Cryptocurrencies To Watch

Category: Crypto News

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  • Coinbase Plans to Delist Tether’s USDT Stablecoin in Europe

    Coinbase Plans to Delist Tether’s USDT Stablecoin in Europe

    Coinbase, one of the world’s largest crypto exchanges, has announced that it will delist Tether’s USDT stablecoin from its platform for European customers.

    USDT, the leading stablecoin issued by Tether, has maintained its dominance in the crypto market with a market capitalization exceeding $139.5 billion. Its removal from Coinbase’s European markets represents a significant change in the stablecoin ecosystem.

    Coinbase will limit services for certain assets, including USDT, PAX, PYUSD, GUSD, GYEN, and DAI, citing restrictions imposed by Europe’s Markets in Crypto-Assets Regulation (MiCA).

    Coinbase currently supports USD Coin (USDC) and the euro-backed stablecoin EURC, both of which are managed in partnership with the U.S.-based crypto firm Circle.

    Potential Relisting Under Consideration

    The first phase of MiCA’s stablecoin regulations has been in effect since June 30, while the complete regulatory framework for crypto asset service providers (CASPs) will take effect on December 30.

    In October, Coinbase announced its intention to delist MiCA-restricted stablecoins from its platform and encouraged users to exchange their holdings in noncompliant coins for alternative stablecoins such as USDC.

    Although Coinbase labels USDT as a “MiCA-restricted stablecoin,” European regulators have not explicitly stated that the stablecoin fails to comply with MiCA regulations.

    Tether CEO Paolo Ardoino has also openly criticized certain aspects of the MiCA regulations, revealing that Tether is developing a technology-driven solution designed specifically for the European market.

    In November, Tether formally announced it would discontinue its euro-backed stablecoin, EURt (EURT), citing community interest as the reason. At that time, EURT’s market capitalization represented just 0.02% of USDT’s total market value.

    Coinbase Launches Wrapped BTC

    The latest development came after the American crypto exchange announced the launch of its Coinbase Wrapped BTC (cbBTC), a new ERC20 token backed 1:1 by BTC currently available on Base and Ethereum networks.

    Coinbase noted that cbBTC will not have its separate trading options on Coinbase. However, users can trade cbBTC on other decentralized platforms using Coinbase wallet and other exchanges that may support it.

  • Fidelity Investments Purchases 1205 BTC Worth Over $121.5M

    Fidelity Investments Purchases 1205 BTC Worth Over $121.5M

    Fidelity Investments, one of the world’s largest asset management firms, has gone bitcoin (BTC) shopping, adding 1205 BTC, valued at over $121.5 million in its Bitcoin portfolio.

    Fidelity Buys More BTC

    According to an X report, the asset manager has purchased approximately 5200 BTC, worth more than $524.6 million in the last three days. Before the latest acquisition, Fidelity held 199,237 BTC, valued at roughly $19.3 billion.

    Fidelity’s acquisition follows a series of strategic initiatives to cement its position in the cryptocurrency ecosystem. The purchase aligns with the firm’s long-standing commitment to the digital asset.

    Fidelity Investments has played a significant role in promoting the integration of crypto assets into traditional investment strategies and has steadily expanded its involvement in crypto services since its launch.

    With bitcoin currently trading at approximately $100,900, Fidelity’s substantial investment underscores the company’s belief in the leading cryptocurrency’s long-term potential. This purchase adds to Fidelity’s already robust portfolio of digital assets and marks one of its largest purchases.

    The acquisition comes when institutional interest in digital assets is reaching new heights. BlackRock, the world’s largest asset manager, announced it now holds 304,976 BTC, valued at over $21 billion.

    Earlier this year, Fidelity launched a Bitcoin ETF, which has seen significant investor demand. This latest purchase may further enhance the firm’s ability to meet client needs and capitalize on the growing adoption of digital assets. The fund attracted approximately $6.9 billion.

    Bitcoin in High Demand

    The demand for bitcoin has gone beyond corporations and entities. Recently, the city council of Vancouver, Canada, passed the motion to become a “Bitcoin-friendly city.”

