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Highlights
- Bitcoin dipped to US$47,000 this morning after losing nearly seven percent overnight
- Data from Blockchain.com has revealed 90 percent of Bitcoin has been mined
- Myanmar’s shadow government has declared Stablecoin, Tether (USDT), an official currency for use
Bitcoin and Other Cryptos Fall
Bitcoin’s price has continued to recede despite a brief rise above US$50,000 yesterday.
The world’s top crypto dipped to US$47,000 this morning after losing nearly seven percent overnight. This was following a point yesterday when the coin dipped as low as US$46,313.
This marks a 33 percent loss since the coin hit its most recent all-time high of US$68,500 in November.
The world’s second largest crypto by market cap, Ethereum, also experienced a serious plunge, dropping 8.5 percent overnight.
Ethereum, dipped way under the US$4,000 mark, hitting as low as US$3,700 on Tuesday morning, according to CoinMarketCap.
Nine of the top ten cryptos by market cap remained red this morning, with Solana and Binance Coin losing as much as ten percent in the past 24 hours.
Bitcoin sinks to US$47,000
90% of Bitcoin Mined
Meanwhile, data from Blockchain.com has revealed 90 percent of Bitcoin has now been mined.
Bitcoin, which has a total supply of 21 million tokens, works on a proof-of-work model, meaning that miners are required to solve complex math problems to validate transactions. To get to 90 percent mined, it took 12 years.
As the price per Bitcoin is much higher now than it was when the vast majority of that was mined, it will take a long time for the remaining Bitcoin to be mined.
In fact, the remaining Bitcoin is not expected to be mined until February 2140.
Tether Becomes Official Currency in Myanmar
Myanmar’s shadow government has declared Stablecoin, Tether (USDT), an official currency for use.
According to a Bloomberg report, The National Unity Government, led by supporters of jailed leader, Aung San Suu Kyi, said it will accept Tether to support a fundraiser which aims to topple the current regime in Myanmar.
The decision to make Tether an official currency goes against a current crypto ban imposed last year by the Central Bank of Myanmar.
Tether’s incorporation has been bolstered by concerns surrounding privacy as well as the seizing of funds by the current regime.
Winners and Losers
Note: this is the past 24 hours from 12:30pm AEST
Source: Coinmarketcap.com, based on top 100 cryptos.
Image Source @ 2021 Kalkine Media
