In a recent report, Binance emphasized the need for robust scaling solutions for Bitcoin, given the surge in new users and use cases. The launch of the Ordinals protocol by Casey Rodarmor in December 2022, which triggered the Bitcoin NFT hype cycle in 2023, and the subsequent creation of the Bitcoin fungible token standard, BRC-20, have significantly increased the demand for Bitcoin blockspace.

These developments have attracted a new wave of users, traders, and developers, leading to a rise in Bitcoin project funding and development. However, they have also resulted in a more congested mempool and higher transaction fees. Between 2022 and 2023, the average Bitcoin transaction fee rose 175% from $1.5 to $4.2, and in 2024, it has further increased to $9.

Binance insists that if Bitcoin is to achieve true global mass adoption, several scalability solutions are necessary to move some transactions from layer-1 to layer-2 networks. Existing Bitcoin scaling solutions include the Lightning network, RGB, Stacks, BounceBit, and Merlin. Despite the challenges, the crypto community remains optimistic about Bitcoin's long-term potential and continues to work on enhancing its adoption.

In a remarkable recovery effort, cybersecurity researchers Joe Grand and Bruno have assisted an anonymous crypto user, known as Michael, in regaining access to 43.6 bitcoins (BTC) lost 11 years ago due to a forgotten password. Michael had used RoboForm to generate a unique password for his wallet in 2013, which he stored in an encrypted file for security reasons. However, the file got corrupted, and Michael lost access to his wallet.

After initially refusing Michael's request for help in 2022, Grand and Bruno began the recovery process in June 2023. They discovered a vulnerability in RoboForm's random number generator, which linked each password to the date and time it was created. Despite the bug being fixed in 2015, the researchers believed it would have impacted all passwords created before then.

By recalling the date he transferred the bitcoins to his wallet, Michael aided the researchers in testing hundreds of passwords until they found the correct one. Upon recovery, Michael rewarded Grand and Bruno with a portion of the bitcoins. He has since sold some of his holdings when BTC reached $62,000 and plans to hold the remaining 30 BTC, currently valued at approximately $2 million, until the asset reaches $100,000.

Bitcoin's price action has remained steady over the weekend, hovering just under $68,000. The altcoins have also been sluggish on a daily scale, but the weekly landscape has seen some impressive gains. Bitcoin had a strong start to the week, exploding from under $69,000 to over $70,500 on Monday. However, the asset's trajectory reversed, and it began losing value rapidly. By Tuesday, the cryptocurrency had slumped by more than $3,000 and was close to breaking below $67,000.

Most altcoins have mirrored Bitcoin's performance on a daily basis, failing to produce any significant moves. However, on a weekly basis, some altcoins have seen notable gains. ETH has minor weekly gains, mirrored by TON and SHIB. LINK and WIF have seen the most significant jumps in the past seven days. The biggest gainers from the top 100 altcoins are NOT (270%), BRETT (61%), JASMY (50%), TIA (22%), and BGB (21%).

Despite the sluggish daily performance, the overall market outlook remains optimistic. The total crypto market cap has shed about $40 billion since last Sunday, standing at $2.660 trillion. Bitcoin's market capitalization remains at $1.330 trillion, with its dominance over the altcoins at 50%.

The US Securities and Exchange Commission's (SEC) approval of Ethereum (ETH) Exchange-Traded Funds (ETFs) has sparked increased volatility and market optimism. Analysts predict potential rallies and significant future growth, with some forecasting a price explosion as high as $20,000.

The approval, which occurred on May 24, has seen ETH's price fluctuate between $3,650 and $3,950, before settling around $3,800. The green light from the SEC is expected to attract major world banks and financial institutions to Ethereum's ecosystem.

Positive on-chain metrics, such as a rising Total Value Locked (TVL) and negative exchange netflow, suggest a possible bull run for Ethereum. The TVL on Ethereum has risen impressively since October 2023 and currently stands at almost $65 billion. This indicates more capital is flowing into the ecosystem, reflecting positive market sentiment.

