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Ripple’s RLUSD Stablecoin Attracts Frenzy Bids for 800 XRP Ahead of Release

While RLUSD’s price will always be redeemable for $1, some onchain “collectors” are likely bidding to be the first to hold the much-awaited Ripple stablecoin.

Ripple’s upcoming RLUSD stablecoin is attracting bids upto 836 XRP on onchain marketplaces ahead of its Tuesday release, a sign of frenzy among enthusiasts who may want to be the first to hold the token.

These bids range from 500 XRP to as much as 836 XRP as of Asian morning hours on Tuesday, CoinDesk viewed on the Xaman application. Each XRP exchanges hands for just under $2.5, data shows.

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“There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD.,” Ripple Labs CTO David Schwartz said in a Monday post. “Tools will show you the highest price anyone is willing to pay, even if it’s just for a tiny bit. Maybe someone wants the “honor” of buying the first bit of RLUSD on the DEX.”

“But rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong,” Schwartz added.

Speculators often engage in high-priced transactions for small quantities of a new token or NFT to gain early access or to capitalize on the novelty of holding the first batch.

As such, RLUSD might not have enough liquidity to maintain its peg effectively in the first few hours after it goes live, meaning there may be some price discrepancies from the intended $1 peg. However, each token will be redeemed for only a dollar, and it is unlikely to remain depegged for an extended period.

RLUSD will go live on the XRP Ledger (XRP) on Tuesday, as CoinDesk reported, with initial listings on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA.

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Bitcoin Traders No Longer Chasing Record Price Rally Like Before, Options Data Show

The way options are currently priced indicates a more measured bullish sentiment compared to what we’ve witnessed recently.

While bitcoin (BTC) continues to reach new lifetime highs, the latest options market trend indicates that traders aren’t chasing the uptrend with the same zeal as before.

On Monday, BTC’s price rose above $107,000, surpassing the previous peak on Dec. 5 and taking the cumulative post-U.S.-election gain to over 50%, CoinDesk data show.

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The rally follows President-elect Donald Trump’s assurance that the U.S. will build a bitcoin strategic reserve similar to its strategic oil reserve. Analysts expect the winning streak to continue next year, with prices ranging between $150K to $200K by the end of the following year.

However, the current pricing of options trading on Deribit indicates that traders aren’t chasing the rally like they used to, signaling a more cautious outlook for the short term.

At press time, the 25-delta risk reversal for options expiring on Friday was negative, indicating the relative richness of put options that provide protection against price drops. Puts expiring on Dec. 27 were trading at a slight premium to calls, while the risk reversals extending to the end of March end expiry demonstrated a call bias of less than three volatility points.

That starkly contrasts the trend we’ve observed over the past few weeks, where traders aggressively chased new price peaks, driving short-term and long-term call biases to over four or five volatility points. In fact, short-term risk reversals frequently displayed a stronger call bias than their longer-term counterparts.

The latest block trades coming through on Deribit, as tracked by Amberdata, also show a bearish lean. The top trade so far today has been a short position in the Dec. 27 expiry call at the $108,000 strike followed by long positions in the $100,000 strike puts expiring on Dec. 27 and Jan. 3.

The cautious sentiment could be due to concerns that on Wednesday the Federal Reserve will signal fewer or slower rate hikes for 2025 while delivering the widely expected 25 basis points rate cut. Such an outcome could accelerate hardening of the bond yields, strengthening the dollar and denting the case for investing in riskier assets. Perhaps, sophisticated BTC traders are positioning for a correction.

OpenSea Cayman Islands Registration Sparks Airdrop Speculation

OpenSea recently announced its platform would be revamped in December.

Non-fungible token (NFT) exchange OpenSea sparked speculation it is preparing a potential token airdrop after it registered an entity in the Cayman Islands.

X user Waleswoosh, a pseudonymous researcher at Azuki, posted a screenshot of the OpenSea registration. The registration was present on the Cayman Island’s general registry and was also confirmed to CoinDesk by OpenSea.

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The post led to speculation over whether the move was a step toward releasing a token in a more crypto-friendly jurisdiction than the U.S. A dashboard created on Dune lets OpenSea users check their historical activity to estimate how much a potential airdrop might be worth.

OpenSea declined to comment on whether it would be introducing an native token.

The company is headquartered in New York and was the primary venue for the NFT bull cycle in 2022, racking up a record $2.7 billion of trading volume on a single day in May that year. The emergence of rival platform Blur coupled with a wider market decline resulted in a loss of market share. Trading volume over the past 24 hours hit $21 million, less than 1% of the record.

