Bitcoin layer-2 projects are under scrutiny as experts debate whether they truly deserve the classification. With 73 Bitcoin scaling solutions currently under development, the term "layer 2" is contentious due to the structure of most self-proclaimed Bitcoin layer 2s being more similar to a sidechain. Bai Yu, head of CKB Ecosystem Fund, argues that the term L2 for sidechains is simply a marketing tactic. A true L2 should operate on top of the base layer, inheriting its security, while a sidechain is a separate blockchain with its own security model. This distinction could become crucial if the security of users' funds is threatened by new vulnerabilities of scaling solutions that don't exist on the native Bitcoin chain.

Blockchain adoption is on the rise among Fortune 100 companies, with a 39% increase in crypto, blockchain, and Web3 initiatives in Q1 2024, according to Coinbase's latest report. The study also revealed that 56% of Fortune 500 executives are working on blockchain projects, with an average budget of $9.5 million. Real-world asset tokenization is a significant driver of this trend, with $63 billion of Bitcoin under management in ETFs and tokenized U.S. Treasury bills increasing 1,000% in value to $1.29 billion since 2023. However, the U.S. lags behind in blockchain adoption due to a talent shortage, with only 26% of crypto developers based in the country.

Riot Platforms, a cryptocurrency mining firm, has hit a snag in its plans to acquire Bitfarms. Riot's CEO, Jason Les, opposes Bitfarms' recent 'poison pill' strategy, which aims to prevent Riot from acquiring more than a 15% stake in the company. Riot currently holds a 13.1% stake, having purchased six million common shares of Bitfarms in three separate trades. Les argues that the Bitfarms plan conflicts with established legal and governance standards by lowering the threshold to 15% instead of the usual 20%. Riot had offered to acquire Bitfarms for $950 million in May.

Bitcoin (BTC) bounced back to $69,000 on June 12 after a dip to $66,000 the previous day due to macroeconomic uncertainties, miner selling pressure, and outflows from spot exchange-traded funds (ETFs). The US inflation data set a positive stage for risk-on assets like Bitcoin, pushing the S&P 500 to a record high. Traders are now speculating if Bitcoin can cross the $72,000 mark. The derivatives market seems to support this possibility. However, Bitcoin’s trajectory will largely depend on institutional inflows. Concerns are also rising that miners may dictate BTC price trends. On June 10, Marathon Digital sold 1,000 BTC, valued at nearly $70 million, negatively affecting investor sentiment towards Bitcoin.

Bite-sized Crypto News: McDonald's launches "My Happy Place" metaverse in Singapore, offering virtual burgers and digital collectibles. South Korea's Financial Services Commission classifies mass-produced NFTs as virtual assets. Three individuals linked to the "Evolved Apes" NFT scam face charges in the U.S for wire fraud and money laundering. Bitcoin-based NFTs drive an 18.9% surge in weekly NFT sales volumes, reaching $147.3 million. Polygon, Immutable, and Blast show double-digit growth as top blockchains. Stay tuned for more crypto updates!

Eigen Labs, the firm behind the EigenLayer protocol, has acquired restaking platform Rio Network. The deal will make Rio's intellectual property code open source. Eigen Foundation is taking over Rio Network's intellectual rights, including its liquid restaking token (LRT) technology, which will be incorporated into the EigenLayer ecosystem. The Rio team will now join Eigen Labs, focusing on developing EigenLayer. Both EigenLayer and Rio Network aim to optimize the use of staked assets, with EigenLayer allowing users to secure additional blockchains with their staked assets, while Rio offers a liquid representation of staked assets. The deal's value was not disclosed.

MultiversX, a distributed blockchain network, has partnered with eCornell, Cornell University's online learning platform, to launch the Blockchain Essentials Program. This free initiative offers 100 economically disadvantaged college students a two-month online blockchain education. Successful participants will receive a certificate and potential mentorship, support, and funding from MultiversX for community-beneficial blockchain projects. The program, which normally costs $3,750, will start on July 17, 2024, with applications open until June 23, 2024. In related news, MultiversX recently unveiled "Sovereign Chains," a tool to boost blockchain development and transaction throughput.

Bitcoin "whales" are back in action! Accumulation by these big players, who hold at least 1,000 BTC, has hit a four-year high, reminiscent of the pre-2020 bull run. Bitfinex analysts suggest factors like an anticipated interest rate cut and increased institutional buying could fuel Bitcoin's upward momentum. Meanwhile, Bitcoin has confirmed the $66,000 mark as its new support on the weekly chart. However, Bitcoin price has been stuck due to the distribution of older coins. Analysts suggest we need to wait for a market 'reset' before we see the $65,000 - $70,000 range become a base.

Bitcoin's price has rallied following lower than expected U.S. Consumer Price Index data. The recovery from the $66,000 level indicates that bulls are buying near strong support levels. Meanwhile, Japanese firm Metaplanet has been using Bitcoin’s sideways price action to build its treasury, disclosing a purchase of 23.25 Bitcoin, taking its total to 141.07 Bitcoin. Other cryptocurrencies have seen mixed fortunes, with Ether, BNB, Solana, XRP, Dogecoin, Toncoin, Shiba Inu, Cardano, and Avalanche all experiencing fluctuations in their prices. Traders are closely watching the market for the next big move.

