on the company's hotly-anticipated crypto wallet, which chief executive Vlad Tenev last week revealed has already attracted over 1 million to its waitlist. It has a launch planned for early 2022. 📈 Robinhood appears to be transitioning towards a crypto company as it hunts for revenue, with its previous earnings report revealing crypto made up over 50% of transaction-based revenue, up from 17% in the first quarter. Now read this: Robinhood shares have dropped as regulatory worries stack up

Inflation debate 💢

🤬 Rows over the existence and degree of inflation in the global economy have reached fever pitch, with Twitter's Jack Dorsey, Tesla billionaire Elon Musk and tech investor Cathie Wood all weighing in.

💸 Over the weeekend, Dorsey ignited the debate when he tweeted: "Hyperinflation is going to change everything. It’s happening." Mainstream economists were quick to respond, arguing that isn't reflected in the data.

🏦 Wood then added that she doubts the inflation narrative, pointing to the Federal Reserve's 2008 quantitative easing as failing to spark inflation. "Instead, velocity—the rate at which money turns over per year—declined, taking away its inflationary sting," Wood tweeted. "Velocity still is falling."

🏋️ Musk, who's this week soared far above the competition when it comes to his wealth thanks to Tesla's stock performance, replied: "I don’t know about long-term, but short-term we are seeing strong inflationary pressure."

Date for the diary: Dorsey's bitcoin startup TBD is going to release a white paper on November 19 "explaining [its] protocol

"Digital collectibles" > NFTs

📱 Alibaba and Tencent, two of China's biggest technology companies, have rebranded their non-fungible token (NFT) offerings as "digital collectibles," it's been reported by the South China Morning Post.

🇨🇳 According to the SCMP, "the rebranding moves by Alibaba and Tencent reflect their efforts to steer away from any potential conflict with Beijing, which has cracked down on big tech firms."

🎈 Chinese state-run media recently warned of a potentially "huge bubble" in the NFT market, the SCMP reported.

	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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Tuesday, October 26, 2021

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