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Good Tuesday morning. This is Billy Bambrough with what's driving the day in the world of bitcoin and crypto.
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24-hour crypto market snapshot
Bitcoin (+2%) $63,285
Squid (-99%) $0.003253
Suddenly soaring 💸
Cryptocurrency prices have leaped this morning, with bitcoin suddenly adding $2,000 per bitcoin and climbing to over $63,000. The rest of the crypto top ten has followed bitcoin higher, with the combined value of the cryptocurrency market climbing to over $2.7 trillion for the first time.

Ethereum has added almost 3% and has hit a fresh all-time high of just under $4,500 per ether. Meanwhile, one of ethereum's rivals, polkadot, has rocketed almost 20% since this time yesterday, leading the major market higher.

Dog coins are struggling this morning, however, with dogecoin and shiba inu both losing ground, down around 1%.

Meanwhile, the media is reeling from the collapse of the Squid Game-inspired squid cryptocurrency which yesterday crashed to zero after developers pulled the rug on investors. The obvious scam token launched just last week and generated significant press attention due to its use of themes from the hit Netflix show.
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Stablecoin risk report 📃
Released: The U.S. Treasury Department yesterday released its long-awaited report on the risks posed by traditional currency-pegged cryptocurrencies known as stablecoins. The report (which can be seen here) included a request for laws that would expand regulatory oversight over stablecoin issuers, with new registration and licensing requirements. "To address risks to stablecoin users and guard against stablecoin runs, legislation should require stablecoin issuers to be insured depository institutions, which are subject to appropriate supervision and regulation, at the depository institution and the holding company level," the report read. "The legislation would prohibit other entities from issuing payment stablecoins."

Future of finance? The report, issued by the President’s Working Group on Financial Markets (PWG), found that, when regulated, stablecoins could "support faster, more efficient, and more inclusive payments options." However, it recommended Congress introduce regulatory oversight and formal market structure as soon as possible to both protect and inform investors, issuers and exchanges.

Meanwhile... Stablecoins need to be monitored to make sure they aren’t bankrolling criminal activities, Securities and Exchange Commission (SEC) chairman Gary Gensler said in a press release. Gensler is a member of the PWG.

Why it matters: There have been multiple warnings issued that the fast-growing $130 billion stablecoin market, which some fear could eventually threaten global financial stability if not reined in. Treasury secretary Janet Yellen sounded the alarm over stablecoins this summer, calling on lawmakers to "act quickly to ensure there is an appropriate U.S. regulatory framework in place."

Now read this: Banks tried to kill crypto and failed. Now they’re embracing it (slowly)
Trial and error ⚖️
Computer scientist Craig Wright, the self-described creator of bitcoin, has been trying to legally prove he's Satoshi Nakamoto for years
Computer scientist Craig Wright, the self-described creator of bitcoin, has been trying to legally prove he's Satoshi Nakamoto for years © 2019 Bloomberg Finance LP
👨‍⚖️ The long-awaited courtroom battle between the self-appointed creator of bitcoin Craig Wright and the deceased brother of Ira Kleiman, a friend of Wright, has begun in Miami, Florida. Coindesk has branded it "bitcoin's trial of the century."

🕵️ The three-week trial will attempt to settle whether David Kleiman, who died in 2013, collaborated with Wright on the early development of bitcoin and is entitled to some of the 1.1 million bitcoins believed to be held by bitcoin's mysterious creator Satoshi Nakamoto.

💻 Wright, an Australian computer scientist, has for years claimed to be Nakamoto, with little evidence.
Baffled by bitcoin? 🤔
❌ Almost no one understands bitcoin and crypto, a survey has shown, with 98% of participants failing a quiz on basic concepts related to bitcoin, stablecoins, non-fungible tokens (NFTs). You can have a go here.

📝 The 17-question crypto literacy survey was given by pollsters YouGov to 1,000 users who are aware of bitcoin or cryptocurrency, in U.S., Mexico and Brazil, balanced across age, gender and education level.

⛓️ Just one in ten know that bitcoin's supply is limited to 21 million, while 90% said they didn't understand what a stablecoin is.

Now read this: Bitcoin surge spurs City to recruit crypto natives

🚨 "Crisis moment" 🚨
💰 Peter Thiel, the technology billionaire who co-founded PayPal, Palantir and was an early Facebook investor, has said bitcoin's huge rally over the last year demonstrates inflation fears—and admitted he regrets not buying more bitcoin.

🗣️ "You know, $60,000 bitcoin, I'm not sure that one should aggressively buy," Thiel told the National Conservatism Conference, it was first reported by Bloomberg. "But surely what it is telling us is that we are having a crisis moment."

📈 U.S. consumer price index inflation jumped to a 13-year high of 5.4% year-on-year in September, as the economic rebound from coronavirus pushed up food and energy prices.
hello world
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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