The Ethereum exchange netflow has been predominantly negative in the last seven days, a shift considered bullish for ETH's valuation as it reduces immediate selling pressure. These factors combined suggest a bright future for Ethereum following the ETF approvals.

In a landmark case, British-Chinese woman Jian Wen has been sentenced to over six years in prison for laundering Bitcoin proceeds from a $6 billion investment scam in China. Wen was found guilty of converting the Bitcoin into cash and using the funds to purchase luxury items.

The scam, orchestrated by her former boss Zhimin Qian, defrauded approximately 130,000 investors, amassing $5 billion. Despite Wen's claims of being "duped and used", the judge ruled that she had full knowledge of her actions.

This case underscores the increasing use of cryptocurrencies in illicit activities. UK authorities have pledged to intensify their efforts in combating such crimes, demonstrating their commitment to ensuring the integrity of the crypto market.

This development, while unfortunate, does not dampen the overall optimism for the DeFi and BRC 20 markets. As regulatory bodies step up their vigilance, the market is expected to become more transparent and secure, fostering trust among investors.

Mastercard has introduced its Mastercard Crypto Credential, enabling the first peer-to-peer (P2P) pilot transactions to streamline and secure blockchain transfers. This new feature will allow users on Bit2Me, Lirium, and Mercado Bitcoin exchanges to send and receive cryptocurrency using easy-to-remember aliases, enhancing transaction simplicity and security, and encouraging wider crypto adoption.

Currently, Mastercard Crypto Credential connects Latin American and European corridors, aligning with Mastercard's digital asset ecosystem expansion and financial solutions integration. It also paves the way for future expansions into NFTs, ticketing, and other payment methods, guided by market trends and regulatory standards.

The service also aims to verify interactions between consumers and businesses on blockchain networks, ensuring users meet specific verification standards and confirming the recipient's wallet can accept the transferred asset. It also supports the exchange of Travel Rule information for cross-border transactions, a regulatory requirement designed to ensure transparency and prevent illegal activities. This development marks a significant step in promoting broader crypto adoption with simplified transfers.

Japanese cryptocurrency exchange, DMM Bitcoin, has confirmed a hack on May 31st, resulting in a loss of approximately 4,502.9 bitcoins, valued around $305 million. The exchange is currently investigating the breach and has implemented measures to prevent future attacks.

In response to the incident, DMM Bitcoin has halted all spot purchase transactions and warned users of potential delays in Japanese yen withdrawals. The company has pledged to fully reimburse customers for their lost Bitcoin deposits, planning to procure an equivalent amount of the lost BTC with the support of its group companies.

This incident follows a similar breach in 2020, where another Japanese cryptocurrency exchange, Coincheck, was hacked, compromising personal information and emails. Coincheck was also hacked in 2018, losing $533 million primarily in NEM tokens due to inadequate security measures.

Despite these setbacks, the resilience and adaptability of the crypto market remain strong, underscoring the importance of robust security measures in the rapidly evolving DeFi sector.

CryptoQuant, a market intelligence platform, has dismissed concerns over recent Bitcoin (BTC) transfers by defunct crypto exchange Mt. Gox. In a recent report, the firm stated that the movement of 138,000 BTC, equivalent to around $9.4 billion, between Mt. Gox's trustee addresses will not cause immediate selling pressure on the digital asset.

The crypto community had speculated that these transfers signaled the start of repayments to Mt. Gox creditors. However, CryptoQuant clarified that the new addresses receiving the bitcoins belong to Mt. Gox's Rehabilitation Trustee, the attorney managing the repayment process.

An announcement on May 28 confirmed that the exchange has not begun making repayments to creditors nor sold any BTC or cryptocurrency in relation to this. CryptoQuant stated that these types of transfers seem to be a prelude to the Trustee initiating repayments under the Rehabilitation Plan.

