Texas’ Bitcoin reserve initiative under SB 21 signals a shift in how governments may approach digital assets and how it could influence the financial system at a macro level. Texas became the first US state to add Bitcoin exposure to a state-managed investment portfolio by purchasing about $5 million of BlackRock’s IBIT ETF through its newly created Texas Strategic Bitcoin Reserve. SB 21 shifted Texas from a crypto mining hub to an active digital asset investor. The bill authorizes the state comptroller to buy, hold and sell Bitcoin using a legislature-approved $10-million fund. The initial allocation is small relative to Texas’ overall investment portfolio, which holds more than $667 million in S&P 500 ETFs. This signals a cautious and exploratory step. Read more
Ether risks a deeper sell-off toward $2,500–$2,200 as MVRV support weakens and a bearish pennant threatens to break lower. Ethereum’s native token, Ether (ETH), extended its downturn into December after falling roughly 30% over the past three months, raising worries about how much further the sell-off could run by year’s end. Key takeaways: ETH could slide toward $2,500–$2,200 if MVRV support and the pennant break down. Read more
Concordium has added ID checks to stablecoin payments, enabling AI systems to purchase restricted goods and services online. Update (Dec. 2, 16:20 UTC): This article has been updated to clarify that x402 was initially incubated by Coinbase and is not owned by the exchange. Concordium’s identity and age-verification system has added support for x402 in a move aimed at enabling AI agents to make automated stablecoin payments. Announced Tuesday, the integration is designed to allow AI-powered applications to pay for goods and services that require identity verification, including travel bookings, online content, video games and other age-restricted services. Read more
Spot XRP ETFs recorded inflows for 11 consecutive days as the RSI formed a bullish divergence on the price charts, early signs that a rally was in the cards. Spot XRP exchange-traded funds (ETFs) continued to attract investors, recording their eleventh straight day of inflows, underscoring institutional demand. But is this enough to keep the XRP (XRP) price above $2 and trigger a sustained recovery? Key takeaways: Spot XRP ETFs have attracted over $756 million in inflows since their launch. Read more
Russia’s central bank is considering scrapping its strict requirements for crypto transactions as sanctions make it hard for Russians to transact internationally. An official from the Bank of Russia suggested easing restrictions on cryptocurrencies in response to the sweeping sanctions imposed on the country. According to a Monday report by local news outlet Kommersant, Bank of Russia First Deputy Governor Vladimir Chistyukhin said the regulator is discussing easing regulations for cryptocurrencies. He explicitly linked the rationale for this effort to the sanctions imposed on Russia by Western countries following its invasion of Ukraine in February 2022. Chistyukhin said that easing the crypto rules is particularly relevant when Russia and Russians are subject to restrictions “on the use of normal currencies for making payments abroad.” Read more