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Good Thursday morning. This is Billy Bambrough with your latest batch of crypto news and analysis.
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24-hour crypto market snapshot
Bitcoin (+2%) $49,187
Powell power 💪
Cryptocurrency prices surged higher yesterday following the U.S. Federal Reserve's decision to speed up its stimulus measure tapering. Markets had apparently been worried the Fed chair Jerome Powell could dial back the central bank's monthly bond-buying and hike interest rates at an even faster clip.

The bitcoin price is now once again nudging $50,000 per bitcoin, up 2% on this time yesterday, having fallen as low as $45,000 in the run-up to the Fed announcement. Other major cryptocurrencies also cheered the Fed's slow-and-steady approach, with ethereum up 5% over the last 24 hours. Ethereum rivals solana and avalanche are leading the top flight higher, climbing 12% and 19% respectively.

Just outside of the crypto top ten, the battle for memecoin supremacy is back on with dogecoin and shiba inu again jostling for dominance. Dogecoin has given up much of the gains it made following Elon Musk's announcement Tesla will begin accepting it for some Tesla merchandise.

Now watch this: Nine Videos That Defined Crypto In 2021
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✨ 99 problems...
Fed chair Jerome Powell
Senator Elizabeth Warren has emerged as one of the most vocal critics of crypto technology on Capitol Hill Getty Images
... Crypto ain't one: Federal Reserve chair Jerome Powell, speaking following the Fed's decision to cut back its stimulus program more quickly than planned in order to combat rising inflation, said he doesn’t view cryptocurrencies as a "financial stability concern," branding cryptocurrencies "really speculative assets."

Risk on: "I do think [crypto assets] are risky, [as] they’re not backed by anything," Powell said in comments reported by MarketWatch. "And I think there’s a big consumer issue for consumers who may or may not understand what they’re getting."

Why it matters: Powell was tapped by U.S. president Joe Biden to serve another term as Fed chair last month, something that was cheered by investors who have enjoyed outsized returns thanks to the Fed's loose monetary policy in recent years. Powell's dismissal of bitcoin and cryptocurrency's potential to cause financial instability could mean some pressure comes off regulators and lawmakers who are weighing stricter new cryptocurrency regulations.

Meanwhile... Powell also said he supported the views expressed in the President’s Working Group’s report on stablecoins which called on Congress to quickly pass new legislation that would require stablecoins to be issued by insured banks. "Stablecoins can certainly be a useful, efficient consumer-serving part of the financial system if they’re properly regulated," said Powell, it was reported by Cointelegraph. "Right now, they aren’t. They have the potential to scale, particularly if they were to be associated with one of the very large tech networks that exist."

Listen to this: Meet the cryptokings
Flying solo 💁
⛓️ Katie Haun, the first female general partner at influential Silicon Valley venture capital company Andreessen Horowitz (A16Z), is leaving to launch her own crypto and blockchain fund.

🐦 "When Chris and I started our first crypto fund in 2018, it was a moonshot experiment," Haun said via Twitter. "Thanks to the hard work of many, it has exceeded both of our wildest expectations. Today it's more apparent than ever that web3 will transform the internet."

💰 Haun, a former federal prosecutor, has helped raise and deploy multiple cryptocurrency-focused funds at A16Z, which has already fully deployed its latest $2.2 billion fund raised in June, according to Axios.

Now read this: The next generation of the web is here… apparently

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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