    The proposal suggests allocating some of the city’s financial reserves to Bitcoin. It cites Bitcoin’s potential as a hedge against inflation and a means to promote innovation and economic growth. The move aims to position Vancouver as a blockchain and crypto innovation hub.

    As such, Thomas Peterffy, a Hungarian-born American billionaire businessman and the founder, chairman, and largest shareholder of Interactive Brokers, noted that individuals invest at least 2-3% of their net worth into bitcoin.

    Meanwhile, due to the asset’s widespread acceptance and performance, Eric Trump, son of President-elect Donald Trump and executive vice president of the Trump Organization, predicted that BTC would reach $1 million.

    He made this prediction at the Bitcoin MENA conference, which discussed Bitcoin’s future and its impact on the Middle East and North Africa region. The event also featured notable speakers, including billionaire Steve Witkoff and Binance founder Changpeng Zhao.

  • Australia Hits Kraken Operators with $5.1M Fine for Regulatory Violations

    Australia Hits Kraken Operators with $5.1M Fine for Regulatory Violations

    Australia’s regulatory agency, the Australian Securities and Investments Commission (ASIC), has fined Kraken’s local operator, Bit Trade, $5.1 million for violating regulatory requirements.  The move is part of the regulator’s strategy to strengthen its crypto market oversight.

    Kraken Operators Bags $5.1M Fine

    The Australian federal court ordered Bit Trade to pay for unlawfully issuing a credit facility to over 1,100 customers, resulting in more than $5 million in losses.

    The issue arose from Bit Trade’s margin trading product, which offered credit or loans that could be repaid in crypto assets like Bitcoin or fiat currencies like the U.S. dollar. ASIC found that Bit Trade failed to determine the right customers for the product, charging fees and interest of over $7 million without considering whether it suited them.

    Notably, the regulator acknowledged that the case is the first instance an entity is being charged for failing to have a target market determination (a mandatory public document required for credit facilities). Since the August ruling by the federal court determined that the exchange’s product was a credit facility, the document was needed.

    Kraken’s spokesperson expressed disappointment with the outcome, stating that the rulings would significantly hinder growth in the Australian economy. Despite this, the exchange operators plan to engage constructively with policymakers and regulators as these rules are developed.

    Australian Crypto Industry Decreases

    A recent KPMG report revealed that the number of active crypto firms in Australia has reduced by 14% from 85 to 74. Despite this decrease, high-profile players like Swyftx and Coinspot remain in the sector. The decline was attributed to a broader trend in the financial industry, where mergers and acquisitions (M&A) activity was subdued in 2024.

    The report further noted that the spotlight has shifted from blockchain technology to artificial intelligence (AI) globally, with investors pouring capital into the AI space to future-proof their businesses. However, the blockchain sector may be poised for a revival, owing to the SEC’s approval of the Bitcoin ETF and the expected U.S. pro-crypto administration.

    The recent rate cuts in various countries, including the anticipated cuts in Australia, may also free up capital for investment in the crypto industry. As the risk-free rate falls, alternative investments like blockchain may become more attractive, drawing in investors who have been sitting on the sidelines.

  • Hacker Exploits Dogecoin Flaw, Crashing 69% of Nodes

    Hacker Exploits Dogecoin Flaw, Crashing 69% of Nodes

    A critical vulnerability in the Dogecoin network known as “DogeReaper,” which allowed a hacker to crash 69% of nodes, has been exposed. If exploited further, it could have potentially taken down the entire network. Surprisingly, the incident occurred after the Dogecoin Network developers claimed to have already released a security patch to fix the issue.

    The DogeReaper Vulnerability Exposed

    The DogeReaper vulnerability is a critical issue that could have allowed an attacker to crash any Dogecoin node remotely. The vulnerability was caused by a malformed AuxPow Coinbase, which could cause a Segmentation Fault in Dogecoin. This vulnerability is particularly concerning, as an attacker could have exploited it to disrupt the entire network.

