Prizmabet

Companies Can Now Offer USDT Services in Abu Dhabi

Tether services can now be offered in the Abu Dhabi Global Market by authorized firms, the company said Tuesday.

Tether’s stablecoin USD₮ has been recognized as an accepted virtual asset in the Abu Dhabi Global Market (ADGM), the company announced on Tuesday.

The approval from the Financial Services Regulatory Authority means that companies which are licensed can offer pre-approved USD₮ services in Abu Dhabi’s Global Market. Though, the release did not say what those approved services might be. CoinDesk reached out to Tether for comment.

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Tether ‘s USD₮ exceeded a $138 billion market cap but the company wants to continue advancing its growth, the statement said.

“By bringing USD₮ to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East,” said Paolo Ardoino, CEO of Tether, in a press release.

The United Arab Emirates has been praised for being a crypto hub. Abu Dhabi, its capital, started regulating crypto activities including those undertaken by exchanges and custodians in 2018 ahead of most regulators. The European Union will begin enforcing its rules in the coming days and the U.K. by 2026.

Circle, another stablecoin issuer, is also diving into the Middle East after incorporating a company in the ADGM, it said in a statement.

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El Salvador and Argentina Regulators Sign Agreement to Help Develop Crypto Industry

Regulators from both countries are looking to collaborate to foster crypto innovation.

El Salvador and Argentina are partnering to help develop the crypto industry in Latin America.

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Juan Carlos Reyes, El Salvador’s top crypto regulator and president of the Comisión Nacional de Activos Digitales (CNAD), and Roberto Silva, the president of the Comisión Nacional de Valores of Argentina (CNV), on Tuesday signed an agreement for the two countries to collaborate on crypto regulation.

“At CNAD we have two core objectives, when it comes to international collaboration,” Reyes told CoinDesk in an email. “To share our expertise with international partners, enabling them to harness the benefits of a well-regulated industry. … [And] to broaden the international footprint of our regulated companies by forging strategic partnership agreements with nations worldwide.”

“This landmark agreement with Argentina holds particular significance, given the country’s standout reputation for pioneering innovative technologies and its remarkable rate of adoption,” Reyes added.

While the details of the deal are still unknown, Reyes stated on LinkedIn that the agreement aimed to enable the two regulatory bodies to share knowledge and experience, to spur crypto innovation.

“The joining of efforts between El Salvador and Argentina will lay the foundations for greater regional cooperation, promoting a favorable environment for the development of the digital asset industry,” he wrote.

Reyes previously told CoinDesk that El Salvador had a head start on most countries in terms of crypto regulation thanks to President Nayib Bukele making bitcoin legal tender in the Central American nation.

Argentinian President Javier Milei, meanwhile, has been ideologically open to cryptocurrencies and bitcoin and is popular among Argentinian crypto developers for his inflation-mitigating policies.

XRP Outperforms Bitcoin, Dogecoin Extends Slide Ahead of U.S. CPI

XRP whale exchange deposits hit a six-month high early Tuesday, indicating short-term bearish pressure.

XRP outperformed bitcoin and other major cryptocurrencies, with dogecoin (DOGE) leading losses in the past 24 hours before the release of U.S. inflation data later Wednesday.

Bitcoin (BTC) remained steady around $98,000, while ether (ETH), BNB Chain’s bnb, and Cardano’s ADA fell by as much as 2%. Memecoin DOGE dropped 4%, even as shiba inu (SHIB) and floki (FLOKI) rose 1%. The broad-based CoinDesk 20 added 0.69%.

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The U.S. Bureau of Labor Statistics is due to release November’s consumer price index (CPI) at 8:30 a.m. ET (13:30 UTC). Federal Reserve Chair Powell has said that incoming economic data will heavily influence interest-rate decisions —which may impact crypto markets in the new year. The previous month’s data showed that inflation remained a concern for the Fed.

XRP, meantime, surged as much as 7%, reversing losses since Monday, after related company Ripple Labs said it had received “final” regulatory approval to offer the RLUSD stablecoin in the U.S.

The stablecoin will be issued on both the XRP Ledger and Ethereum networks, and could be used on decentralized finance (DeFi) applications that involve XRP, boosting the ecosystem.

Before the announcement, deposits from XRP whales to exchanges hit a six-month high early Tuesday, indicating short-term bearish pressure. Over the past 30 days, more than 2.66 billion XRP tokens moved to Binance, data from CryptoQuant shows. That is the most since April 2024.

“The large inflows suggest that big XRP holders are actively transferring XRP over the network,” CryptoQuant independent analyst maartunn said in a post. “Whale deposits can often signal potential shifts in strategy, as these players have significant amounts of assets at their disposal.”

Large movements of XRP to Binance preceded price drops in November 2023 and April 2024.

Italy Set to Scale Back Planned Tax Hike on Crypto Capital Gains: Reuters

The tax increase will be significantly reduced during parliamentary work, lawmakers said.

