Weekly Recap: Bitcoin’s $1M Forecast, Ethereum ETFs on the Horizon, and MicroStrategy Buys More BTC

Weekly Recap: Bitcoin’s $1M Forecast, Ethereum ETFs on the Horizon, and MicroStrategy Buys More BTC

In this week’s roundup, Bernstein predicts Bitcoin (BTC) reaching $1 million by 2033, Ethereum ETFs are expected to debut in July, MicroStrategy plans more BTC purchases, and fraudsters are using romantic relationships to scam victims. Here’s a detailed look at the latest in the cryptocurrency world.

Bernstein’s Bold Bitcoin Prediction Amid Market Uncertainty

Bernstein forecasts a remarkable rise for Bitcoin, predicting it will hit $1 million by 2033 despite ongoing market uncertainties. Additionally, Bernstein projects Bitcoin could reach $200,000 in the current cycle, driven by ETF-related demand.

Market Movements: PEPE and Toncoin Surge

Pepe coin (PEPE) saw an 11% surge in 24 hours, reaching $0.0000129 with a volume spike to $1.27 billion. Toncoin (TON) also hit a new all-time high of $8.13. Similarly, Mantra (OM) reached a new high of $1.0924 amid expansion efforts in the UAE.

NFT Market Growth

The NFT market experienced a 17% increase, with sales reaching $145.3 million. Bitcoin led this surge with a 50% jump in NFT sales, surpassing Ethereum in volume.

Bitcoin Price Fluctuations Ahead of FOMC Decision

Bitcoin’s price dropped to $66,000 ahead of the Federal Open Market Committee (FOMC) decision, with analysts noting similar patterns in past FOMC-related scenarios. Despite the bearish sentiment, asset manager Bernstein’s optimistic forecast suggests significant future growth.

Declining Exchange Balances

Bitcoin and Ethereum balances on exchanges have hit a four-year low, dropping below 2.3 million and 16 million, respectively, as investors continue to move their assets off exchanges.

Crypto ETF Developments

Ahead of the Federal Reserve’s inflation data, BTC ETF outflows reached $200 million on June 11. Meanwhile, Bloomberg ETF analyst Eric Balchunas indicated that Ethereum ETFs could launch in July, following recent SEC filings and market preparations.

Major Regulatory Actions

In a significant move, Nigeria dropped tax charges against Binance executives Nadeem Anjarwalla and Tigran Gambaryan after reviewing the evidence. In Thailand, the Securities and Exchange Commission revoked the operating license of crypto exchange Zipmex for regulatory non-compliance. In the U.S., the Federal Trade Commission issued a warning about crypto romance scams, highlighting a surge in fraud where scammers develop romantic relationships to defraud victims.

OFAC Sanctions

The U.S. Office of Foreign Assets Control (OFAC) sanctioned an employee of Polyus, a Russian state-owned gold producer, for laundering money using cryptocurrencies.

Surge in Blockchain Investments

Last week, Paradigm announced an $850 million fund for early-stage crypto projects. Blockchain startups secured $109.3 million in major funding rounds. MicroStrategy revealed plans to buy more Bitcoin, increasing its convertible notes offering from $500 million to $700 million. Fireblocks expanded its connectivity by partnering with Coinbase International Exchange, while Ripple launched a new blockchain fund to strengthen its presence in Asia.

Crypto Security Incidents

OKX customers fell victim to a SIM swap attack, with hackers intercepting SMS-based 2FA codes to withdraw funds. Crypto scammers impersonated Binance co-founder Yi He, defrauding victims of $210,000. British exchange Lykke lost over $22 million in a hack, prompting an investigation and security protocol enhancements. UwU Lend suspended operations after losing $19.3 million to a hack exploiting a smart contract vulnerability.

Innovations and Partnerships

NEAR Foundation’s spin-off Nuffle Labs raised $13 million to develop blockchain solutions. IOTA Foundation’s Web3 protocol was selected for the EU Blockchain Sandbox Initiative. Polygon launched a new grants program with 1 billion POL and committed 35 million MATIC to support projects within its ecosystem.

This week’s developments highlight significant advancements and challenges in the cryptocurrency space, underscoring the dynamic nature of the market and the ongoing efforts to drive innovation and security.

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