The company was valued at $13 billion after it raised $300 million during the height of the 2022 cycle. The market has now shifted, with focus on memecoins like dogwifhat (WIF) and bonk (BONK) rather than non-fungible token projects like Bored Ape Yacht Club and CryptoPunks.

OpenSea plans to turn the tide back in its favor this month as it rolls out OpenSea 2.0. More than 1 million unique wallets have registered for the waitlist.

The new platform features a “retro” section, which rewards users for historical activity in the form of “points.” Points leaderboards have been a common way of airdropping tokens to users this year by incentivizing ongoing activity and loyalty. There’s no indication that OpenSea plans to follow that path, however.

ESMA Publishes Final Guidance on MiCA Implementation Days Before Deadline

The regulator is releasing final guidance to help member states get ready for MiCA which is set to take effect imminently, as some nations are trailing behind.

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.

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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 that it is yet to figure out which national competent authority will be responsible for the rules since legislation has not passed.

A part of what caused delays for national competent authorities was the short period between ESMA releasing its final technical standards in October and the implementation date, industry trade associations told CoinDesk.

“Looking ahead, as the transitional period progresses, we will continue to provide guidance and work with all [National Competent Authorities] NCAs to ensure the smooth implementation of MiCA and to support a level playing field through supervisory convergence actions,” Verena Ross, ESMA Chair, said.

Pudgy Penguins PENGU Token Debuts at $312M Market Cap

$90 million worth of PENGU has traded in its first hour of release.

PENGU, the native token of non-fungible token (NFT) project Pudgy Penguins, has debuted at a $312 million market cap after the token was distributed to NFT holders via an airdrop.

The Solana-based token has a total supply of 88.88 billion and has racked up around $90 million in trading volume in the first hour since release, CoinMarketCap shows.

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23.5% of PENGU’s supply was allocated to the airdrop while a further 22% has been set aside from Solana and Ethereum communities. An additional 12.3% of supply will also be used as liquidity on decentralized exchanges.

The floor price of the Pudgy Penguin NFTs has risen alongside the release of PENGU, with the cheapest NFT now trading at 34.1 ETH ($136,000) to mark a 2.6% increase. It is now the second most expensive collection after CryptoPunks.

It has outperformed the wider NFT market which remains in a multi-year slump following the emergence of meme coins this cycle. NFTs were the plat du jour in 2022 amongst the more speculative crypto investors, but as hype and liquidity withered away so did asset prices. Trading volume on NFT exchange OpenSea topped $2.7 billion in a single day in 2022, whilst this month it has struggled to top $30 million.

Nigeria Arrests Almost 800 Over Crypto Scams: Reuters

Nigeria has been clamping down on illegal activity regarding crypto in the country.

Nigeria arrested 792 people following a raid at a building where people allegedly committed crypto-related scams, Reuters reported on Monday.

The suspects would lure victims, typically from America and Europe, with romantic offers before asking them to hand over money for fake crypto investments, the report said.

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The people, who included Chinese and Filipino nationals, were detained last week at a seven-floor building in Lagos, Economic and Financial Crimes Commission spokesperson Wilson Uwujaren told Reuters.

“Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims,” he said.

Nigeria has been clamping down on illegal activity related to crypto. At one point it was reported that the country had blocked several exchanges from operating within its borders. More recently the country has been in an almost year-long legal dispute with Binance and its executives over alleged money laundering and tax evasion charges.

CoinDesk reached out to Nigeria’s Economic Financial Crimes Commission for a comment.

Layer-2 Network Fuel to Airdrop 10% of New Token Supply to 200K Wallets

Fuel claims to be the fastest and cheapest Ethereum rollup.

Fuel, a layer-2 network built on Ethereum, has announced that airdrop claims for its native token will open on Dec. 19, with ten percent of the total supply being allocated to more than 200,000 eligible wallets.

The window for airdrop claims will run for one month. 28% of the airdrop allocation will go to phase-1 pre-depositors, 20% to those who used the Fuel bridge, and 12.5% to “NFT connoisseurs.”

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Fuel claims to be the fastest and least expensive rollup on Ethereum. It boasts a transaction processing speed of up to 600 TPS at around $0.0002 per transaction. Fuel achieves this via parallelization, state minimization and interoperability. For comparison, Arbitrum, the largest layer-2 by TVL, has averaged 27.6 TPS over the past 24 hours, while Base is averaging around 90 TPS, according to L2BEAT data.

The token will have a maximum supply of 10 billion and users on the network can still earn “points” for Fuel phase 2, which can eventually be converted to the FUEL token.

