apeswap, bep2, binance, binance smart chain, biswap, bitcoin, bitcoin (btc), digifinex, dodo, ethereum, hitbtc, obtc, pancakeswap v2, stablecoin supplies, synthetic bitcoin, tokenized bitcoin, tokenized bitcoin supplies, tokenized bitcoins, tokenized btc, wbtc, wrapped bitcoin, wrapped bitcoins, wrapped btc

This year, the number of tokenized bitcoins hosted on alternative blockchains like Ethereum, has dropped a great deal. Last January the number of wrapped bitcoin (WBTC) issued on the Ethereum blockchain was around 266,880 WBTC and since then, the number has dropped by more than 15% down to 225,962 WBTC. Similarly, the quantity of tokenized bitcoins minted on the Binance Smart Chain (BSC) dropped quite a bit over the last 11 months as well.

Tokenized Bitcoin Supplies Shrank Significantly During the Last 11 Months

At the time of writing, the two largest tokenized bitcoin (BTC) projects are wrapped bitcoin (WBTC) and the BSC-issued Bitcoin BEP2 otherwise known as BTCB. However, the number of tokenized bitcoins stemming from both projects has dropped a great deal since January.

For instance, the number of BTCB in circulation on Jan. 6, 2022, was around 105,121 BTCB, according to archived coinmarketcap.com stats. Furthermore, BTC was trading for $42,738 per unit on that day, which means BTCB’s market capitalization was around $4.49 billion.

apeswap, bep2, binance, binance smart chain, biswap, bitcoin, bitcoin (btc), digifinex, dodo, ethereum, hitbtc, obtc, pancakeswap v2, stablecoin supplies, synthetic bitcoin, tokenized bitcoin, tokenized bitcoin supplies, tokenized bitcoins, tokenized btc, wbtc, wrapped bitcoin, wrapped bitcoins, wrapped btc

BTCB supply change since January 6, 2022.

Since then, BTC’s price has shuddered and it’s a long way away from the $42K zone. The number of BTCB in circulation has dropped 49.1% to 53,444 BTCB, according to coinmarketcap.com data recorded on Nov. 25.

At an exchange rate of around $16,504 on Nov. 25, the market cap of BTCB is roughly $882 million. During the last 24 hours, BTCB has seen $3.25 million in global trade volume on a slew of decentralized exchange (dex) platforms. The dex applications with the most active BTCB trading include Pancakeswap V2, Biswap, Dodo, and Apeswap.

Wrapped Bitcoin Supply Dropped 8.72% in 30 Days

The largest tokenized bitcoin project WBTC has a lot more tokens than the BTCB in circulation. On Nov. 25, 2022, data shows the number of WBTC in circulation is around 225,962 WBTC and on Jan. 14, 2022, it was 266,880 WBTC.

That means during the course of 2022, the WBTC supply has been reduced by more than 15%, as 40,918 tokens were removed from circulation. Furthermore, in the last 30 days, Dune Analytics data, published by 21shares Research, shows that WBTC’s supply has dropped by 8.72%.

apeswap, bep2, binance, binance smart chain, biswap, bitcoin, bitcoin (btc), digifinex, dodo, ethereum, hitbtc, obtc, pancakeswap v2, stablecoin supplies, synthetic bitcoin, tokenized bitcoin, tokenized bitcoin supplies, tokenized bitcoins, tokenized btc, wbtc, wrapped bitcoin, wrapped bitcoins, wrapped btc

WBTC’s daily mints and burns.

Of course, WBTC’s value was a lot higher on Jan. 14, as WBTC’s market valuation was around $11.35 billion. Removing over 40,000 WBTC from the supply and coupling it with BTC’s price sinking to $16K, makes WBTC’s overall market capitalization on Nov. 25, a lot less than it was at the beginning of the year.

Today, WBTC’s market valuation is roughly 3.66 billion nominal U.S. dollars and during the past 24 hours it’s seen $346.90 million in trade volume. The most active exchanges trading WBTC include Binance, Okx, Digifinex, and Hitbtc.

Tokenized bitcoin supplies have followed the same path as stablecoin supplies this year, which have shrunk a great deal in 2022. The data suggests that during the crypto winter traders are swapping their tokenized stablecoins for real U.S. dollars. With tokenized bitcoin projects like BTCB and WBTC, users swapping these tokens are looking to get their real bitcoin back.