    AuxPow Coinbase refers to the first transaction in a block containing additional data proving the block was mined using the shared PoW algorithm to reward miners for their work. It is said to be malformed when the data is corrupted or incorrectly formatted, resulting in technical problems.

    Two whitehat hackers, Tobias Ruck and Roqqit, discovered the network vulnerability and promptly notified the Dogecoin blockchain developers, detailing the vulnerability. Node operators were advised to update their software immediately. Notably, the latest incident affected nodes that did not upgrade to the newest patch, making them vulnerable to the attack.

    After the vulnerability was publicly disclosed, a Bitcoiner claimed to be behind the latest hack. In response, the Dogecoin community called for increased awareness and education on security best practices to prevent similar incidents in the future.

    Coinbase Response to DogeReaper Vulnerability

    Coinbase, an American crypto exchange, is affected by the DogeReaper vulnerability due to its Dogecoin (DOGE) listing. As a validator in the Dogecoin network, the exchange operates nodes to support DOGE transactions and trading, which means vulnerabilities like DogeReaper can impact it.

    The hackers reported their findings to Coinbase. However, the exchange’s response to the vulnerability has been criticized. Despite the potential severity of the vulnerability, Coinbase labeled it as “low” severity and “informative.” Furthermore, the exchange rewarded the hackers with a $200 bounty, which some consider inadequate given the vulnerability’s potential impact.

    The incident reminds crypto users of the importance of ongoing security research and responsible disclosure in maintaining the integrity of blockchain networks. It also shows the need for node operators to stay up-to-date with the latest security patches and updates.

  • Vancouver City Council Accepts Proposal for Bitcoin Adoption

    Vancouver City Council Accepts Proposal for Bitcoin Adoption

    The city council of Vancouver, Canada, has passed the motion to become a “Bitcoin-friendly city.” The return of United States President-elect Donald Trump has partially driven the move, which is seen as a step towards embracing innovation.

    Vancouver Votes for Bitcoin

    The proposal suggests allocating a portion of the city’s financial reserves to Bitcoin. It cites Bitcoin’s potential as a hedge against inflation and a means to promote innovation and economic growth. The move aims to position Vancouver as a blockchain and crypto innovation hub.

    The city’s Mayor, Ken Sim, has been a vocal advocate for Bitcoin, calling it “the greatest invention ever in human history.” He believes that conventional fiat currency will eventually become obsolete and that Bitcoin’s value will increase significantly. Sim’s enthusiasm for Bitcoin has been evident since he announced the motion in late November.

    Vancouver’s decision to adopt a “Bitcoin-friendly” policy is part of a broader trend of global interest in crypto. With other countries, provinces, and states exploring the use of Bitcoin, Vancouver wants to get ahead of the curve. The city’s reputation as a hub for digital innovation makes it an ideal location for embracing new technologies like Bitcoin.

    Meanwhile, the motion approval does not mean the city is now committed to immediate crypto investments or payments. Instead, the council has directed staff to investigate potential crypto uses and explore the possibility of making Vancouver a Bitcoin-friendly City.

    Vancouver’s Decision Raises Concerns

    The city’s decision to become a Bitcoin hub has also raised concerns among experts, who point to the asset’s price volatility and the regulatory challenges associated with investing in crypto.

    Vancouver City Council members are divided on the proposal to explore the use of Bitcoin in municipal finances. Councillor Peter Meiszner voted in favor but expressed skepticism about the city investing public money in crypto. He highlighted the difference between individual residents investing their money and the city’s financial responsibilities.

    On the other hand, Councillor Pete Fry opposed the motion, citing concerns about Bitcoin’s potential use for money laundering. He pointed out that the Vancouver Police Department had previously recommended banning Bitcoin ATMs due to money laundering risks. FINTRAC, the Canadian financial regulator, recently warned about the same issue in May.

    Embracing Bitcoin could attract new businesses and talent to the city, driving innovation and economic growth. As Vancouver explores the use of Bitcoin, it will be closely watched by other cities, countries, and investors worldwide who may follow suit.