Fuel’s block explorer shows that it has processed 154,000 transactions over the past 24 hours and has 63 active decentralized applications (dapps).

Stablecoin Payments Platform BVNK Raises $50M to Fuel U.S. Expansion

The investment round was led by Haun Ventures and included contributions from Coinbase Ventures and Tiger Global.

Stablecoin infrastructure platform BVNK has raised $50 million in Series B funding as it seeks to expand its U.S. operations.

Formed in late 2021, BVNK raised $40 million in Series A funding the following May and won registration in Spain a few months later.

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For the past year, the London-based company has been expanding in the U.S., opening an office in San Francisco, building a team and applying for operational licenses.

BVNK has applied for licenses in all U.S. states, securing approval in several, including Alabama, Arizona, Delaware, Florida, Michigan and New Hampshire, the company told CoinDesk in an e-mail.

The latest investment round was led by Haun Ventures and included contributions from Coinbase Ventures and Tiger Global, BVNK said on Tuesday.

The company aims to help businesses incorporate stablecoin payments into their processes, such as paying contractors worldwide, instant settlement with merchants and sending payouts without delays and exchange-rate risks.

U.S. Shuts Down North Korean Crypto Money Laundering Network

OFAC says a front company in the UAE had been converting crypto into cash for North Korea.

The U.S. Treasury Department on Tuesday said it had shut down a North Korean money laundering network that used crypto to clean millions of dollars for the hermit kingdom, a global leader in crypto crime.

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A front company in the UAE called Green Alpine Trading, LLC, had been converting crypto into cash for North Korea, according to a press release by the Treasury’s Office of Foreign Assets Control (OFAC). The U.S. government’s sanctions wing stuck that company on its blacklist as well as two Chinese nationals who had been participating in the network since 2022.

The United Arab Emirates partnered in the takedown, according to the press release. It is not clear what’s become of the two now-sanctioned Chinese nationals, Lu Huaying and Zhang Jian. They worked in cahoots with DPRK “agent” Sim Hyon Sop, the press release said.

North Korea is among the most aggressive state actors to target the crypto industry. Its agents have allegedly stolen billions of dollars worth of crypto to fund the country’s nuclear weapons program. But making digital cash useful, requires its conversion into fiat.

Green Alpine may have played a small part in that web. The Treasury press release didn’t say what money it laundered, beyond that it was from “illicit revenue generation schemes.”

Read more: How North Korea Infiltrated the Crypto Industry

Bitcoin Takes a Breather After Doji Candle in a Cautious Pre-Fed De-Risking

BTC takes a breather after an indecisive Tuesday, as the Fed is expected to cut rates Wednesday while signaling slower easing next year.

Bitcoin (BTC) is taking a breather, experiencing selling pressure after Tuesday’s indecisive price action marked by a Doji candle. This seems to be a classic case of traders de-risking in anticipation of an expected hawkish Fed rate cut later Wednesday.

The leading cryptocurrency by market value traded around $103,750, marking a 2% drop for the day, according to TradingView and CoinDesk data. Prices had surged to a record high of over $108,000 on Tuesday but failed to maintain those gains, ending the UTC day flat. That formed a ‘doji,’ a candlestick pattern that signifies indecision and potential bullish exhaustion when seen at record highs.

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As expected, bitcoin’s decline has resulted in even larger losses for alternative cryptocurrencies, but some majors, such as XRP, SOL, and ETH, are experiencing losses comparable to BTC.

The Fed will announce the rate decision, the interest rate dot plot, projections, and economic forecasts at 14:00 ET. Fed Chair Jerome Powell’s press conference will be held a half hour later.

The consensus is that the Fed will cut rates by 25 basis points to the 4.25% to 4.5% range, marking a total easing of 100 basis points since September. But, the dot plot is expected to show fewer rate cuts for next year.

“The risk of slightly stronger near-term growth with the threat of higher inflation – tariffs putting up prices of goods and immigration controls potentially lifting wages and costs in the likes of agriculture, construction and hospitality sectors – means that we expect them to signal only three rate cuts in 2025. Previously, they had suggested four,” analysts at ING said in a note to clients.

“We look for 25bp of cuts per quarter in 2025 with a terminal rate of around 3.75% in the third quarter,” analysts added, noting the possibility of the Fed revising their projections for economic growth and inflation.

These so-called hawkish expectations are likely fueling the de-risking in the crypto market that is looking for reasons to correct, having seen prices for BTC soar from $70,000 to over $100,000 in less than two months.

It’s important to note that fewer rate cuts do not necessarily mean tightening; easing is still on the table. This suggests that the path of least resistance for risk assets remains tilted toward the upside.