Therefore, the analysts believe that these transactions will not cause immediate sell pressure for BTC as the assets are not yet available to the open market. This news is a positive indication for the market, demonstrating the robustness of the digital asset ecosystem.

Bitcoin (BTC) experienced a dip to a weekly low of around $66,600 before recovering by approximately $1,000. Despite a bullish start to the week, BTC's price fluctuated between $67,000 and $69,000, with a brief attempt to surpass the latter on Thursday. However, the asset's price fell by $3,000 to $66,600, marking its lowest value in a week. The bulls reemerged, preventing further declines and pushing BTC's price to between $67,500 and $68,000. BTC's market capitalization is now at $1.330 trillion, maintaining a 50% dominance over altcoins.

Meanwhile, Ethereum (ETH) is showing a slight increase of about 1%, nearing the $3,800 mark. This movement is significantly less volatile compared to last week's fluctuations amid ETF news. Other altcoins such as BNB, SOL, XRP, ADA, and DOT have seen minor gains, while LINK and PEPE have risen by around 3-4%. On the other hand, SHIB and UNI have seen declines of almost 3% and 6% respectively. The total crypto market cap has decreased by about $20 billion, now standing at $2.660 trillion.

Despite recent market volatility, Ripple's XRP has remained stable, trading between $0.51 and $0.54. Analysts predict a potential price increase due to its low Relative Strength Index (RSI) ratio, which currently stands at 40. The RSI is a momentum oscillator used to measure the speed and change of price movements, with a ratio above 70 usually indicating an overbought asset due for correction.

Several key factors could drive a rally for XRP. These include the upcoming launch of a Ripple stablecoin, the potential filing for an XRP ETF, and a possible settlement in the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). Ripple has recently secured three partial court victories in this ongoing legal battle, each of which was followed by a significant XRP price resurgence.

Analysts remain optimistic about XRP's future. JAVON MARKS and Dark Defender predict potential price increases, citing the RSI pattern as a contributing factor. While MARKS foresees a rise in the range of $15-$20, Dark Defender anticipates initial targets of $0.5882 and $0.6044, with a potential spike to $1.88 if the coin's weekly candle closes above the $0.66 mark.

Former investment banker, Rashawn Russell, has been sentenced to over three years in prison for wire fraud related to a cryptocurrency scheme. Russell had been soliciting investments for his R3 Crypto Fund since November 2020, promising investors returns of up to 100%. He used falsified documents to convince investors of the scheme's legitimacy, and misappropriated funds for personal use and to repay earlier investors. The fraud led to approximately $1.5 million in investor losses, and Russell has been ordered to pay this amount in restitution.

The Department of Justice (DOJ) is intensifying its crackdown on crypto fraud, with numerous arrests made recently. This includes the arrest of two individuals involved in a $73 million crypto scam, and the charging of two brothers for exploiting the Ethereum blockchain to steal $25 million in crypto. Despite these incidents, the potential of DeFi and BRC 20 remains strong, and the market continues to show promise.

Ethereum co-founder Vitalik Buterin has donated 30 ETH (worth approximately $113,000) to the legal defense fund of Tornado Cash developers Alexey Pertsev and Roman Storm. The donation was made through Juicebox, a decentralized fundraising platform. The fund, named "Free Alexey & Roman," has raised nearly 596 ETH, equivalent to about $2.2 million.

Buterin's support for privacy tools in the crypto space is well-known, and this move aligns with his previous actions. He has consistently advocated for privacy in crypto transactions and has published numerous papers on enhancing Ethereum’s privacy. This donation is not his first to a similar cause; in 2022, he donated 10 ETH to a legal fund supporting Julian Assange, the founder of WikiLeaks.

Tornado Cash, a privacy-focused tool enabling anonymous crypto transactions, has been under scrutiny due to its misuse by criminals for money laundering and other illicit activities. This led to sanctions by the US Treasury’s Office of Foreign Assets Control (OFAC) in August 2022. Pertsev and Storm, developers of Tornado Cash, are facing legal challenges for allegedly facilitating these illegal activities. Buterin's donation is a clear sign of support for the beleaguered developers and the larger cause of privacy in the crypto industry.

