Bitcoin at $1 million? MicroStrategy buys more

Today’s edition of the weekly recap: Bernstein predicts Bitcoin (Bitcoin) will reach US$1 million in 2033; Ethereum ETFs are expected to launch in July; MicroStrategy intends to buy more BTC; and more fraudsters are developing romantic relationships to defraud victims.

Bernstein Sees BTC at $1M Despite Market Uncertainty

• Pepê Currency (PEPE) with experience an 11% increase in 24 hours to $0.0000129, with a rapid increase in volume to $1.27 billion. Toncoin (TON) also recorded a similar increase, reaching a new all-time high of $8.13.
• Interestingly, Mantra (OM) also reached a new all-time high of $1.0924 last week amid expansion efforts in the UAE and project development.
• The NFT market mountain range an increase of 17%, reaching US$ 145.3 million in sales. Bitcoin led this surge with a 50% jump in NFT sales, surpassing Ethereum in volume.
• Bitcoin Price knocked down to $66,000 before the Federal Open Market Committee (FOMC) decision. Analysts noted that similar market behaviors were observed in previous FOMC-related scenarios.
• Despite market-wide bearish sentiment last week, asset manager Bernstein foreseen a rise of Bitcoin to $1 million by 2033. They also predicted that Bitcoin would reach $200,000 this cycle, driven by ETF-driven demand.
• Bitcoin and Ethereum balances on exchanges Reached a four-year low, falling below 2.3 million and 16 million respectively, as investors continued to withdraw their assets from exchanges.

Crypto ETF Developments

• BTC ETF Outflows to knock $200 million on June 11, ahead of Federal Reserve inflation data. These outflows occurred because investors anticipated the impacts of the next data release.
• Bloomberg ETF analyst Eric Balchunas suggested that Ethereum ETFs could go live in July. The potential launch follows recent SEC filings and market preparations.

Main regulatory actions

• Nigeria knocked down tax charges against Binance executives Nadeem Anjarwalla and Tigran Gambaryan. The government dropped the charges after reviewing the evidence and circumstances.
• In a regulatory effort, the Securities and Exchange Commission of Thailand revoked the operating license of cryptocurrency exchange Zipmex, citing regulatory compliance concerns.
• Meanwhile, in the US, the Federal Trade Commission warned of crypto romance scams. The FTC has reported an increase in the number of scams in which fraudsters develop romantic relationships to defraud victims of their cryptocurrency holdings.
• Additionally, OFAC sanctioned an employee of Polyus, a Russian state gold producer, for money laundering via cryptography. The individual used cryptocurrencies to facilitate money laundering operations.

Increased investments in Blockchain

• Last week, Paradigm announced an $850 million fund for early-stage crypto projects. The fund will support startups developing blockchain technology and applications.
• Blockchain Startups safe US$109.3 million in large financing rounds.
• MicroStrategy revealed plans to buy more Bitcoin with an offer of $500 million in convertible notes. Shortly afterwards, the company increased the offer for US$700 million.
• Fire Blocks expanded its connectivity by joining forces with Coinbase International Exchange.
• Curling offer for dominance in Asia with a new blockchain fund. The fund is designed to support blockchain projects in the Asian market. Ripple intends to strengthen its presence in the region through this initiative.

Crypto Hits and Runs

• OKX Customers it fell victim of a SIM swapping attack. Hackers have hijacked phone numbers to intercept SMS-based 2FA codes and withdraw funds. OKX advised users to adopt app-based authentication methods.
• Crypto Scammers personified Binance co-founder Yi He defrauded victims of $210,000. They used fake identities and convincing communications to trick individuals into transferring cryptocurrencies.
• Hackers he stole more than US$22 million from the British Lykke exchange. The platform has started an investigation to identify the attackers and is strengthening security protocols.
• UwU loan too lost $19.3 million in a hack. Attackers exploited a vulnerability in the platform’s smart contracts. UwU Lend has suspended operations to conduct a security audit and correct the issues.

Innovations and Partnerships

• Last week, Nuffle Labs, a spin-off from the NEAR Foundation created US$13 million. The funds will be used to develop blockchain solutions and expand Nuffle Labs’ operational capabilities.
• The IOTA Foundation’s Web3 protocol was chosen for the EU Blockchain Sandbox Initiative. This includes IOTA in efforts to provide Web3 solutions for blockchain integration across Europe.
• Polygon released a new subsidy program with 1 billion POL. The program supports and finances innovative projects within the Polygon ecosystem.
• Polygon also committed 35 million MATIC to support projects developed in its network.

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