  • Thomas Peterffy Advises Allocating 2–3% of Net Worth to Bitcoin

    Thomas Peterffy Advises Allocating 2–3% of Net Worth to Bitcoin

    Thomas Peterffy, a Hungarian-born American billionaire businessman and the founder, chairman, and largest shareholder of Interactive Brokers, has suggested that individuals invest in Bitcoin (BTC).

    Peterffy Wants People to Have BTC

    In a recent post, the Interactive Brokers founder recommended that people allocate about 2-3% of their net worth to Bitcoin. Before Peterffy’s suggestion, he earlier noted that people should hold “some Bitcoin” during a recent interview with Bloomberg Television. He also advised against having excessive exposure to the leading cryptocurrency.

    “So, I think that anybody who does not have Bitcoin should have some Bitcoin, but not too much,” Peterffy said.

    The American billionaire initially criticized Bitcoin, claiming it should be kept separate from the “real economy” after news surfaced about CME’s plans to introduce Bitcoin futures. Peterffy even warned that Bitcoin had the potential to destabilize the entire economy.

    By July 2021, the executive shifted his stance, disclosing that he was a crypto holder. He mentioned investing “a small amount” and acknowledged that crypto could become a dominant currency.

    In November 2022, Peterffy expressed surprise that Bitcoin didn’t undergo a more significant downturn after the sudden collapse of the FTX crypto exchange.

    Growing Acceptance of Bitcoin

    Peterffy’s recommendation comes when BTC and other crypto assets are witnessing increasing adoption among institutional players, like BlackRock and Fidelity, signaling a shift toward mainstream acceptance.

    With the growing acceptance of BTC, Ray Dalio, the American investor and founder of Bridgewater Associates, the world’s largest hedge fund, revealed that he prefers investing in bitcoin and gold over debt assets.

    He further noted that BTC has been trading close to record highs as investors turn to digital assets as hedges against economic uncertainty, geopolitical conflicts, and new monetary policies. 

    Despite the market’s volatility, bitcoin has remained resilient. Last week, it traded above $103,000, significantly up from its lows earlier in the year. At the time of writing, the asset is starting to recover from its recent downturn, trading at over $101,200. 

    While Microsoft, a tech giant, voted against a proposal to invest directly in Bitcoin, other entities and corporations, like MicroStrategy, Riot, and MARA Holdings, have invested significantly in the asset.

  • Ray Dalio Recommends Investing in Bitcoin and Gold Over Debt Assets

    Ray Dalio Recommends Investing in Bitcoin and Gold Over Debt Assets

    Ray Dalio, the American investor and founder of Bridgewater Associates, the world’s largest hedge fund, revealed that he prefers investing in bitcoin (BTC) and gold over debt assets. As the investment chief of Bridgewater Associates, the billionaire values these assets for their status as “hard money.”

    In contrast, debt assets such as bonds should be avoided, as major economies are likely to encounter debt crises in the coming years, which could significantly reduce their value. It is the degree to which a company has used debt to finance its assets.

    Hard money is a currency supported by a tangible asset, such as gold, silver, or bitcoin, valued for its stable and limited supply.

    “I believe that there would likely be a pending debt money problem. I want to steer away from debt assets like bonds and debt and have some hard money like gold and bitcoin,” Dalio said in a speech during the Abu Dhabi Finance Week (ADFW) in the United Arab Emirates.

    BTC and Gold Preferred Over Debt Assets

    According to a report, the American investor noted that most major economies, including the United States and China, but excluding Germany, are experiencing a rapid rise in debt to historically high levels. He warned that these unsustainable debt levels could lead to significant financial challenges in the future.

    Following the speech, Dalio elaborated that factors like debt, money, the economy, natural events, and technological advancements are the primary forces shaping the world. Political dynamics within nations and external geopolitical developments also play a significant role. His preference for bitcoin and gold suggests he views these assets as the most reliable options for preserving wealth amid the shifting impact of these global forces.

