Author: NBTC
The market valuation of tether (USDT) has now ballooned to a staggering $140 billion. On Dec. 16, this stablecoin’s market cap makes up 3.75% of the colossal $3.73 trillion crypto universe. Tether’s Market Share Soars in 2024 The journey of the dollar-pegged digital economy has been quite the adventure since stablecoins first hit the scene, and tether (USDT) has emerged as the undisputed heavyweight. This week, the stablecoin’s valuation has soared to $140 billion, and exactly one year ago, on Dec. 16, 2023, its supply was at 90 billion coins. That’s a hefty increase of $50 billion in just 12…
The European Securities and Markets Authority (ESMA) has released its final guidance on Tuesday to help member states implement the impending rules. ESMA published its final report on reverse solicitation, systems, what crypto may constitute as a financial instrument and draft technical standards on market abuse prevention. The European Union’s Markets in Crypto Asset (MiCA) rules – bespoke rules for the crypto sector – are meant to come into force by December 30 across the bloc of 27 nations. But some countries are yet to put in place legislation to implement MiCA. Portugal’s central bank even told CoinDesk on Monday…
Bitpanda, a European crypto platform, has obtained in-principle approval from the Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates (UAE). This was achieved in less than eight months after submission. Once fully licensed, Bitpanda will operate as Bitpanda Broker MENA DMCC, marking its first official expansion outside Europe. Bitpanda Expands Beyond Europe According to the firm, the approval reflects Bitpanda’s strategy to grow beyond Europe and establish itself in the global digital asset market. The UAE has become a notable hub for cryptocurrency trading and digital finance. Launching Fusion, Targeting MENA Earlier this year, Bitpanda set up an…
The 2024 bitcoin halving event sparked major changes in the mining scene, according to the latest “State of the Network” report by Coin Metrics and analyst Matías Andrade. Battle for Hashrate Dominance The April 2024 halving, which slashed block rewards from 6.25 BTC to 3.125 BTC, severely impacted miner earnings. Coin Metrics’ new report reveals a sharp fall in BTC-denominated revenue per terahash per second (TH/s) of mining power right after the event. However, a thrilling jump in bitcoin’s price to over the $105,000 range cushioned some of the blows, boosting USD-denominated revenue per TH/s. Even so, profitability still lags…
A widely followed crypto analyst says Ethereum (ETH) looks primed to move higher after exhibiting price stability during the last two weeks. In a new strategy session, pseudonymous crypto trader Rekt Capital tells his 519,700 followers on the social media platform X that ETH may be gearing up for more rallies after maintaining $4,000 as support on the weekly chart. “ETH: the post-breakout retest was successful. And indeed, it enabled a challenge into $4,000 (red). In fact, Ethereum has been holding the $4,000 (red) area as new support for the second week in a row. Continued price stability here [means]…
Despite limited progress in reducing inflation in November, federal funds futures show a nearly 100% probability that the Fed will cut its benchmark interest rate by 25 basis points at its Dec. 17-18 meeting, analyst Megan Leonhardt said. Although a December rate cut appears imminent, Leonhardt warned that Fed Chairman Jerome Powell could accompany that decision with guidance suggesting a pause in rate cuts early next year. “Don’t be surprised if next week’s rate cut is combined with Powell’s statement that the Fed will pause rate cuts at the beginning of the year,” Leonhardt added, noting the directional challenges policymakers…
Ripple’s RLUSD stablecoin debuts on Uphold, offering rewards and exclusive benefits, solidifying its role in digital payments and boosting value for XRP investors. Ripple’s RLUSD Launches on Uphold—Where XRP Community Gains More Uphold, a leading Web3 financial platform, has confirmed that Ripple’s new USD-backed stablecoin, RLUSD, will be fully accessible on its platform starting Dec. 18. In addition to its launch, RLUSD will be integrated into Uphold’s Rewards Center program in January 2025, enabling users to earn incentives for holding the stablecoin. Simon McLoughlin, CEO of Uphold, highlighted the company’s enthusiasm for Ripple’s innovation, stating: It’s no secret that we’ve…
The Income Tax Appellate Tribunal, or ITAT, in Jodhpur, India, has ruled that profits from crypto sales prior to the introduction of the Virtual Digital Asset, or VDA, regime in 2022 are to be treated as capital gains. The decision classifies crypto, including Bitcoin, as capital assets, resolving ambiguity that previously surrounded crypto taxation. The ITAT’s decision ensures fair treatment under long-term capital gains laws, reducing the tax burden for early adopters. The ruling derived from a case where an individual purchased Bitcoin worth $6,478 (₹5.05 lakh) in 2015-16 and sold it for $78,8063.84 (₹6.69 crore) in 2020-21. The individual…
Binance, the world’s leading cryptocurrency exchange, has published a blog examining the cultural and thematic evolution of memecoins, focusing on their ability to connect with diverse communities through unique narratives and causes. Binance Highlights Emerging Trends in Memecoin and Decentralized Innovation The blog highlighted various tokens, such as the Chill Guy Memecoin, which has garnered a loyal following for its laid-back attitude. Binance noted that the token resonates with individuals who value a laid-back approach to life, creating a niche but deeply engaged community. Other projects have moved into more innovative areas. For example, RIF and URO were recognized for…
Leading US publicly-listed Bitcoin (BTC) miners from Wall Street are strengthening their financial positions through significant capital raises as Bitcoin trades above $108,000. Industry heavyweights CleanSpark (NASDAQ: CLSK) and Bitfarms (NASDAQ: BITF) announced major financial moves to fuel their expansion plans. CleanSpark Raises $650 Million in Zero-Coupon Note Sale CleanSpark has secured a landmark $650 million zero-coupon convertible senior notes offering, implementing financial engineering to protect shareholder interests. https://t.co/eGYTK4x5eS — CleanSpark Inc. (@CleanSpark_Inc) December 17, 2024 The company structured the deal with capped call transactions at $24.66 per share, representing a 100% premium over its closing price. To further enhance…