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	Good Wednesday morning. This is Billy Bambrough, here with your latest batch of bitcoin and crypto news.


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24-hour crypto market snapshot

$59,095

$4,036

$0.2404

$.0...04

Down but not out 👎


	Cryptocurrency prices have fallen sharply, with the combined value of the world's cryptocurrencies losing over $100 billion during the last 24 hours. The bitcoin price has tanked over 6%, dropping below the closely-watched $60,000 level but has now climbed from lows of around $58,000 overnight. The crypto top ten is showing red across the board, with ethereum down 4% but managing to hold above $4,000. Ethereum's major rivals Binance's BNB, cardano, solana and polkadot are all down between 4% and 8%. Ripple's XRP is off by 8%. Leading the top ten lower is the meme-based dogecoin, which has fallen over 10% after trading app Robinhood said it saw a steep drop off in dogecoin trading in its third quarter. However, dogecoin rival shiba inu, now on the cusp of breaking into the top ten as measured by CoinMarketCap, has surged a blistering 25% higher despite Robinhood more-or-less dashing hopes it would soon list the memecoin. See below for details. Good to know: Facebook’s metaverse is key to its survival strategy

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🏦 Bank on bitcoin

Fast-moving: A top U.S. bank regulator said there could soon be an easier route for banks and their clients to hold cryptocurrencies and use them as collateral for loans as the financial sector scrambles to get a handle on the fast-growing crypto market.

Dream team: A team of U.S. bank regulators is trying to provide a roadmap for banks to engage with crypto assets, Jelena McWilliams, who chairs the Federal Deposit Insurance Corporation, told Reuters in an interview. "I think that we need to allow banks in this space, while appropriately managing and mitigating risk," she said, speaking on the sidelines of a fintech conference. "If we don't bring this activity inside the banks, it is going to develop outside of the banks. The federal regulators won't be able to regulate it."

Why it matters: The crypto industry has long been calling for clearer rules, with the likes of Coinbase, one of the largest crypto trading platforms, complaining the existing framework is outdated and makes innovation impossible.

Meanwhile, in Europe... The European Commission is expected to reveal its plan to implement the final part of global banking rules today with drafts suggesting Brussels is considering giving European banks a two-year extension to an internationally agreed deadline. This morning, the European Central Bank (ECB) has appointed 30 members to its new "Digital Euro Market Advisory Group." The Block has a write-up.

The bottom line: Cryptocurrencies are increasingly taking up headspace of regulators and central bankers as they look to update banking rules.

ICYMI: Bitcoin is still concentrated in few hands, study finds

Back to the futures 🔥


	🔮 The Securities and Exchange Commission (SEC) chair Gary Gensler has said he still has concerns about investor protection in the $2.5 trillion cryptocurrency market despite giving the nod to a bitcoin futures exchange-traded fund (ETF) this month. 🔭 Gensler's comments, made during Yahoo Finance's All Markets Summit, have been taken as a signal a spot bitcoin ETF that more closely tracks bitcoin's price is still some way off. Meanwhile, a bitcoin shorting ETF may soon get the greenlight, Bloomberg reports. 🗣️ "Investors aren't protected the way they are, whether they go into the stock or bonds markets that we’ve overseen so long," said Gensler. "Without that, I think it really is, as I’ve said to others, a bit of the Wild West." Now read this: Bitcoin ETFs And CME Futures – Biggest Winners In Retail Investor Inflows

Doge days are over 🐶



	Robinhood revenue has dropped on lower crypto trading volumes NurPhoto via Getty Images


	📉 Robinhood, the fee-free trading app that's taken Wall Street by storm, has posted a sharp fall in cryptocurrency trading revenue for its third quarter—with crypto bringing in just $51 million compared to $233 million in the second quarter. Robinhood stock dropped 10% in after-hours trading. 🗣️ "Q2 was kind of one of those idiosyncratic market events where there’s this massive interest specifically in doge," Robinhood chief financial officer Jason Warnick told CNBC. However, CEO Vlad Tenev played down suggestions the app could add new cryptocurrencies to try to repeat the dogecoin craze, saying the newly-listed company would "be very careful" when adding new cryptocurrencies, pointing to growing regulatory scrutiny. 🐕 Despite briefly dropping, the price of "dogecoin killer" shiba inu has continued to climb, adding a further 25% over the last 24 hours and taking its monthly performance to over 600% amid wild speculation Robinhood could list the memecoin. Spotted: Ads for dogecoin rival floki have flooded the London underground

	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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