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	Good Thursday morning. Billy Bambrough here with what's driving the day in the world of bitcoin and crypto.


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24-hour crypto market snapshot

$42,035

$3,140

$1.34

$81.88

Range bound 🧶


	Cryptocurrency prices have continued to trade sideways despite another rocky day for equities yesterday. The bitcoin price remains stuck at around $42,000 while ethereum and most other top ten coins are equally flat. Ethereum rival cardano has fallen sharply, however, dropping 6%. Terra's luna is leading the market higher with a near-2% rally. Meanwhile, the Grayscale Bitcoin Trust has been called "one of the biggest casualties of the cryptocurrency sell-off" (with Coinbase perhaps one other), by Bloomberg. The $27 billion fund has lost a worrying 17% in the first few weeks of the year, outstripping bitcoin's 10% decline. Now read this: Wall Street traders muscle into the middle of crypto

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Cleaning up crypto 🧽



	Influential senator Elizabeth Warren, D-Mass, is an outspoken critic of bitcoin and cryptocurrencies CQ-Roll Call, Inc via Getty Images


	High energy: The U.S. House Energy and Commerce Committee will today hear from crypto industry leaders who have been called to testify in a session entitled: "Cleaning up cryptocurrency: The energy impacts of blockchains." It kicks off at 10:30am ET and you can watch along here. Politico has a comprehensive primer. Who's speaking: - Ari Juels, professor at Cornell Tech and co-director of the Initiative for Cryptocurrencies and Contracts - John Belizaire, chief executive of Soluna Computing - Brian Brooks, chief executive of BitFury - Steve Wright, former chief executive of Chelan County Public Utility District and Bonneville Power Administration - Gregory Zerzan, legal advisor and shareholder at Jordan Ramis P.C. Why it matters: Concerns over the environmental impact of bitcoin and cryptocurrencies in the U.S. have been growing since last year when China's expulsion of crypto miners scattered them around the world. Many landed in the U.S., which has now become the largest contributor to the bitcoin network's computing power. "The extraordinarily high energy usage and carbon emissions associated with bitcoin mining could undo much of our work to tackle the climate crisis—not to mention the harmful impacts crypto mining has on local environments and electricity prices," Democrat senator and former presidential hopeful Elizabeth Warren said in a statement to Politico. "It is time for Congress and federal regulators to step up and address the serious risks that crypto poses to our economy and our environment.” The magic of the market: While lawmakers and regulators want to constrain the fast-growing crypto market and industry, those working within it fear stifling regulation. "It’s not up to the government to decide if bitcoin is important to the country’s future—that’s the market," Bitfury CEO Brian Brooks, who previously served as acting comptroller of the currency from May 2020 to January 2021, told Politico. "The market has spoken." Zoom out: The E.U. and countries around the world are increasingly concerned about the energy demands and environmental effects of cryptocurrencies. Good to know: Crypto exchanges will face more scrutiny from SEC

Google "tiptoeing" into crypto 🤫


	🤝 Search giant Google's parent company Alphabet is regrouping for a fresh assault on the world of banking, payments and crypto and has hired former PayPal executive Arnold Goldberg to lead its efforts, according to a Bloomberg report that claimed the company is "tiptoeing into crypto" to "help Google entice users." 🗣️ "Crypto is something we pay a lot of attention to," Bill Ready, Google’s president of commerce, told the financial newswire. "As user demand and merchant demand evolves, we’ll evolve with it." 💳 Google’s digital cards may soon enable users to hold bitcoin and spend fiat, Bloomberg revealed, after it formed partnerships with crypto companies Coinbase and BitPay to enable the functionality. Now read this: Tales from crypto—A billionaire meme feud threatens industry unity

	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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