The Digest

• 90% of Bitcoin’s 21 million total supply has been mined.
• Binance stops offering crypto services to Singapore
• Swiss minister’s data leaked after buying , India’s prime minister twitter hacked.
• Stellar joins Bitso, Tribal Credit and Abu Dhabi’s $243 billion Fund to Invest in Cryptocurrencies
• Pesis makes its debut in NFT and Pepsi’s Mic Drop Genesis. Fractional NFT markets exceed $200 Million.

90% of Bitcoin’s 21 Million Total Supply Has Been Mined

Satoshi had envisioned 21 million bitcoins when Bitcoin was launched in 2009. These coins would then be gradually released via mining over the network through February 2140. The price of Bitcoin could be driven by this limited supply.

Bitcoin became more popular, which led to a spike in the number miners. This allowed for faster mining. At the time of writing, 90% of Bitcoin’s capped supply of 21,000,000 coins has already been mined – Bitcoin now has a total supply of 18,899,675 BTC.

Once all Bitcoin has been mined there will be no block rewards. Instead, at that time, miners will depend on fees from transactions occurring on the cryptocurrency’s network for revenue.

Flipsider:

• The price of Bitcoin remains at $49k despite increasing supply, which is still below price forecasts.

What You Need to Care About

Bitcoin’s limited supply will lead to scarcity, which is expected to drive the price of BTC to new heights.

Binance withdraws crypto services in Singapore

Binance.sg is the Singaporean affiliate of Binance. It has withdrawn the application from the Monetary Authority of Singapore for a crypto license to be able to trade in the Southeast Asian nation. Binance operated under temporary exemption in the course of licensing.

In a statement on Monday, December 13th, the world’s largest crypto exchange announced that it will shut down all its operations in the financial hub by February 13th. The platform allows users to sell and buy their assets until the 12th of January.

Binance.sg stated that trading, registrations, cryptocurrency, currency deposits and trading will all be ended immediately. By February 13th 2022, all accounts in its platform must have been closed.

In a statement, Richard Teng (chief executive at Binance Singapore) disclosed the following:

Binance.sg’s closure was not an easy decision. Our first priority is helping users in Singapore move their holdings to another wallet or third-party service.

Flipsider:

• Binance, despite being forced from Singapore by the Chinese government, is still an open-source crypto-friendly nation.

What You Need to Care About

Binance’s ability to prosper has been severely affected by the increasing international scrutiny of the cryptocurrency industry by governments and financial watchdogs.

Swiss Minister’s Data Leaked After Buying Bitcoin, India’s Prime Minister Twitter (NYSE:) Hacked

Alain Berset, the minister for Switzerland’s Department of Home Affairs, is the latest data breach victim. In a turn of events, Berset’s data was leaked along with the 272,000 customers whose information was leaked during the hack of Ledger SAS – a French crypto startup.

Alain Berset reportedly purchased Bitcoin through Ledger SAS. His address, home number, and private email were all made public online in the data leak.

Narendra Modi was also the prime minister in India. His Twitter account was hacked for the second consecutive time on Sunday, 12/12/12. He claimed that India had purchased 500 bitcoins, and would give them out to the residents.

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

Flipsider:

• The deputy minister in India’s Prime Minister’s Department, Eddin Syazlee Shith, has announced that it will not regulate cryptocurrencies for now because of their decentralized nature.

What You Need to Care About

As it’s a favorite method for cryptocurrency scams, all news about crypto and investments coming from Twitter accounts should be verified.

Stellar Partners, Bitso and Tribal Credit Abu Dhabi 243 Billion Fund Starts Crypto Investment

Stellar, a crypto-project that has been successful in helping businesses to receive and send cross border payments through its frictionless Blockchain, has joined forces with Bitso, Tribal Credit, and enabled B2B payment between Mexico and America.

The trio will work to develop Tribal Credit’s latest cross-border payment service. The new services will allow Mexican businesses to send B2B payments using Mexican Pesos, which will be sent to American recipients who in turn will receive these payments in USD.

Abu Dhabi’s Mubadala, a $243 billion state fund, announced an investment in cryptocurrency. Khaldoon al Moubarak, CEO Mubadala says the cryptocurrency industry is growing in value.

Al-Mubarak did not indicate how much the fund would spend, or the exact firm the fund would be backing, stating, ” I think we look at the ecosystem around crypto. That could be in blockchain technology, energy usage, etc.”

Flipsider:

• Regulators have warned investors not to get too involved despite the steady growth of this industry.

Pesis debuts in NFT and Pepsi’s Mic Drop Genesis. Fractional NFT Markets Exceed $200 Million

In 2021, non-fungible tokens (NFTs), have been a hot topic. Nearly every corporation and investor is looking for ways to get involved in digital art. Pepsi is the first to launch an NFT-based collection in celebration of its year as a carbonated soft drink.

Pepsi founded 1893. It launched 1,893 NFTs with blockchain technology on December 9. The Pepsi Mic Drop Genesis collection pays tribute to the company’s celebrated journey, featuring the many different stages in its long history.

Fractionalized NFTs is a sub-sector that has experienced tremendous growth in NFTs. These NFTs are not single assets like regular NFTs. They can instead be broken down into smaller parts by the original owners. Fractional NFTs, for example can be divided into two pieces or into billions.

The sub-sector has grown as the NFT market expands. NFTs now have a market capital of more than $200 million. It stands at $204.9 Million at the time this article was written. With $131.83million, the Doge NFT is the leader. The Feisty Doge NFT comes in second with $16.53million.

These are the top fractional NFTs. Source: Dappradar

Flipsider:

• NFTs continue to expand, however some critics think they may become worthless in five years.

What You Need to Care About

The non-fungible tokens evolved from JPEGs that were used to make money. They are now a revolutionary technology in digital art and a way for companies to interact with users.

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