Crypto News: Bitcoin Hits $108K, Ripple RLUSD Launch, Iran Power Crisis
Stay updated with the latest from StealthEX and CryptoDaily. Each week, we share the top stories in crypto. Want to know what’s buzzing? Our quick and simple roundup highlights the key events shaping the market. Get the insights you need to stay informed and ahead of the game. Ready to dive in? Let’s go!
Ripple Debuts RLUSD Stablecoin After Regulatory Approval
Ripple has announced the official launch of its RLUSD stablecoin, starting December 17. The move follows approval from the New York Department of Financial Services (NYDFS), positioning Ripple as a major player in the stablecoin market.
The RLUSD will be accessible on both the XRP Ledger and Ethereum network, aiming to facilitate seamless international payments. Initial availability includes platforms like MoonPay, Uphold, Archax, and CoinMENA, with upcoming support on Bitso, Bullish, Bitstamp, and Mercado Bitcoin. Ripple’s senior VP of stablecoins, Jack McDonald, emphasized that compliance and utility are the cornerstone of this launch.
Designed for stability, RLUSD targets users seeking the reliability of fiat currency without the extreme volatility of traditional cryptocurrencies. Fully backed by U.S. Dollar deposits, government bonds, and cash equivalents, its value is pegged to $1, ensuring trust and consistency.
The stablecoin market, now exceeding $200 billion in market cap, is heavily dominated by USDT and USDC. Ripple hopes RLUSD will become a strong competitor, leveraging its focus on cross-border payments and regulatory clarity. CEO Brad Garlinghouse highlighted the importance of operating under NYDFS oversight, positioning Ripple as a leader in compliance and utility.
Initially, RLUSD will roll out in key regions, including the Americas, Asia-Pacific, the UK, and the Middle East, marking another milestone in Ripple’s expansion.
Bitcoin Surges to $108,268 as Institutional Buying Intensifies
Bitcoin has smashed through its previous records, hitting a new all-time high of $108,268. The rally shows no signs of slowing, fueled by massive purchases from institutions and ETFs.
MicroStrategy has once again doubled down, acquiring another $1.5 billion worth of Bitcoin. This latest buy adds 15,350 BTC to its holdings, bringing the company’s total to an eye-popping 439,000 BTC. Known for its aggressive Bitcoin strategy, MicroStrategy continues to make bold moves despite the market reaching what some might consider overbought levels.
BlackRock’s IBIT ETF is also driving the demand. On Monday alone, IBIT accounted for $418.80 million of the $637.50 million inflows into U.S. Spot Bitcoin ETFs. With consistent daily purchases, BlackRock’s holdings now stand at an impressive 539,020 BTC. This relentless buying is cementing its dominance in the ETF space.
Adding to the surge are whispers of possible sovereign accumulation. Speculation suggests some governments may be quietly purchasing or mining Bitcoin, further bolstering the already intense demand.
This combination of institutional and sovereign buying pressure is propelling Bitcoin to unprecedented heights. As demand continues to outstrip supply, the market is witnessing a surge that appears unstoppable, with no clear ceiling in sight.
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Illegal Crypto Mining Worsens Power Crisis in Iran
Tehran and nearby provinces have been hit hard by rolling blackouts, with illegal cryptocurrency mining emerging as a key factor behind the outages. The disruptions, which occurred throughout October and November, have impacted daily life and business operations across the region.
Iran’s ultra-low electricity costs, at just $0.002 per kilowatt-hour, have made the country a magnet for crypto miners. With mining costs as low as $1,320 per Bitcoin, compared to $100,000 in the U.S. or $300,000 in Ireland, many have exploited Iran’s government-subsidized power. This surge in unauthorized activity has placed immense strain on the nation’s power grid.
Despite efforts to regulate the sector, illegal mining continues to thrive. Iran lifted a ban on cryptocurrency mining in 2022, allowing operations to resume under strict conditions. Licensed miners were required to use renewable energy to reduce stress on the grid. However, unlicensed mining persists, with nearly 230,000 unregistered devices consuming power equivalent to an entire industrial province.
Authorities have resorted to drastic measures, offering a bounty of 1 million toman (approximately $24) for reporting unlicensed equipment. Tavanir, Iran’s state electricity company, has warned that the misuse of subsidized electricity has led to abnormal spikes in consumption, exacerbating power shortages during a record-breaking heatwave.
