Betticket Archives

Tether Takes $775M Stake in Video-Sharing Platform Rumble

YouTube competitor Rumble (RUM) is in a deal for a $775 million strategic investment from stablecoin giant Tether. Rumble will use $250 million of the money to support operations and the remainder to fund a tender offer for up to 70 million shares of …

YouTube competitor Rumble (RUM) is in a deal for a $775 million strategic investment from stablecoin giant Tether.

Rumble will use $250 million of the money to support operations and the remainder to fund a tender offer for up to 70 million shares of its common stock at a price of $7.50, according to a Friday evening press release. That $7.50 is the same price per share Tether is paying for its stake.

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“I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth,” said Rumble CEO Chris Pavlovski.

“Legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative,” said Tether CEO Paolo Ardoino. “Beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.”

RUM shares have rocketed higher by 41% in after hours action to $10.13.

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As Bitcoin’s Post-Fed Price Dip Extends, This Key Contrary Indicator Offers Fresh Hope: Godbole

A key contrary indicator is flashing green offering hope to BTC bulls anticipating a renewed upswing into six figures.

Bitcoin’s (BTC) post-Fed price drop to $96,000 has activated a crucial contrary indicator that has historically marked the end of price pullbacks.

On Wednesday, the Fed cut the benchmark borrowing cost as expected but penciled in only two rate cuts for 2025, down from four projected in September. The central bank stressed that it’s not interested in participating in a potential government plan to build a strategic BTC reserve.

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Since then, BTC has dropped over 8%, hitting lows near $96,000 at one point. As of writing, the cryptocurrency changed hands near $97,500, down nearly 10% from the record high of $108,266 reached early this week, CoinDesk data show.

The losses have caused the 50-hour simple moving average (SMA) to dip below the 200-hour SMA, confirming a bearish crossover. The pattern suggests that the ongoing pullback could evolve into a deeper one, although it has failed to live up to its reputation during the recent bull run.

Bitcoin has experienced a few pullbacks during its post-U.S. election rally from $70,000 to over $100,000, and each of these dips has ended with a bearish crossover of the 50- and 200-hour SMAs.

The latest crossover, therefore, offers hope to bulls expecting a renewed move into six figures above $100,000.

A potential bounce could face resistance near $10,600, a level identified by the descending trendline, representing the recent price drop. A violation there would open doors for record highs.

It’s important to remember that patterns don’t always play out as expected, and the contrary indicator discussed above may fail, potentially leading to a deeper drop. The first sign of trouble will be if prices move below the overnight low of $96,000, which could expose the swing low of around $91,000 recorded on Dec. 5.

UK Set to Prohibit Public Offers of Crypto

The FCA’s paper also asks for industry input on its incoming markets admission and disclosures as well as market abuse regime.

The U.K. intends to prohibit public offers of crypto, the Financial Conduct Authority said in its paper on the incoming crypto regime on Monday.

Legislation will be put in place to prohibit public offers of crypto, building on the U.K.’s promotion rules that prevent unregistered crypto firms from reaching out to U.K. clients. Only crypto asset trading platforms and offers qualifying for exemptions may not be subject to this.

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CoinDesk reached out to the Treasury for input on whether or not this only applies to regulated companies as the FCA could not comment on this.

The paper asks for industry input on its market admission and disclosures as well as market abuse regime and is one of many more papers to come from the regulator as it prepares for its crypto regime.

The FCA is the U.K.’s regulator in charge of overseeing financial activities in the country including crypto. It has been watching over the sector and seeing how it will comply with its money laundering rules since 2020 but it plans to put in place a new regime in 2026 following the implementation of draft regulation that is coming out next year.

It will need industry feedback on how it can ensure consumers have the necessary information to make informed decisions as well as on their plans to reduce fraud via the market abuse regime.

Bitcoin Mining Economics Continued to Improve in December, JPMorgan Says

The hashprice, a measure of daily mining profitability, rose 5% from the end of November, the report said.

