Avalanche Lands $250 Million as Crypto All-Stars Blows Past $15M – What’s Driving the Boom?
Avalanche has just raised a towering $250 million in a private crypto sale for the network’s Ethereum-challenging blockchain.
Lead investors Galaxy Digital, ParaFi Capital and Dragonfly were joined by more than 40 investment firms including Anthony Scaramucci’s SkyBridge Capital and AI/crypto investment firm Morgan Creek Digital.
The raise comes shortly after the launch of the Avalanche9000 testnet. According to the tweeted announcement, the upcoming Avalanche9000 upgrade “represents a pivotal step toward advancing the decentralized finance ecosystem.”
The network will deploy the Avalanche9000 mainnet on Monday, December 16. Avalanche claims it “will reduce Avalanche L1 deployment costs by 99.9%, as well as reducing transaction costs on the established C-Chain by 25X.”
Cryptocurrency Bitcoin Hits New All-Time High Of $100,000
Bitcoin rose above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.
Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump's sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.
"We're witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream," said Mike Novogratz, founder and CEO of U.S. crypto firm Galaxy Digital.
Binance, WazirX among crypto firms evading taxes in India, says gov’t
India has recovered $14 million in goods and services tax from crypto firms like WazirX, but Binance has yet to pay its $85 million tax evasion liabilities, the minister said.
The Indian government has detected a significant amount of unpaid goods and service taxes (GST) by major cryptocurrency exchanges, including Binance and WazirX.
India’s Minister of State for Finance, Pankaj Chaudhary, said the government has found 824 crore Indian rupees ($97 million) in GST in unpaid taxes by several crypto exchanges, The Economic Times reported](https://cfo.economictimes.indiatimes.com/news/tax-legal-accounting/govt-detects-rs-824-cr-gst-evasion-by-crypto-firms-mos-finance/115922688)) on Dec. 3.
Authorities have reportedly initiated multiple related investigations into crypto exchanges, including WazirX, CoinDCX and CoinSwitch Kuber.
The report comes a few months after Indian law enforcement agencies demanded 722 crore Indian rupees ($85 million) in unpaid taxes from Binance in August.
Ripple CTO Reacts to XRP Becoming Third-Biggest Cryptocurrency
David Schwartz, chief technology officer at Ripple, has noted that XRP's becoming the third-most-popular cryptocurrency coincided with his officially reaching 12 years at the company.
XRP continued its blistering rally on Sunday, surging by more than 28%. The token has reached a new multi-year high of $2.48. The Ripple-affiliated cryptocurrency is now in third place by market capitalization, surpassing stablecoin giant Tether (USDT) and "Ethereum killer"
Crypto’s $1 Trillion Rally Has Yet to Reprise Pandemic-Era Mania
(Bloomberg) --Controversial crypto mogul Justin Sun beamed as he ate a $6.2 million banana in Hong Kong, a spectacle that ratcheted up the spotlight on digital assets as the industry tries to keep an historic market rally on track.
Swiss lawmakers to study Bitcoin for power grid upgrade
Swiss policymaker Samuel Kullmann secured a sweeping majority vote for a Bitcoin mining study aimed at optimizing local power infrastructure.
According to Bitcoin btc-0.19%Bitcoin](https://crypto.news/price/bitcoin/)) advocate Dennis Porter, Kullmann’s proposal passed](https://x.com/Dennis_Porter_/status/1862204946059600201)) on Nov. 28 and could steer Switzerland toward BTC adoption.
The Bitcoin policy will now explore how the world’s largest decentralized proof-of-work blockchain can stabilize the Swiss energy grid and “use otherwise wasted energy.” Kullmann’s proposal passed following an 85:46 vote in Switzerland’s Parliament.
Breaking: Bitwise 10 Crypto Index ETF Filed With US SEC
Bitwise has made next major move to launch 10 Crypto Index ETF
The asset manager is frontrunning on crypto ETF product pursuits
The chances of crypto ETF approval is growing with imminent Gary Gensler's exit
Is Ripple CEO Brad Garlinghouse Pick for Donald Trump’s Crypto Czar?
Ripple CEO Brad Garlinghouse may become Trump's Crypto Czar, says ex-executive Sean McBride.
50M XRP tokens, worth over $70M, recently moved between unidentified wallets.
Ripple preps for IPO and leadership change as SEC legal battle ends.
Crypto Market Hit by $500 Million Liquidation Tsunami as XRP Plunges 10%
According to data provided by cryptocurrency analytics CoinGlass, $495 million worth of crypto has been liquidated over the past 24 hours. Long positions account for the vast majority of these liquidations ($382.7 million). Overall, 197,083 traders were liquidated over the past 24 hours, with the largest liquidation taking place on Binance ($13.24 million).
Bitcoin approaches $100,000 on optimism over Trump crypto plans
Bitcoin neared a $100,000 milestone, fueled by Donald Trump's pro-crypto stance and expectations of a favorable regulatory environment. The cryptocurrency's surge, exceeding 100% since late 2022, attracted significant investment, particularly in bitcoin ETFs. Despite criticisms regarding energy consumption and illicit activities, bitcoin's rise signals growing mainstream acceptance. Bitcoin neared a $100,000 milestone, fueled by Donald Trump's pro-crypto stance and expectations of a favorable regulatory environment. The cryptocurrency's surge, exceeding 100% since late 2022, attracted significant investment, particularly in bitcoin ETFs. Despite criticisms regarding energy consumption and illicit activities, bitcoin's rise signals growing mainstream acceptance.
