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	Good Wednesday morning. Billy Bambrough here, getting you up to speed with the latest bitcoin and crypto news.


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24-hour crypto market snapshot

$48,462

$3,881

$167.58

$91.77

Easy come, easy go 💸


	Cryptocurrency prices appeared to go haywire yesterday with a single bitcoin briefly shown on CoinMarketCap as trading at roughly $778,000,000,000, making millions of crypto holders 15-minute millionaires. The bug, which also affected crypto prices on Coinbase, lasted a couple of hours and showed one tether (meant to be pegged to the dollar) going for $14 million. It's not yet known what caused the errors. One of the founders of dogecoin Billy Markus quipped on Twitter that the bug had made him an "unrealized quadrillionaire," with dogecoin's value also catapulting to a price of $194,509. Read the full story on Forbes. Once normal service was resumed, it was revealed prices had barely moved. The bitcoin price is trending higher on this time yesterday, up 3%, while ethereum is up 2%. Ethereum rival solana is leading the market higher after being hit by congestion issues this week, adding almost 10%. Dogecoin is still soaring following Elon Musk's announcement Tesla will add it as a payment option on some merchandise and is now back in the crypto top ten while recent winner avalanche is up 15%. Look out today... for the conclusion of the U.S. Federal Reserve's latest two-day meeting that will reveal a new set of economic projections and an updated "dot plot" of interest rate projections. Stock markets and asset prices are set for volatility and a potential taper tantrum if the Fed votes to slow its record-breaking bond-purchasing program more quickly than expected as inflation continues to soar. Data out yesterday showed producer prices climbing at their fastest pace on record. Now read this: The Fed meeting could be D-Day for bitcoin and other cryptos

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Partisan problems 📳



	Senator Elizabeth Warren has emerged as one of the most vocal critics of crypto technology on Capitol Hill ASSOCIATED PRESS


	Party political: It's increasingly apparent that cryptocurrency technology is favored by Republicans and disliked by Democrats after yesterday's Senate Banking Committee hearing that saw Republican senator Pat Toomey tout the possible benefits of stablecoins while influential former presidential hopeful Elizabeth Warren warned over the risks to consumers and the economy. You can watch some of Warren's remarks here. Why it matters: Lawmakers and federal agencies have been grappling with how best to regulate the fast-growing stablecoin market which has allowed the crypto market to swell to a value of around $3 trillion, growing four-fold in the space of 12 months and sparking the creation of so-called decentralized finance (DeFi)—which aims to automate and recreate many financial services traditionally provided and policed by banks. DeFi danger: "DeFi is the most dangerous part of the crypto world," said Warren in comments reported by Cointelegraph. "This is where the regulation is effectively absent, and—no surprise—it’s where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto traders. In DeFi, someone can’t even tell if they’re dealing with a terrorist." But but but... Speaking to Hilary Allen, a witness and professor at American University Washington College of Law, Warren asked whether "DeFi threatens our financial stability and can DeFi continue to grow without stablecoins?" Allen said she did not "think DeFi can grow without stablecoins," saying, "Right now, I think DeFi is contained to the point where it won’t impact financial stability." Meanwhile... Dogecoin-boosting Tesla billionaire Elon Musk yesterday hit back at Warren, saying she reminded him of an "angry mom" after the progressive senator accused the billionaire and entrepreneur of "freeloading" on Monday. Warren had tweeted: "Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else." Musk is facing a $15 billion tax bill this year after offloading some Tesla stock. Take a chance on tether: "Let’s be clear about one thing: if you put your money in stablecoins, there’s no guarantee you’re going to get it back," Senate Banking Committee chairman and Democrat Sherrod Brown said in his opening remarks, it was reported by Bloomberg. "And if there’s no guarantee you’ll get your money back, that’s not a currency with a fixed value—it’s gambling," he said, adding that he’s worried about a potential asset bubble. The bottom line: Tribal, partisan politics that have engulfed every aspect of life in the U.S. are coming for crypto in the same way they've divided opinion over the future of Silicon Valley's biggest companies. Now read this: Bitcoin is free and fair but not progressive

Irresponsible ads 🪧

😡 The U.K.'s advertising watchdog has criticized the crypto industry for "widespread" problems with misleading and irresponsible ads, singling out trading platforms Coinbase and eToro, amongst others.

📝 The companies whose ads were found to have broken the rules were:

- Coinburp: A Twitter page for Coinburp, a cryptocurrency trading platform

- eToro (UK): A paid-for display ad for eToro, a stocks and cryptocurrency trading platform

- Payward: A digital poster for Kraken, an online cryptocurrency exchange

- Exmo Exchange: A YouTube video promoting cryptocurrency exchange Exmo

- Luno Money: An in-app ad for Luno, a cryptocurrency exchange service

- Coinbase Europe: A paid-for Facebook ad for Coinbase, a cryptocurrency exchange platform

- Papa John's GB: A promotion on the Papa John's pizza restaurant chain's website and in a Twitter post

🚨 The Advertising Standards Authority (ASA) said monitoring cryptocurrencies is a "red-alert priority" following concerns that many ads fail to fully convey the risks of investing.

Good to know: Life Insurance company Lemonade just added $1 million of bitcoin to its balance sheet

	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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