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Crypto Flipsider News – 90% of Bitcoin has been mined, Binance withdraws from Singapore, Swiss ministers and India’s prime ministers hacked, Abu Dhabi’s crypto investment of $ 243 billion, fractional NFT markets top $ 200 million

Crypto Flipsider News – 90% of Bitcoin has been mined, Binance withdraws from Singapore, Swiss ministers and India’s prime ministers hacked, Abu Dhabi’s crypto investment of $ 243 billion, fractional NFT markets top $ 200 million

Read in the digest

  • 90% of the total Bitcoin supply of 21 million has been mined.
  • Binance is withdrawing crypto services in Singapore.
  • Data from the Swiss minister leaked after the purchase and India’s prime minister hacked Twitter.
  • Stellar partners with Bitso and Tribal Credit, Abu Dhabi $ 243 billion fund begins crypto investments.
  • Pesis debuts in NFT with Pepsi Mic Drop Genesis, fractional NFT markets top $ 200 million.

90% of the total Bitcoin supply of 21 million has been mined

When Bitcoin hit the market in 2009, Satoshi envisioned that there would be 21 million coins that will gradually be released through mining on the network by February 2140. This limited supply of bitcoin would be a mechanism to drive the price of bitcoin up.

As Bitcoin grew in popularity, the number of miners increased, resulting in faster mining of Bitcoin. At the time of writing, 90% of Bitcoin’s limited supply of 21,000,000 coins has already been run down – Bitcoin now has a total supply of 18,899,675 BTC.

Finally, when all bitcoins have been mined, there will be no more block rewards on the network. Instead, at this point, the miners have to rely on fees from transactions that take place in the cryptocurrency network in order to generate income.

Turned around:

  • Despite the increasing scarcity of Bitcoin, the price of BTC remains below the $ 49,000 mark, falling short of price predictions.

Why you should care

Bitcoin’s limited supply will result in a shortage that is expected to drive the price of BTC to new heights.

Binance is withdrawing crypto services in Singapore

Binance’s Singapore subsidiary, Binance.sg, has withdrawn its application for crypto approval from the Monetary Authority of Singapore (MAS) to operate in the Southeast Asian country. Binance had operated under a temporary exemption during the licensing process.

In a statement made Monday, December 13th, the world’s largest crypto exchange announced that it would cease all of its operations in the financial center by February 13th. Users have until January 12th to buy and sell their existing assets on the platform.

Binance.sg announced that registrations, cryptocurrencies, currency deposits and trading will be closed immediately and all accounts on its platform must be closed by February 13, 2022.

Richard Teng, CEO of Binance Singapore, said in a statement:

“Our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our Singapore users migrate their holdings to other wallets or other third-party services.”

Turned around:

  • Although Binance has been driven out of Singapore, the Southeast Asian country remains a crypto-friendly state.

Why you should care

Increased global control of the crypto industry by governments and financial regulators has challenged the ability of exchanges like Binance to thrive.

Swiss minister’s data leaked after Bitcoin purchase, India’s Prime Minister Twitter (NYSE πŸ™‚ hacked

Alain Berset, Switzerland’s interior minister, is the youngest victim of data breaches. In a turn of events, Berset’s data was leaked along with the 272,000 customers whose information was leaked during the hack by Ledger SAS – a French crypto startup.

Alain Berset reportedly bought Bitcoin with Ledger SAS. As a result of the data breach, his address, private e-mail and private telephone number were published publicly online.

Indian Prime Minister Narendra Modi also had his Twitter account hacked for the second time on Sunday, December 12th. The perpetrator tweeted that India had bought 500 bitcoins and was going to distribute them to residents.

The hacker briefly used Modi’s Twitter account, which has more than 73 million followers, to falsely announce that India has started accepting Bitcoin as legal tender. PM Modi’s account has now been reclaimed and the tweet removed.

Turned around:

  • The Deputy Minister in the Indian Prime Minister’s Ministry, Eddin Syazlee Shith, has announced that it will not regulate cryptocurrencies for the time being due to their decentralized nature.

Why you should care

All crypto-related messages and investments from the Twitter accounts of influential people should be reviewed as it is a preferred vehicle for crypto scams.

Stellar Partners with Bitso and Tribal Credit, Abu Dhabi $ 243 billion fund begins crypto investment

Stellar, a crypto project that has helped companies receive and send cross-border payments using its frictionless blockchain, partnered with Bitso and Tribal Credit to enable B2B payments between Mexico and the US

The trio will work to develop the newest cross-border payment service from Tribal Credit. With the newly offered services, companies operating in Mexico will send B2B payments in Mexican pesos to US recipients, who in turn will receive those payments in USD.

In Abu Dhabi, the sovereign wealth fund Mubadala, with assets of US $ 243 billion, has announced an investment in the cryptoversum. According to Mubadala CEO Khaldoon al-Mubarak, the investment comes from the growing value of the industry.

Al-Mubarak didn’t specify how much the fund would spend or which company the fund would support, saying, β€œI think we’re looking at the ecosystem around crypto. That could be in the blockchain technology, energy consumption, etc. “

Turned around:

  • Despite the industry’s continued growth, regulators have warned against holding back investors looking to step in.

Pesis Debuts In NFT With Pepsi Mic Drop Genesis, Fractional NFT Markets Top $ 200 Million

Non-fungible tokens (NFTs) have attracted a lot of attention in 2021 as almost every investor and business wants to be a part of the world of digital art. Making a debut in the NFT market, carbonated soft drink maker Pepsi launched an NFT collection to celebrate the year it was created.

Pepsi, founded in 1893, launched 1,893 unique NFTs on the blockchain on December 9th. The Pepsi Mic Drop Genesis collection pays homage to the company’s acclaimed journey, highlighting the many different milestones in its long history.

A subsector of NFTs that has seen immense growth is the fractional NFTs. Unlike regular NFTs, which are individual, whole assets, these NFTs can be broken down into smaller pieces by their original owner. For example, fractional NFTs can be broken into 2 parts or even a billion.

As the larger NFT market grows, so does the subsector. The market capitalization of NFTs has now surpassed $ 200 million and was $ 204.9 million at the time of this writing. The Doge NFT leads with $ 131.83 million, followed by the Feisty Doge NFT with a value of $ 16.53 million.

The best fractional NFTs. Source: Dappradar

Turned around:

  • Although NFTs have continued to grow, some critics believe they could become worthless within the next five years.

Why you should care

Non-fungible tokens have evolved from making money-only JPEGs to a technology that has revolutionized digital art across the board and created a means through which businesses can interact with their users.

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