ConsenSys-backed Layer 2 network, Linea, has joined StarkWare in condemning Matter Labs' attempt to trademark the term "zero-knowledge" (ZK) in nine countries. Matter Labs, the company behind zkSync, is seeking exclusive control over this foundational cryptographic concept, causing industry-wide outrage. StarkWare, a software company that develops ZK-proof technology, has called for community action against Matter Labs' "oppressive behavior".

Linea supports this stance, stating that using a legal framework to monopolize a branch of cryptography integral to building permissionless and decentralized L2 execution environments contradicts Ethereum’s ethos. They further highlighted the collaborative nature of Ethereum’s development and how the attempt to claim ownership over ZK technology hinders progress towards a more inclusive and censorship-resistant network.

In response, Matter Labs clarified that their move aims to ensure the term "ZK" can be used freely in the context of their projects like "ZK Sync" and "ZK Stack," using trademarks as the only available legal tool for such protection. They also addressed the misconception that trademarks grant exclusive ownership over a word or phrase, adding that rights only extend to specific goods or services.

Despite a recent dip in Dogecoin (DOGE) value, whale investors have snapped up over 700 million DOGE in the past 72 hours, equivalent to around $112 million. This accumulation trend coincides with a bearish trend reversal since May 29, suggesting a potential recovery for the meme coin.

In addition, other meme tokens such as Shiba Inu (SHIBA) and Pepe (PEPE) have also seen increased investor interest. Over 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to crypto exchanges in the past two weeks, indicating heightened trading activity.

Meanwhile, PEPE has gained almost 130% over the past month, with a whale investor making nearly $5 million in profit from the PEPE token within a month. This investor deposited all 660.7 billion PEPE tokens, worth $9.52 million, into a Binance wallet.

These trends suggest a renewed interest in meme coins, with traders shifting their focus to these tokens. This could potentially lead to a surge in their value, making them a worthwhile investment.

In a recent development, American TV personality Caitlyn Jenner has reportedly made a profit of $405,000 by launching 12 meme coins on the Solana blockchain within just four days. According to Lookonchain, Jenner's strategy involved launching tokens, buying large quantities, and quickly selling them for substantial profits. Despite initial skepticism, the former Olympian confirmed her endorsement, dismissing fears of a potential hack.

However, this trend of celebrity-backed tokens has raised concerns among experts, who warn about the pitfalls inherent in such tokens, which often attract unsuspecting traders and leave them financially depleted. Even seasoned traders have reportedly suffered losses, overshadowing the genuine innovations pursued by legitimate projects.

A market player under the pseudonym 'Cold Blooded Shiller' advised followers to view celebrity endorsements of meme coins as opportunistic "cash grabs," similar to previous trends like simply mentioning "crypto" during past market cycles or "NFTs" in more recent times. He warned that celebrities capitalize on these buzzwords to prompt a snowball effect where more people rush to invest in these projects without fully understanding the risks involved.

European Bitcoin exchange-traded products (ETPs) have seen over $500 million in net outflows this year, despite the rising demand for Bitcoin, according to data from Morningstar. This comes as competition intensifies from US-based counterparts. However, ETPs for other cryptocurrencies like Ether have absorbed $42 million within the same period.

The launch of US Bitcoin ETFs in January has increased interest in European crypto ETPs but also brought unprecedented competition, forcing European issuers to lower their fees. Asset managers BlackRock and Fidelity, for instance, now offer 0.25% annual management fees, prompting European Bitcoin ETP providers like Invesco, WisdomTree, and CoinShares to drop their previous fees from rates above 0.9% to below 0.4%.