Sui Brings ESG-Backed Real-World Assets Onchain in Groundbreaking Partnership
Sui, a cutting-edge Layer 1 blockchain and smart contract platform, has teamed up with Ant Digital Technologies and its Web3 brand, ZAN, to revolutionize how real-world assets (RWAs) integrate into the Web3 ecosystem. This collaboration will bring ESG-backed real-world assets onchain for the first time, paving the way for broader financialization of these sustainable investments.
Through this partnership, real-world assets, referred to as “notes,” will be tokenized and accessible on the Sui blockchain. These assets are held by a leading global manufacturer of solar materials, recognized for its commitment to sustainable development and listed among Fortune China’s Top 500 and Wall Street CN’s ESG Awards. The Sui Foundation, a key backer of this initiative, is driving the tokenization of RWAs to support tangible industrial growth.
The collaboration represents a milestone for ESG investments. “Tokenizing the ESG market is a game-changer for real-world assets,” said Jameel Khalfan, Head of Ecosystem Development at Sui Foundation. By enabling access to a new market on Sui, the partnership aligns technology with sustainability.
Sui’s ecosystem continues to flourish, with nearly $2 billion in total volume locked. Its innovative lending protocols, decentralized exchanges, and institutional backing from Grayscale and VanEck have solidified its position among the top ten blockchains. This partnership further underscores Sui’s mission to connect blockchain innovation with real-world impact.
Avalanche Foundation Secures $250M to Propel Blockchain Innovation
The Avalanche Foundation has raised $250 million through a private token sale of its native cryptocurrency, AVAX. Backed by Galaxy Digital, Dragonfly, ParaFi Capital, and over 40 other investors, this funding marks a milestone for the blockchain industry’s recovery following the 2022 downturn. It is one of the largest raises since Ava Labs secured $350 million last year.
With AVAX tokens worth approximately $3 billion already under its control, the foundation is well-positioned to use this funding to enhance blockchain scalability and promote adoption. Central to these efforts is the much-anticipated Avalanche9000 upgrade, slated for December 16.
Avalanche9000 introduces a subscription model for validators, reducing upfront costs from 2,000 AVAX to a monthly fee of just 1.33 AVAX. This change aims to lower barriers to entry, fostering greater participation and decentralization across the network. Beyond this, the upgrade transforms Avalanche into a network of interconnected Layer 1 blockchains linked by a primary chain. This new architecture will resolve liquidity silos through interchain messaging, enabling seamless capital and transaction sharing.
Currently, over 500 Layer 1 blockchains are in development within Avalanche’s ecosystem, targeting applications in tokenization, gaming, payments, and institutional solutions. This funding and technological leap underscore Avalanche’s ambition to lead the next phase of blockchain innovation.
Texas Proposes Strategic Bitcoin Reserve as National Debate Grows
The Texas House of Representatives has introduced a bill to create a state-held Bitcoin reserve, signaling a bold step in digital asset adoption. Filed by Texas Representative Giovanni Capriglione, the proposed legislation, H.B. №1598, seeks to establish a long-term strategic Bitcoin reserve to enhance financial security and innovation in the state.
The bill outlines that funds for the reserve will remain untouched for at least five years, with citizens allowed to contribute donations. Cryptocurrency stored in the reserve will be held in secure cold wallets and restricted from transactions involving foreign entities or individuals engaged in illegal activities.
“A strategic Bitcoin reserve aligns with Texas’s commitment to fostering innovation in digital assets and providing Texans with enhanced financial security,” the bill states. Dennis Porter, founder of the Satoshi Action Fund, hailed the move, confirming it was the first time a bill of this nature was introduced live on a social media platform.
Capriglione, who has long championed the idea, emphasized the reserve’s potential as a hedge against inflation. “Probably the biggest enemy of our investments is inflation. A strategic Bitcoin reserve would be a win-win for the state,” he said, adding that Texas’s position as the second-largest economy in the U.S. and its dense network of Bitcoin miners makes it an ideal leader in this space.
The proposal doesn’t include specific Bitcoin purchasing strategies yet but allows for future flexibility. While it remains unclear whether the U.S. will adopt a federal Bitcoin reserve, Texas’s move could set the stage for other states or countries to explore similar initiatives. Even if the federal government doesn’t follow suit, the idea has already sparked optimism and reinvigorated market interest.
This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.