Italy is set to trim its planned tax increase on crypto capital gains, Reuters reported on Tuesday.

Two months ago, the government was intent on raising the tax to 42% from 26% by the end of December.

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“The tax increase will be significantly reduced during the parliamentary work,” lawmakers Giulio Centemero and Federico Freni, a junior minister at the Treasury, said in a statement according to Reuters.

The decision to increase the capital gains tax was inspired by the rising popularity of investments in crypto, especially bitcoin, which climbed above $100,000 last week. The “phenomenon is spreading,” Deputy Finance Minister Maurizio Leo told Bloomberg in October after announcing the news.

CoinDesk reached out to Centemero and Freni for a comment.

Trader Turns $2.5K Into $200K by Buying XRP With 500X Leverage

The position was dangerously close to liquidation before XRP moved to the upside.

A trader turned $2,500 into $200,000 by buying XRP futures with 500x leverage on cryptocurrency exchange Rollbit on Tuesday.

XRP jumped by 26% during U.S. trading hours after Ripple Labs, the company behind XRP, received “final” regulatory approval to offer the RLUSD stablecoin in the U.S.

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The savvy trader opened a position worth $2,560 when XRP was trading at $1.9025 and the amount of leverage meant that the position would have been liquidated if price slumped below $1.9004. The position was closed gradually between $2.13 and $2.29, netting a realized return of around 7,500%.

XRP is trading at $2.34 as it continues to outperform the wider market. It is up by 301% in the past 30-days, TradingView data shows.

It’s worth noting that trading with 500x leverage is a tremendous risk as the volatile nature of cryptocurrencies means that the position will be liquidated most of the time. Rollbit’s XRP market has racked up $186 million worth of volume over the past 24-hours and offers up to 1000x leverage.

A Bullish XRP Flag Emerges as $5 Call Options Heat Up: Godbole

XRP’s price pattern is teasing a major bullish pattern alongside increased activity in the $5 strike call options on Deribit

XRP is hot and it is probably setting up for another big rally. That’s the message from the price chart and options market.

The payments-focused cryptocurrency is down 10% this week. The pullback, however, has taken the shape of a bull flag. This technical analysis pattern usually slopes in the opposite direction of the preceding sharp uptrend and, more often than not, recharges bulls’ engines for further gains.

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“The breakout should be expected in the direction of the preceding trend, provided it is steep and sharp,” Charles Kirkpatrick, a chartered market technician and the president of Kirkpatrick & Company, Inc, said in the book “Technical Analysis, the Complete Resource For Finance Market Technicians.”

“Flags preceded by a rise of 90% or more have almost zero failure rate and an average return of 69%,” Kirkpatrick added.

XRP is forming a bull flag after a rally of nearly 500% to $2.9 in the four weeks to Dec. 3. An eventual breakout would mean scope for a rally to $5. The potential level is identified by adding the magnitude of the preceding uptrend to the breakout point, currently at around $2.5 in what is known as a measured height method in technical analysis terminology.

Interestingly, activity is heating up in the $5 strike call options on Deribit, offering an asymmetric upside to buyers on a potential move above that level.

The $5 call is the second-most traded XRP option of the past 24 hours, with a volume of 1.7 million contracts, according to data source Amberdata. (One contract represents 1 XRP).

Besides, Deribit data shows the $5 call is the most popular out-of-the-money or higher strike call option with a notional open interest of $1.25 million. The increased activity indicates a bullish positioning, assuming the buyers are traders, not market makers.

Still, readers might want to note that technical analysis patterns do not always work as intended, and options market positioning can flip quickly per evolving price trends. As such, tracking the broader market sentiment is pivotal.

Bitcoin Crosses Above $101K as XRP, AI Tokens Lead Crypto Rally Following CPI

Wednesday morning’s in line U.S. inflation data seemingly cleared the way for a Fed rate cut next week.

The crypto market is in recovery mode on Wednesday following a cascade of selling earlier in the week that for now appears to have flushed out much of the long leverage.

The move higher comes alongside a sizable rally in the U.S. stock market following this morning’s Consumer Price Index report that matched economist forecasts. The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week. The Nasdaq is ahead 1.5% and the S&P 500 just shy of 1%.

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After having fallen to as low as $94,100 at one point earlier this week, bitcoin (BTC) has recovered to $101,000, up more than 6% over the past 24 hours. The broader CoinDesk 20 Index is ahead nearly 11% over that same time frame, led by XRP’s 15% advance.

Also among top performers today are AI-related tokens, perhaps buoyed by a report in The Information that Apple (AAPL) is working with Broadcom (AVGO) on an AI chip.

NEAR Protocol (NEAR), Internet Computer (ICP) and Render (RENDER) are all up by 15% or more over the past 24 hours.

Less than 1% of Microsoft Shareholders Voted for BTC Proposal

Prediction markets were skeptical that such a motion would pass.

