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	Good Wednesday morning. Billy Bambrough here, bringing you your latest batch of bitcoin and crypto news.


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24-hour crypto market snapshot

$60,552

$4,222

$218.85

$100.12

Holding the line ✋


	Cryptocurrency prices have appeared to have found a floor after a steep sell-off earlier this week. The bitcoin price is currently bobbing around $60,000 per bitcoin, with bulls apparently keen to hold the 60k line. Much of the crypto top ten has turned green this morning, with prices beginning to tick up. Bitcoin, Ripple's XRP, the meme-based dogecoin and ethereum rival polkadot are all slightly higher than this time yesterday. Solana, another ethereum rival, is leading the market lower with a 3% decline over the last 24 hours. Ethereum itself is off by around 1%. Outside of the top ten, avalanche is surging after its developer Ava Labs signed a deal with big four accountancy Deloitte. Avalanche has rocketed over 2,000% since this time last year. Now read this: A Tale of Two Cities: The Federal Reserve’s Growing Influence On Bitcoin

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Too much of a good thing 🤑


	Exotic exuberance: The European Central Bank (ECB) has this morning warned increased "exuberance" in markets including housing, bonds and cryptocurrencies, have created vulnerabilities that will be exposed if higher than expected inflation leads to a sharp rise in interest rates. The Financial Times has a write-up. "More exotic market segments, such as crypto-asset markets, also remain subject to speculative bouts of volatility," the ECB wrote in its twice-yearly financial stability review. Why it matters: Calls are growing around the world for central banks to act over soaring inflation that has spiked following the easing of coronavirus lockdowns and the injection of trillions of dollars into the economic system. The U.S. Federal Reserve and the U.K.'s Bank of England have so far held off raising rates, but if prices continue to tick up they'll find calls impossible to ignore. Tether troubles: ECB economists are also worried about growing links between conventional financial markets and traditional currency-pegged stablecoins. Tether, the largest such cryptocurrency has ballooned to a $73 billion juggernaut over the last year, sparking questions about how the company that issues tethers, Tether Limited, is funded. Rapid growth in the size and use of stablecoins "call for urgent implementation of regulatory, supervisory and oversight frameworks," the ECB said. The bottom line: Fear over rising inflation has been one of the prime drivers of the bitcoin price over the last year but now actions to curb that inflation could be about to send shockwaves through cryptocurrency markets. Now watch this: Binance CEO advocates for fundamental crypto rights

Scaling Mt. Gox 🏔️



	Former Mt. Gox chief executive Mark Karpeles, pictured here in 2019 Getty Images


	💸 One of the longest-running and most disastrous sagas in the world of crypto is inching closer to conclusion after it was reported creditors of the collapsed Mt. Gox exchange are nearing a payout. 🏴‍☠️ Tokyo-based Mt. Gox, which began life as a Magic: The Gathering playing card exchange, was for a time the world's largest bitcoin exchange, dominating the market until it imploded in early 2014 due to the loss of almost 1 million bitcoins—worth around $8 billion at current prices. 🧑‍⚖️ Mark Karpeles, the chief executive of Mt. Gox at the time of its collapse, has been found guilty of falsifying records and received a suspended prison sentence amid accusations of fraud and mismanagement. Now watch this: The fake environmentalist attack on bitcoin

India eases 🙇


	👐 India's crypto regulation bill, which had been on course to ban cryptocurrencies in the country, now looks likely to allow them to be held like gold, shares or bonds, local newspaper the Economic Times reported early this morning, citing sources familiar with the government's thinking. Use as payment and "active solicitation" (ads) from crypto companies will be be banned, however. 🤝 Earlier this week, officials met with crypto industry representatives on Monday. Last weekend, India’s prime minister Narendra Modi reportedly chaired a meeting to discuss the future of cryptocurrencies amid concerns unfettered crypto markets could be used for money laundering and terror financing. 📈 Cryptocurrency popularity has surged in India over the last year, with the country's crypto market worth $6.6 billion in May 2021, compared with $923 million in April 2020, according to blockchain data platform Chainalysis. Now read this: What should I do with this sliver of bitcoin my evil ex left me?

	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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