Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Ripple secures final NYDFS approval for RLUSD

  • Ripple has secured approval to launch its stablecoin Ripple USD (RLUSD).
  • CEO Brad Garlinghouse pointed this out via a post on X.

Ripple will soon launch its stablecoin RLUSD after it received the final approval from the New York Department of Financial Services.

Brad Garlinghouse, the CEO of Ripple, confirmed this via a post on X on Tuesday, December 10, 2024.

“This just in…we have final approval from NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from Ripple first,” Garlinghouse posted.

The official Ripple X account also shared the upcoming launch of the stablecoin, with the news coming as the XRP token looked to recover above $2. Losses for the altcoin came as Bitcoin pared gains to below $95k and most coins traded lower.

Ripple gets regulatory nod

Earlier this month, Ripple dismissed reports the US dollar-pegged stablecoin was launching. Rather, it confirmed that the official launch awaited regulatory approval from the NYDFS.

in an earlier announcement regarding exchange and platform partners, Ripple named the likes of Bitstamp, Uphold, CoinMENA and Bullish.

Meanwhile, the company said RLUSD will be pegged 1:1 to USD and be 100% backed by USD deposits, short-term US government treasuries and other cash equivalents. The stablecoin went live in private beta in August, with the launch on both the XRP Ledger and the Ethereum mainnet.

While the company expects RLUSD to launch imminently, it has cautioned its users and the broader market to be wary of impersonations or scams.

Ripple announced plans to launch its stablecoin in April.

Entry into the market will see RLUSD compete with top USD-pegged stablecoins. The market leader in this segment is Tether’s USDT, which has a market cap of over $138 billion. USDC, the second largest, has a market cap of over $40 billion.

 

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Haven Protocol Token (XHV) crashes after mint exploit

  • Haven Protocol suffered a mint exploit, with over 500 million XHV tokens minted illicitly,
  • The hack has sent the price of the XHV token down by over 60%.
  • Hacker(s) exploited a vulnerability in the range proof validation code, introduced during the Haven 3.2 rebase to Monero.

Haven Protocol, a blockchain project known for its mint-and-burn mechanism, has suffered a mint exploit, leading to a dramatic plunge in its token price.

The exploit allowed a hacker to mint a vast number of XHV tokens, driving the supply to unmanageable levels. Following the hack, the price of the Haven token (XHV) nosedived by over 60%, falling from $0.0003594 to $0.0001341.

Haven Protocol Token (XHV) crashes after mint exploit

What happened to the Haven Protocol?

The Haven Protocol team disclosed the exploit via their social media account, revealing that over 500 million XHV tokens were illicitly created.

This discrepancy was detected during an exchange supply query, contrasting sharply with the audited supply of 263 million tokens. Developers attributed the breach to a vulnerability in the “range proof validation” code, introduced during the Haven 3.2 rebase to Monero.

This flaw enabled the creation of XHV tokens without detection, as the minting occurred after auditing processes.

Notably, the surplus tokens were not accounted for in the audited supply figures, exposing a critical gap in the protocol’s security measures.

The exploit has significantly impacted the market standing of XHV, a project that once saw its token peak at $28.99 in April 2021. The incident has compounded its decline, with the current price reflecting the erosion of trust in the protocol.

In response, Haven Protocol urged its community to avoid purchasing XHV on exchanges, citing ongoing efforts to assess the situation. The team acknowledged the gravity of the breach, expressing regret and promising further updates as discussions within their Haven Operations Committee (HOC) progress.

The post Haven Protocol Token (XHV) crashes after mint exploit appeared first on CoinJournal.

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Italy will drop plans to increase tax on crypto capital gains

  • Italy drops plans to raise crypto tax from 26% to 42% after industry opposition.
  • Lawmakers propose capping the tax at 28% or maintaining the current 26% rate.
  • Progressive taxation and exemptions aim to protect small investors and boost crypto.

Italy has decided to abandon a controversial proposal to raise the tax on cryptocurrency capital gains from 26% to 42%, following significant industry opposition and political disagreements.

The initial plan, introduced by Economy Minister Giancarlo Giorgetti, aimed to increase government revenues to fund socio-economic programs. However, it met resistance from lawmakers, industry stakeholders, and members of the ruling League party, prompting a reassessment of the measure.

Crypto capital gains tax in the revised 2025 Italy budget

According to sources familiar with the development, instead of the sharp hike, Italian lawmakers have proposed a more moderate increase, capping the tax rate at 28%. Others suggest maintaining the current 26% rate to avoid disrupting the growing crypto sector.

The revised tax plans form part of the 2025 budget, which must gain parliamentary approval by the end of December.

League lawmaker Giulio Centemero and Treasury Junior Minister Federico Freni were among those pushing for a softer approach. Both argued that an excessive tax increase could drive cryptocurrency trading underground, harming both investors and the broader economy. “No more prejudice about cryptocurrencies,” the lawmakers emphasized, highlighting the importance of fostering a supportive environment for the digital asset industry.

