90% of Bitcoin’s supply has now been mined according to blockchain trackers. The feat means that 18.89 million bitcoins, out of the maximum 21 million that will ever exist, have been mined and are in circulation.

The Twitter account of Indian Prime Minister, Narendra Modi, with over 73.4 million followers, was hacked to share misleading information about the adoption of Bitcoin and promote a BTC scam.

Cryptocurrency exchange, AscendEX, formerly known as BitMax, has been hacked for an estimated $77.7 million, according to security researchers who estimated the assets were taken across three blockchains.

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Top stories in the Crypto Roundup today:

• 90% of Bitcoin’s Supply Has Now Been Mined
• Indian Prime Minister’s Twitter Account Hacked to Promote Crypto Scam
• Crypto Exchange AscendEX Hacked for $78 Million
• Chart of the Week: Bitcoin’s Correlation With the S&P 500
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

90% of Bitcoin’s Supply Has Now Been Mined

90% of Bitcoin’s supply has now been mined according to blockchain trackers. The feat means that 18.89 million bitcoins, out of the maximum 21 million that will ever exist, have been mined and are in circulation.

It took nearly 12 years for 90% of bitcoin’s supply to be mined, with the first BTC being mined on January 9, 2009. The remaining supply is not expected to be mined until February 2140, based on Bitcoin’s network activity estimates and halving schedules.

The price of the flagship cryptocurrency has been growing along with its circulating supply. In early 2010, BTC was trading at around $0.10 and hovered over $7.5 when about half of its supply was mined in December 2012. It’s now close to $50,000.

Not all 18.89 million BTC are believed to be in circulation, however, as estimates suggest 3.7 million bitcoin has been “lost” based on address activity. These coins have been lost for various reasons, including the loss of private keys.

Around 1 million BTC is believed to be held by the cryptocurrency’s pseudonymous creator, Satoshi Nakamoto, who hasn’t touched the funds since the network’s early days.

Indian Prime Minister’s Twitter Account Hacked to Promote Crypto Scam

The Twitter account of Indian Prime Minister, Narendra Modi, with over 73.4 million followers, was hacked to share misleading information about the adoption of Bitcoin and promote a BTC scam.

The account, using the handle @narendramodi has since been restored and the tweet promoting a fake BTC giveaway has been deleted. The Prime Minister’s office said in a tweet after the incident

“The matter was escalated to Twitter and the account has been immediately secured. The brief period that the account was compromised, any Tweet shared must be ignored.”

The tweet promoting a fake BTC giveaway also claimed India has made bitcoin legal tender and that the country bought coins to distribute to its citizens. In a parliamentary meetup earlier this year the legality of cryptocurrencies in the country was discussed, however,  the government’s stance on crypto wasn’t conclusive.

Crypto Exchange AscendEX Hacked for $78 Million

Cryptocurrency exchange AscendEX, formerly known as BitMax, has been hacked for an estimated $77.7 million, according to security researchers who estimated the assets were taken across three blockchains.

The exchange has acknowledged the incident, saying on social media that it detected “a number of ERC-20, BSC, and Polygon tokens transferred from our hot wallet.” AscendEX added that its cold wallet was not affected and an investigation is underway.

According to crypto security firm PeckShield, the exchange lost $60 million on Ethereum, $9.2 million on the Binance Smart Chain and $8.5 million on Polygon. The exchange has frozen deposits and withdrawals and is working to reopen them.

The incident comes a week after cryptocurrency exchange BitMart was hacked for $200 million.

Chart of the Week: Bitcoin’s Correlation With the S&P 500

Over the last four years, the 30-day correlation between Bitcoin  and the S&P500 swung between -0.46 and 0.77 - this shows that there was little correlation between the two assets.

365-day remained steady around 0 until March 2020, which means there was no correlation. However, in March (coinciding with COVID) this jumped to 0.21 and continued to steadily increase to a max of 0.4 in April 2021.

Since then, the correlation has dropped down to 0.3. Correlation metrics are used to measure the strength of a relationship between two variables. Investors commonly use these metrics to identify new trends in financial markets.

Read more CryptoCompare research in the link below.

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