    “Don’t get too caught up on the twists and turns of the day-to-day headlines, and instead, think more about the big force. Think strategically as well as tactically, taking a global perspective while recognising that what you don’t know about the future is more than what you do know,” he added.

    BTC Surpasses Dalio’s Expectations

    In line with Dailo’s recommendations, the billionaire further noted that gold and bitcoin have been trading close to record highs as investors turn to them as hedges against economic uncertainty, geopolitical conflicts, and new monetary policies.

    The leading crypto asset surpassed the $100,000 price mark for the first time last week. However, the asset declined and hovered around $94,000 to $98,000. As of the time of writing, BTC has started recovering from the pullback, changing hands at over $100,700, up 5.58% over the past 24 hours.

    Dailo also stated that an effective investment strategy should incorporate diversification and adaptability to navigate potential risks and capitalize on emerging opportunities.

  • Chainlink Partners with Coinbase’s Tokenized Assets Platform

    Chainlink Partners with Coinbase’s Tokenized Assets Platform

    The decentralized blockchain oracle network Chainlink has announced a strategic partnership with Coinbase’s Project Diamond, Coinbase’s digital asset platform for global institutions. The integration will provide data and facilitate comprehensive lifecycle management for new tokenized assets on the platform.

    Project Diamond, operating under the trade name Onchain Marketplace, is regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) and participates in the ADGM RegLab sandbox. The integration will enhance this implementation.

    A Seamless Connectivity

    Chainlink will also use its Cross-Chain Interoperability Protocol (CCIP) to enable seamless data sharing and connectivity across public and private blockchains and traditional financial systems, ensuring user compliance-focused solutions.

    Chainlink Functions enhance these assets by providing reliable, real-world data, regardless of the blockchain they traverse via CCIP. With Chainlink integrated into the Project Diamond platform, asset issuers, and fund managers gain a secure and compliant solution to efficiently scale their tokenized assets across public and private blockchains with verifiable data connectivity.

    Commenting on the latest partnership, Marcel Kasumovich, Deputy Chief Investment Officer at Coinbase Asset Management, said:

    “Chainlink is essential infrastructure that enables asset issuers, banks, and financial institutions to create tokenized asset solutions that are compliant, secured by verifiable data, and interoperable across any public or private blockchain.”

    Kasumovich added that Integrating the Chainlink standard directly into the Project Diamond platform, built on Coinbase’s Base technology, lays the foundation for broad institutional adoption of digital assets.

    Chainlinks Lab Enters MENA Region

    Coinbase Asset Management launched Project Diamond in December 2023, though it is not accessible to users in the United States. In April, Chainlink introduced the CCIP, enabling cross-chain token transfers and smart contract communication across blockchain networks.

    Chainlink Labs, a key developer of Chainlink, announced the establishment of a new entity in Abu Dhabi under the ADGM Registration Authority to support its growth and operations in the Middle East and North Africa (MENA) region.

    Angie Walker, Chainlink Labs’ Global Head of Banking and Capital Markets and Senior Executive Officer for Chainlink Labs Abu Dhabi, noted that the MENA region has emerged as a global hotspot for innovators and a central hub for advancing on-chain finance adoption.

  • MARA Holdings Acquires $1.1M in Bitcoin Amid BTC Pullbacks

    MARA Holdings Acquires $1.1M in Bitcoin Amid BTC Pullbacks

    Popular United States-based Bitcoin mining company MARA Holdings has announced the acquisition of 11,774 BTC, valued at over $1 million, through the proceeds from its 0% convertible notes offerings.

    According to an official report, MARA acquired the asset for $96,000 per bitcoin and has achieved a BTC Yield of 12.3% QTD and 47.6% YTD. The purchase has further cemented the mining firm as one of the big players in the crypto sector. The miner currently holds 40,435 BTC, worth approximately $3.9 billion.