To further encourage innovation while addressing fiscal concerns, lawmakers have also proposed implementing progressive taxation and raising exemption thresholds to protect smaller investors. These measures aim to create a balanced regulatory framework that promotes investment in digital assets without stifling economic growth.

The tax debate in Italy mirrors broader global trends as nations seek to regulate and tax cryptocurrencies. For instance, Russia imposes a 13%-15% income tax on crypto sales, while exempting mining operations from VAT.

The Czech Republic has also introduced reforms exempting long-term crypto holdings from capital gains tax, encouraging digital asset investments.

Italy’s recalibrated approach signals an intent to align with these international practices while mitigating risks to its domestic economy. By rethinking its stance, Italy seeks to strike a balance between fiscal responsibility and fostering a competitive digital economy.

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Microsoft shareholders reject Bitcoin treasury proposal

  • Microsoft shareholders have voted against the proposal that sought to have the tech giant add Bitcoin to its balance sheet.
  • The vote on Tuesday, December 10, 2024, followed the proposal by the National Center for Public Policy Research, and came after MicroStrategy founder and Chairman Michael Saylor added to the call for Microsoft to adopt a Bitcoin treasury via a presentation.

On Dec. 10, details on the vote indicated Microsoft shareholders had rejected the proposal – meaning one of the world’s most valuable companies is not primed to add BTC to its treasury any time soon. Microsoft will not now take time to study the option of having the world’s largest cryptocurrency by market cap as part of its diversified portfolio.

Saylor, whose company is the largest corporate holder of Bitcoin after a buying spree that started in 2020, said last week that Microsoft had the potential to add trillions of dollars to its market cap if it invested in the flagship digital asset.

MicroStrategy acquired an additional 21,550 BTC worth $2.1 billion on Dec. 9, bringing its total haul 423,650 BTC bought for approximately $25.6 billion.

Microsoft board urged shareholders to vote down proposal

The “Assessment of Investing in Bitcoin” proposal by the National Center for Public Policy Research advocated for a 1% outlay of Microsoft’s assets into BTC. According to the proposal, the company should have weighed whether diversifying with Bitcoin to hedge against inflation was in the best interests of shareholders.

Saylor offered a 3-minute presentation to Microsoft’s Board of Directors and the chairman and CEO Satya Nadella. The Bitcoin bull explained why taking this approach would have been the right thing for the company.

The preliminary results of the shareholders’ vote means Microsoft could adopt this strategy at a time when BTC price will be much higher than the current $97k. The company’s board had last month asked shareholders to reject the proposal.

Despite the outcome of the vote, some in the crypto industry are bullish on what it means to have such a proposal in place.

Notably, the National Center for Public Policy Research has also submitted a similar proposal to Amazon.

MSFT shares traded around $446.98 at the time of writing, with the performance largely flat on the day.  Bitcoin price fell below $95,000 on the news, reaching lows of $94,550. However, BTC was back above $95k at the time of writing as bulls target a retest of the psychological $100k level.

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Price Analysis: Bitcoin Finds Support at the $93k Level

  • The crypto market shed 6.48% (roughly $240 billion) yesterday as Bitcoin’s fall from $101,000 to a daily low of $93,000 sparked $750 million in liquidations.
  • Major cryptos have begun to recover, with some alts already logging double-digit price increases.
  • Meanwhile, Bitcoin and Ethereum spot ETFs continue to log positive inflows.

Bitcoin bled in yesterday’s trading session, falling from a daily opening price of $101,151 to a low of $94,270 during the US afternoon session before closing higher at $97,314. With a market dominance above 56%, the largest crypto by market cap weighed on the entire market as major altcoins logged double-digit losses.

However, at the start of today’s US trading session, some major altcoins appear to have found support. Ethereum reached a daily low of $3,506 yesterday and is up 5% from that level as of writing, while Solana is up 6.9% from yesterday’s lows.

Is the selling over?

Bitcoin’s price pushed down to a support zone with an upper boundary of $97,463 and while most of the selling pressure appears to have abated, its price still hovers around the support as definitive initiative buy action is yet to occur.

Open Interest trended lower since yesterday as liquidations and taking profit led to more positions being closed. However, a tell-tale sign of a resumption in the uptrend would be mounting open interest combined with positive price action, indicating new positions being opened.

Ethereum’s price action is similar as the second largest cryptocurrency by market cap hovers around a support level awaiting either initiative buy action to push prices higher or sellers to push price lower.

Elsewhere, some altcoins have almost completely shaken off yesterday’s slump, logging double-digit daily gains as of writing. Mantra is a great example of this as its price has climbed 14.11% since yesterday’s close as of writing.

Spot crypto ETF inflows remain steady

Yesterday’s slump is not indicative of a wider bearish sentiment as inflows into US crypto spot ETFs remain positive. US spot Bitcoin ETFs recorded $2.77 billion in inflows last week and $483.60 million yesterday.

Ethereum ETFs followed a similar pattern, recording weekly inflows of $836.8 million and $149.80 million yesterday.

Bitcoin trades at $97,900 as at publishing while Ethereum trades at $3,600.

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