Funds that failed to lower their management fee, such as Grayscale Bitcoin Trust and Canada's Purpose Bitcoin ETF, have suffered significant asset losses. Despite the competition, VanEck's CEO in Europe, Martijn Rozemuller, remains optimistic, stating that European crypto ETPs are still relatively larger than the spot Bitcoin ETFs in the US.

The past week saw significant developments in the Bitcoin ETF landscape. BlackRock's IBIT surpassed Grayscale's GBTC to become the largest Bitcoin ETF issuer, holding $19.97 billion in BTC compared to GBTC's $19.7 billion. This achievement came just 96 days after the launch of US spot Bitcoin ETFs. Furthermore, Bitcoin ETFs globally attracted over one million BTC on Tuesday.

Despite these positive developments, Bitcoin's price has struggled to break the $70,000 mark and currently sits around $67,320. Meanwhile, Ethereum's price has been consolidating, with large investors signaling an accumulation trend.

In the altcoin market, meme coins have taken center stage with PEPE charting all-time highs and WIF up by over 20%. The meme coin market also saw the entrance of celebrity Caitlyn Jenner, who launched a dozen meme coins on the Solana blockchain.

In other news, Gemini Earn announced the recovery of 97% of customers' lost crypto, while former FTX exec Ryan Salame was sentenced to 7.5 years in prison. The market cap stands at $2.667T with a 24H volume of $80B and BTC dominance at 50%.

The U.S. Securities and Exchange Commission (SEC) has reportedly instructed prospective issuers to submit amended S-1 forms for Ethereum ETFs, marking a significant step in the approval process. Despite the short notice, progress is being made, with the SEC actively engaging with issuers to finalize these forms.

VanEck and BlackRock have already submitted their amended S-1 forms, with the latter detailing a $10 million seed investment for its ETF. The S-1 forms are expected to undergo at least two more rounds of draft filings before final approval.

Despite potential delays, analysts remain optimistic. JPMorgan analysts anticipate the spot Ether ETF trading will commence well before November, viewing the ETF approval and broader crypto landscape as increasingly political leading up to the 2024 U.S. presidential election.

GSR Research Analyst Brian Rudick sees the delay as a marginal positive that could attract early inflows and benefit ETH’s price. The approval of Ethereum ETFs is anticipated to significantly impact the DeFi and BRC 20 markets.

In this week's crypto market analysis, Ethereum (ETH) shows promising signs of a bullish trend, despite a modest 1.5% price increase. The resistance at $4,000 is expected to break, potentially leading to new highs in 2024. Meanwhile, Ripple (XRP) and Cardano (ADA) are struggling with weak buy momentum and key resistance levels.

Shiba Inu (SHIB), however, has outperformed with an 8% increase, demonstrating the strength of meme coins in the current market. The price has moved above $0.000025, which could potentially break $0.00003 in June if the momentum continues.

Polkadot (DOT) is currently in a local downtrend, with a key resistance level at $7.6. However, the market remains optimistic, as buyers have consistently returned at key support levels to halt the downtrend. The overall market sentiment remains positive, with potential for significant gains in the near future.

Bitcoin experienced a rollercoaster ride in the past 24 hours, with its price plummeting to $67,100 before soaring to nearly $70,000. Despite the volatility, the leading cryptocurrency failed to break the coveted $70,000 mark and currently hovers around $68,000. Its market cap remains below $1.350 trillion, but its dominance over altcoins is above 50%.

In the altcoin market, Pepe, the third-largest meme coin, has resumed its bullish trend with a 9% daily surge. Other top gainers among the largest 100 altcoins include JASMY (27%), BEAM (25%), and ORDI (18%). Major altcoins like Ethereum, Binance Coin, Solana, Ripple, Dogecoin, and Toncoin experienced less volatility, with gains ranging from 0.5% to 1%.

Despite recent fluctuations, the total crypto market cap has recovered some ground, though it remains below $2.7 trillion. This market resilience underscores the growing investor confidence in the blockchain industry, particularly in DeFi and BRC 20 tokens, which continue to show promising growth potential.