TECH NEWS RELATED

Japanese Gaming Company Gumi Partners With Square Enix and SBI Holdings to Strengthen Metaverse Pivot

Gumi, a Japanese mobile gaming company, has partnered with Square Enix and SBI Holdings to build new business opportunities around the metaverse. The deal, which also includes the issuance of new stock valued at $52.7 million dollars, will allow the company to acquire financial and content creation experience. Gumi ...

View more: Japanese Gaming Company Gumi Partners With Square Enix and SBI Holdings to Strengthen Metaverse Pivot

Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

Venezuelan Banks have started eyeing the accounts of customers with ties to cryptocurrency trading, principally related to peer-to-peer (P2P) transaction activity. According to Legalrocks, a crypto and blockchain-focused legal firm in Venezuela, more than 75 accounts have been blocked by Venezuelan private banks for facilitating crypto-to-fiat and fiat-to-crypto conversions ...

View more: Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country

The Federal Bureau of Investigation (FBI) has reiterated its warning about a very popular crypto investment scam called “pig butchering” that is sweeping across the U.S. “Be very careful when you go on social media and dating apps and somebody starts developing a relationship with you,” cautioned an FBI ...

View more: FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country

Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse

The Philippine Securities and Exchange Commission (SEC) has advised investors against transacting with unlicensed cryptocurrency exchanges. The warning followed the collapse of crypto exchange FTX which “left hundreds of thousands, even millions of unsecured creditors with little to no recourse in recovering their money,” the regulator stressed. Philippine SEC ...

View more: Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse

Robert Kiyosaki Warns Last Chance to Buy Gold and Silver at Low Prices — Says Stock Market Crash Will Send Them Higher

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says now may be the last chance to buy gold and silver at low prices. “Inflation moving up. Interest rates moving up. Stock market to crash sending gold and silver higher,” Kiyosaki described. Robert Kiyosaki Expects ...

View more: Robert Kiyosaki Warns Last Chance to Buy Gold and Silver at Low Prices — Says Stock Market Crash Will Send Them Higher

Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading

Bitcoin miner Argo Blockchain announced that it requested the suspension of trading its company shares on Dec. 27, as the company expects to make an announcement on Wednesday, Dec. 28, 2022. The company’s stock has lost 96.34% year-to-date and on Dec. 12, the bitcoin miner “advanced negotiations with a ...

View more: Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading

Report: Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists

The Nigerian security agency, the Department of State Services (DSS), has reportedly instructed its operatives to arrest the Central Bank of Nigeria governor Godwin Emefiele as soon as he is seen in public. The DSS is still seeking to apprehend Emefiele despite losing its bid to have a Nigerian ...

View more: Report: Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists

Crypto Supporters Sift Through the Graveyard of Technical Indicators That Failed to Predict Bitcoin’s Bottom

As the end of 2022 approaches, a great number of bitcoin proponents are questioning whether or not the bottom is in as far as the official end of the crypto winter is concerned. The current bitcoin bear run just entered the longest bottom formation since the 2013-2015 bitcoin bear ...

View more: Crypto Supporters Sift Through the Graveyard of Technical Indicators That Failed to Predict Bitcoin’s Bottom

'Oil Prices North of $200' per Barrel — Investor Expects Oil to 'Crush' Every Investment in 2023

Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

More Than $19 Billion in BTC, ETH, Stablecoins Left Exchanges Since the Onset of FTX’s Collapse

Argentine Soccer Association AFA Partners With Upland to Enter the Metaverse

Blockchain Based Climate Tech Startup YES WORLD Reaches 100k Holders Mark, Holders Doubled in 2 Months

Report: R&B Artist Akon Denies Claims His Crypto City Dream Is Crumbling

Santa Launches Its Rewarded Browser This Christmas to Bring in the Next 200M Users Onto Web3

Indian Crypto Market Suffers Significantly — Experts Say Trading Volumes Unlikely to Recover Anytime Soon

Banking Giant HSBC Files Trademarks for a Wide Range of Digital Currency and Metaverse Products

2 NFT Projects Plan to Transition From Solana to Alternative Blockchains

Silver and Gold — Precious Metals Stored Value This Year Outperforming Crypto Assets in 2022

Biggest Movers: LTC Climbs to 10-Day High on Monday

OTHER TECH NEWS

Top Car News Car News