Crypto News Daily roundup for December 13

TheCoinRise is back with another daily crypto roundup for December 13 with all the regulatory comments, collaborations, disputes, and a sluggish market.

Bitcoin (BTC) turned bearish on Monday, dropping to the support level at $47k. This level currently remains a strong zone as prices remain above it. On the other hand, Ethereum (ETH) also turned bearish, dropping to the $3,800 price level. 

The top two biggest cryptocurrencies have remained bearish, and if conditions remain similar, we might witness the market bleed in higher quantities. The Crypto market is known for its volatility which is currently in full effect.

Moreover, Solana (SOL) dropped below $165 while Cardano (ADA) dropped below 1.3. Here is a list on TheCoinRise’s dug research on the top five promising DeFi projects on Cardano. Apart from that, meme coins have also turned bearish for today as the entire market awaits the emergence of the bulls.

It seems that all the tokens are following the unholy alliance of the bears. In order to confirm any positive movement, BTC must breach $53k. 

Binance moves out of Singapore 

Binance, the world’s largest cryptocurrency exchange by market capitalization, has withdrawn its proposal for a license to operate digital payment token (DPT) services with the Monetary Authority of Singapore (MAS).

Binance.sg has decided to stop accepting new users as of today, and the citizens will not be able to deposit crypto or fiat on the exchange. Furthermore, by February 13, Binance intends to “wind-down” all of its services related to digital assets.

90% of the Bitcoin supply has already been mined

After the Bitcoin halving that occurred in May 2020, the total circulating supply of the king currency reached a key milestone Monday morning. According to Blockchain.com, 90% of the maximum total Bitcoin supply has been mined, with 18.899 million out of a total supply cap of 21 million.

This means that only 10% of the total Bitcoin supply is available for mining. The mined fraction of the supply took 12 years to come out. However, it’s worth noting that the remaining coins will take a little longer than 12 years to get mined. According to the predetermined protocol, the rate of mining new Bitcoin is cut in half every four years, and the process will take around 119 years to mine the remaining 10% of the BTC.

BBVA Switzerland Expands its Crypto Trading Services to Include Ethereum 

BBVA Switzerland, the Swiss arm of the Spanish international financial firm BBVA, has announced the addition of Ethereum (ETH) to its cryptocurrency trading services, expanding the range of options available to its private banking clients. The inclusion of Ethereum trading and custody services by the bank’s Swiss franchise finishes the bank’s pioneering digital currency trading business, which debuted in June of this year.

The Bored Ape Yacht Club (BAYC) sells for a fraction of its value

Among the many Non-Fungible Tokens (NFT) in the Bored Ape Yacht Club (BAYC) collection was recently purchased for 0.75 ETH (worth $3,066 at the time of the transaction) rather than the original price of 75 ETH ($300,000). According to CNET, the owner of the Bore Ape NFT, Max, mistakenly offered the art for a hundredth of its value, only noticing the mistake after a buyer suspected it to be a bot gained from it.

According to TheCoinRise, the piece is projected to skyrocket considering the number of partnerships BAYC has developed in recent times, one of which is with Timbaland.

Russia prohibits mutual funds from investing in crypto

The monetary authority, the Bank of Russia, has prohibited mutual funds from investing in digital assets. The regulation prohibits fund managers from purchasing cryptocurrencies and financial instruments because their worth is based on cryptocurrency values. However, authorities have increased the number of assets that mutual funds can invest in.

According to the notice, mutual funds are not permitted to give crypto exposure to qualified or unqualified investors.

Myanmar’s parallel government declares USDT as its official currency

The parallel administration of Myanmar, the National Unity Government (NGU), led by Aung San Suu Kyi and his followers, has declared the famous Tether (USDT) to be its legal tender. The Ministry of Planning, Finance, and Investment declared on Facebook that USDT would be used for internal trade and money transfers.

The move is part of the NUG’s $1 billion fundraising effort, which will take place across the country. Tether, according to NUG Finance Minister Tin Tun Naing, will be used to improve current commerce, service, and payment systems by making them easier and faster.

The market’s supposedly extended bull run cycle may surprise committed investors, and it will be exciting to watch the next move by the digital assets. Tomorrow, TheCoinRise will be back with another daily roundup.