    MARA Buys The Dip

    The latest purchase came amid a BTC price dip, which fell from a record high of over $103,000 to below $99,000. MARA Holdings is capitalizing on the lower price point to boost its crypto asset portfolio. The company’s decision aligns with the strategy adopted by institutional investors, who view downturns as opportunities to accumulate assets at discounted rates.

    Bitcoin has faced pullbacks in recent weeks, driven by market activities. However, the asset’s resilience continues to attract attention, particularly from institutional players who recognize its potential as a long-term investment strategy.

    The acquisition also shows increasing corporate and institutional interest in digital assets, which has accelerated in recent years. MARA Holdings’ investment adds to the narrative of Bitcoin’s mainstream acceptance as a legitimate asset class.

    Bitcoin As a Reserve Asset

    Over the past year, other Bitcoin mining companies like Riot have invested significantly in the crypto asset. For instance, on December 9, 2024, the firm plans to raise $500 million from senior convertible note sales. The firm stated that the offering would occur through a private offering. The cash raised will be injected into its BTC stash. This move further cements the mining firm’s belief in the leading crypto as a long-term investment strategy.

    With the alarming rise in bitcoin investment, corporations like MicroStrategy have gone deep into their pockets. The business intelligence company recently purchased 21,550 BTC for approximately $2.1 billion. The acquisition, executed at an average price of $95,976, brings its total Bitcoin holdings to 423,650 BTC, valued at around $42 billion. With this big buy, the company now boasts over 2% of the Bitcoin supply.

    As such, MicroStrategy’s co-founder, Michael Saylor, urged the United States to sell all the gold held in its reserve worth around $500 billion and convert to a strategic Bitcoin reserve, acquiring the crypto as a store of value for the country.

    Saylor noted that Bitcoin is establishing itself as the global reserve asset framework, and many professional and institutional investors are recognizing its potential for long-term growth and are actively moving to incorporate it as a foundational reserve holding.

  • Ripple Secures Final Approval From NYDFS For Its Stablecoin Launch

    Ripple Secures Final Approval From NYDFS For Its Stablecoin Launch

    Ripple, a leading blockchain-based payment solution, has achieved a significant milestone with the final approval from the New York Department of Financial Services (NYDFS) to launch its much-anticipated stablecoin RLUSD.

    RLUSD is a stablecoin that aims to preserve a 1:1 value with the US Dollar, like widely used stablecoins such as USDT and USDC.

    NYDFS Approves Ripple’s RLUSD

    The NYDFS, known for its thorough regulatory framework, has granted Ripple the green light to issue its USD-backed stablecoin. The approval process involved rigorous assessments of Ripple’s compliance with anti-money laundering (AML) measures, consumer protection policies, and financial obligations.

    Ripple’s CEO, Brad Garlinghouse, also expressed his enthusiasm on X about the approval by noting that when RUSD is live, the world will hear it first from Ripple.

    Garlinghouse initially signaled Ripple’s plans to enter the stablecoin arena, dominated mainly by Tether and Circle mid-2024, suggesting that evolving political landscapes could pave the way for new players like Ripple.

    By August, testing for RLUSD was in progress on Ethereum and the XRP Ledger. Later in October, Ripple announced that RLUSD would soon be accessible on platforms such as Uphold, Bitstamp, and Bullish.

    The firm further noted that RLUSD combines the stability of conventional fiat currencies with the speed and efficiency of blockchain technology, making it well-suited for various financial applications.

    Development of RLUSD slowed briefly as Ripple worked with regulators to ensure its stablecoin met compliance standards. On December 6, Ripple’s CTO, David Schwartz, noted that RLUSD was expected to go live before the end of the year, just 21 days from the time of reporting.

    XRP Sees Uptick in Price

    Following the announcement, XRP, Ripple’s native token, saw a notable uptick in its price, signaling positive investor sentiment. Market analysts believe the stablecoin launch could further solidify Ripple’s position as a dominant player in the blockchain and fintech sectors.

    The crypto asset was down 11% in the past week. However, XRP has increased 5.91% in the last 24 hours, ranking as the fourth largest cryptocurrency after Tether USDT.