Bitcoin (BTC) mining economics continued to improve this month, as the hashprice, a measure of daily profitability, rose 5% from the end of November, JPMorgan (JPM) said in a research report Monday.

The hashprice increased as the rally in the world’s largest cryptocurrency outpaced the rise in the network hashrate, the report said. The hashrate is a proxy for competition in the industry and mining difficulty.

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The network hashrate has increased 6% month-to-date to an average of 773 exahashes per second (EH/s), the bank noted.

“We note miners earned about $57,300 in daily block reward revenue per EH/s over the first two weeks of December,” analysts Reginald Smith and Charles Pearce wrote, adding that this is the highest level in the last seven months, but is still about 40% below pre-halving levels.

The combined hashrate of the fourteen U.S.-listed miners the bank tracks has increased almost 94% year-to-date to 222 EH/s and now accounts for around 29% of the global network, the bank said.

The total market cap of the miners the bank tracks fell 4% or $1.5 billion, having increased more than 50% following the U.S. presidential election.

The bank estimated that the U.S.-listed miners are currently trading on about two times their proportional share of the four-year block reward opportunity.

Read more: Bitcoin Mining Profitability Improved in November, JPMorgan Says

Avalanche Blockchain’s Largest-Ever Upgrade, ‘Avalanche9000,’ Is Live

The technical changes are designed to attract developers to the ecosystem and let them create their own customized blockchains, known as subnets.

Avalanche, a layer-1 blockchain launched in 2020 that’s now the tenth-largest by total value locked (TVL), activated its highly anticipated Avalanche9000 upgrade Monday, marking the ecosystem’s biggest technical changes to date.

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The network has been prepping for these changes for months, with new features that will cut the costs for sending transactions, operating validators and building applications on the network.

Leaders at Avalanche have previously told CoinDesk that part of the goal with the upgrade is to attract developers to Avalanche and encourage them to create customized blockchains using its technology, known as subnets, or “L1s”.

The upgrade, also referred to as the Etna upgrade, consisted of seven improvement proposals. The two biggest changes that were implemented were known as ACP-77 and ACP-125.

https://x.com/avax/status/1868710879535214878

ACP-77 is a proposal that introduces a new type of validator, so users can launch their own subnets. These new nodes are less costly to operate, with the aim of therefore bringing in more people to spin them up and create their own Avalanche-based networks.

ACP-125 lowers the base fee on Avalanche’s main network that runs smart contracts, known as the C-chain, from 25 nAVAX (about $0.00000098) to 1 nAVAX ($0.00000004.) The goal is to make it cheaper to compute on that network. One nAVAX equals one-billionth of one AVAX. (Avalanche has two other main chains:the P-chain, where users can stake AVAX and operate validators; and the X-chain, which is used for sending and receiving funds.)

The Avalanche Foundation announced that ahead of the upgrade, it raised $250 million in a token sale, led by Galaxy Digital, Dragonfly and ParaFi Capital.

SEC Approves Crypto Wallet Maker Exodus to List on NYSE American After Denying It in May

Exodus will list under its current ticker on NYSE American at the open of trading on Dec. 18

Crypto wallet company Exodus Movement (EXOD) has been approved to list on the NYSE American, the New York Stock Exchange’s sibling market.

Exodus, which will be listed under its current ticker at the open of trading on Dec. 18, was originally meant to be listed on NYSE American in May, but the U.S. Securities and Exchange Commission (SEC) said it was still reviewing the company’s registration.

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The approval of Exodus’ uplist may be a sign of a change in the regulatory sentiment toward cryptocurrency following President-elect Trump’s victory in November’s election with the promise of running a pro-crypto administration.

“We expect this uplisting will raise Exodus’ corporate profile, while also enhancing liquidity for our current and future shareholders,” CEO of Exodus JP Richardson said.

Exodus stock, currently listed on the OTC Markets (OTCQX), rose as much as 10.5% before pairing all of thegains.

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.

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.