Weekly Recap: Bernstein Predicts $1M Bitcoin by 2033, Ethereum ETFs to Launch in July, MicroStrategy Plans to Buy More BTC, Crypto Romance Scams on the Rise
Bernstein has forecasted that Bitcoin (BTC) will reach $1 million by 2033, despite market uncertainty, while Ethereum ETFs are expected to hit the market in July. MicroStrategy is also looking to acquire more BTC, and a rise in crypto romance scams has been noted.
Pepe coin (PEPE) experienced an 11% surge in 24 hours, reaching $0.0000129, with a significant increase in volume to $1.27 billion. Toncoin (TON) also saw a similar surge and reached a new all-time high of $8.13. Mantra (OM) also hit a new all-time high of $1.0924 last week, driven by expansion efforts in the UAE and its project development.
The NFT market saw a 17% increase, reaching $145.3 million in sales. Bitcoin led this surge with a 50% jump in NFT sales, surpassing Ethereum in volume.
Bitcoin’s price dropped to $66,000 ahead of the Federal Open Market Committee (FOMC) decision, with analysts noting similar market behaviors in past FOMC-related scenarios.
Despite the bearish sentiment last week, Bernstein predicted a Bitcoin rise to $1 million by 2033 and also forecasted a rise to $200,000 this cycle, driven by ETF demand.
Bitcoin and Ethereum balances on exchanges reached a four-year low, dropping below 2.3 million and 16 million, respectively, as investors continued to withdraw their assets.
BTC ETF outflows hit $200 million on June 11, ahead of the Federal Reserve inflation data. Ethereum ETFs could go live in July, according to ETF analyst Eric Balchunas.
Major regulatory actions included Nigeria dropping tax charges against Binance executives Nadeem Anjarwalla and Tigran Gambaryan. The government withdrew the charges after reviewing the evidence and circumstances.
The Securities and Exchange Commission in Thailand revoked the operating license of crypto exchange Zipmex, citing regulatory compliance issues. In the U.S., the Federal Trade Commission warned of crypto romance scams, and OFAC sanctioned an employee of Polyus, a Russian state-owned gold producer, for laundering money via crypto.
Paradigm announced an $850 million fund for early-stage crypto projects, while blockchain startups secured $109.3 million in major funding rounds.
MicroStrategy revealed plans to buy more Bitcoin with $500 million in convertible notes offering, which was later upsized to $700 million. Fireblocks expanded its connectivity by joining forces with Coinbase International Exchange, and Ripple launched a new blockchain fund to strengthen its presence in Asia.
OKX customers fell victim to a SIM swap attack, while crypto scammers impersonated Binance co-founder Yi He to defraud victims of $210,000. Hackers also stole over $22 million from British exchange Lykke, and UwU Lend lost $19.3 million in a hack.
Innovations and partnerships included NEAR Foundation’s spin-off Nuffle Labs raising $13 million to develop blockchain solutions. IOTA Foundation’s Web3 protocol was chosen for the EU Blockchain Sandbox Initiative, and Polygon launched a new grants program, committing 35 million MATIC to support projects building on its network.
A teenage crypto executive slammed “lazy” NFTs and forecasted “drastic changes” ahead.