Only 0.55% of Microsoft (MSFT) shareholders voted for a proposal to put bitcoin (BTC) on the company’s balance sheet, according to a recent company filing with the Securities and Exchange Commission.

The proposal to add bitcoin to Microsoft’s balance sheet was put to a shareholder vote on November 10 and was put forward by the National Center for Public Policy Research, which recommended that Microsoft allocate 1% of its total assets to BTC as a potential hedge against inflation.

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Microsoft’s board opposed the proposal, citing Bitcoin’s volatility and favoring stable investments, despite Michael Saylor’s pitch highlighting MicroStrategy’s success and Microsoft’s $200 billion capital outflow from dividends and buybacks.

Some of the other proposed shareholder motions, which would have directed the company to produce a report on AI and Misinformation/Disformation, as well as another which would highlight the risks of weapons development did not pass.

Prediction markets were skeptical that Microsoft would make a move to adopt the digital asset, with Polymarket bettors giving it a 12-16% chance of the motion being ratified.

Assetera Enables Non-U.S. Investors to Trade Tokenized Nvidia, Coinbase, and S&P 500

The company has plans to include T-bills, money market funds and other instruments in future.

Assetera, a Polygon-powered MiFID-licensed trading venue for blockchain-based securities in Europe, has listed Backed Finance’s tokenized assets, offering non-U.S. investors to gain exposure to trackers linked to some of the most sought-after U.S. companies.

The initial launch includes tokenized trackers tied to the Nasdaq-listed Coinbase (COIN), one of the largest crypto exchanges in the world, the chip-maker Nvidia (NVDA), a bellwether for all things artificial intelligence (AI) and risk assets, and the blue-chip index, the S&P 500 (SPX), the company said in the press release shared with CoinDesk on Thursday.

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The platform plans to list tokenized Treasury bills, or short-term U.S. government securities with maturities of one year or less, designed for liquidity-focused investors. Futures plans include a potential listing of money market funds, bonds, stablecoins and private-credit tokens.

When trading these tokenized trackers, Assetera’s users will receive Backed’s bTokens, representing shares in the underlying assets. These bTokens are fully collateralized and issued under an approved European Union prospectus, ensuring transparent and secure 24/7 trading.

These tokens offer significant flexibility, as they can be stored in any wallet and moved beyond traditional market hours and across chains, with the help of Chainlink Cross-Chain Interoperability Protocol.

“This collaboration reflects our commitment to innovation in financial markets and the empowerment of investors globally,” Thomas Labenbacher, CEO of Assetera, said, as Adam Levi, co-founder of Backed Finance, said it allows investors to get exposure to traditional financial assets via an onchain and regulated environment.

Asset tokenization is the process of using blockchain technology to convert a traditional asset’s value into a digital token, facilitating 24/7 availability, access for all, composability and instant global collateral mobility. A 2022 projection by Boston Consulting Group (BCG) put the value of the tokenized asset market at an astounding $16 trillion in 2030 versus less than $100 billion today.

Regulatory uncertainty and security concerns have long hindered the widespread adoption of digital assets, but Assetera is tackling these challenges using rigorous adults to mitigate vulnerabilities.

The company told CoinDesk that it uses AI-powered real-time monitoring systems to detect and address suspicious activity, adding that Backend’s robust and scalable infrastructure and expertise in democratizing finance through tokenization solidified the partnership.

This Bitcoin Indicator Echoes Early November Vibe That Presaged a 40% Price Explosion

BTC’s range-bound trading might be over soon, according to a widely tracked volatility indicator.

Bitcoin (BTC) traders could be in for another thrilling ride. A key technical indicator that presaged November’s price surge is positioned precisely as it was then, signaling a potential volatility explosion ahead.

That indicator is the Bollinger bandwidth, a tool used to gauge impending changes in market jumpiness. For bitcoin, the bandwidth has narrowed to less than 10%, a level not seen since Nov. 4, the day before the U.S. elections. The largest cryptocurrency subsequently surged to $100,000 from $70,000 in four weeks.

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Bollinger bands mark levels two standard deviations above and below the 20-day moving average of an asset’s price. The bandwidth refers to the spread between upper and lower bands, with rising figures representing volatility boom and vice versa.

Volatility is typically mean-reverting, and historical data shows that when the daily bandwidth drops below 10%, it often leads to upturns followed by increased turbulence. It’s important to note that volatility is price-agnostic, meaning it can manifest in either direction. For example, after the bandwidth dipped below 10% in early June, BTC prices dropped to $54,000 from $69,000 in three weeks.

Seasoned traders wait for the market to confirm a direction by topping either of the two bands. A move above the upper band typically signals a bullish volatility explosion on the horizon, a dip below the lower band suggests the opposite.

At press time, BTC is trading between the two bands, offering little guidance. That said, the prospect of renewed volatility might see savvy traders take derivative bets that profit from increased price swings in either direction.