Chainlink's CCIP interoperability protocol and Automation services have been launched on the Gnosis network, enabling users to utilize Chainlink for cloud computing tasks and reduce gas fees by up to 90%. The CCIP protocol will also allow Gnosis users to send messages and swap value across blockchains. This move is part of Chainlink's ongoing efforts to establish its CCIP protocol as the industry standard for cross-chain communication and interoperability. Chainlink has also recently partnered with Rapid Addition and Arta Techfin, and integrated with the Ethereum layer-2 network Celo, further solidifying its industry standing.

Pepe (PEPE) cryptocurrency has bounced back 17.85% after hitting a local low, with trading volumes also on the rise. Analysts predict a bullish outlook for PEPE, with a potential 50% price increase by the end of June. The price is currently hovering around the lower trendline of its rising wedge pattern, hinting at a 70% gain. Large investors' continued accumulation and holding behavior also signal market confidence. Smaller holders have been actively accumulating during price dips, indicating increased participation and confidence among retail investors. The potential rally is also bolstered by expectations that the Federal Reserve may cut interest rates in September.

The Artificial Superintelligence Alliance (ASI), a collaboration between decentralized platforms SingularityNET, Fetch.ai, and Ocean Protocol, has postponed its token merger to July 15. Despite the delay, Ben Goertzel, CEO of SingularityNET and ASI, remains optimistic about the future, predicting "superhuman superintelligence" within a few years. The delay is due to the need for more technical and logistical preparations, but it doesn't affect the progress made towards creating a decentralized superintelligence network. The merger aims to unify the efforts of all three AI and blockchain projects to develop decentralized artificial general intelligence (AGI).

Bitcoin (BTC) is back to circling $67,500 after a crypto-wide rout led to significant exchange withdrawals. The BTC price had dropped to $66,000 the previous day, sparking long liquidations of over $50 million. This pattern is familiar, often seen before Federal Reserve meetings on interest rates. Some traders are predicting a potential further drop to $60,000 unless market dynamics change. Meanwhile, on-chain data shows ongoing exchange withdrawals, with the largest U.S. exchange, Coinbase, particularly in focus. The total BTC balance on Coinbase Pro was down 14,420 BTC ($972 million) in the 24 hours to June 12.

Ethereum layer-2 scaler zkSync is facing criticism for its alleged lack of anti-Sybil measures in its recent token airdrop. Critics argue that the airdrop was easily exploitable, with no effective measures to prevent individuals from using multiple wallets to claim more tokens. Despite zkSync stating that 695,232 wallets were eligible to claim its ZK token airdrop, crypto analytics firm Nansen clarified it did not perform anti-Sybil checks or advise on allocations for the ZK token drop. The backlash has coincided with a 43% drop in the token's value within 24 hours on pre-market perpetual exchanges Aevo and PancakeSwap.

Masternodes are becoming a popular way to earn passive income in the cryptocurrency world. By hosting a masternode, users can play a key role in blockchain network operations, often earning rewards in return. However, this requires technical knowledge and a significant initial investment. Masternodes perform functions like facilitating fast transactions, boosting privacy, and participating in governance decisions. To become a masternode, users need to lock a certain amount of the network’s cryptocurrency as collateral and configure a dedicated computer within the blockchain network. Rewards for masternodes include a share of transaction fees and block rewards. However, running a masternode also comes with risks, including market volatility, technical risks, operational costs, and regulatory changes.

Bitcoin's retail demand has dipped to a five-month low, with a 17% decrease over the last month, according to data from CryptoQuant. This drop mirrors a similar decline in January, which was followed by a 75% surge in Bitcoin's value. Analysts suggest this fluctuation could be due to factors such as the U.S. Consumer Price Index (CPI). As CPI decreases, Bitcoin may become more appealing to investors as traditional savings offer less lucrative returns. Despite this, Bitcoin's current trading value stands at $67,350, with future traders not anticipating a near-term recovery.

Tuttle Capital, an exchange-traded fund (ETF) issuer, has filed for a new ETF that will track and invest in stocks held by US Congress members or their spouses. The proposed "Tuttle Capital Congressional Trading ETF" will be actively managed, investing in stocks picked by Congress members as reported in mandatory public disclosure filings. The fund will select Congress members to follow based on their investment returns' historical performance, the committees they serve on, and their seniority. This follows similar ETFs from Subversive Capital Advisors, which launched the Unusual Whales Democratic ETF and Unusual Whales Republican ETF earlier this year.

Sky Mavis co-founder Aleksander Larsen predicts that blockchain games will not rely on Discord channels forever. Currently, blockchain games use platforms like Discord and Telegram to build communities due to gatekeeping from app stores and publishers. However, Larsen believes that as blockchain gaming becomes more mainstream, these anti-crypto stances will soften, making it easier for developers to reach their target audiences. Larsen, also a co-creator of the popular blockchain game Axie Infinity, is now launching Ronin Forge, an early access program for experimental Web3 games.

In other news, OpenSocial Protocol co-founder Allen Ng suggests that SocialFi, a blend of social media and decentralized finance, could be the key to keeping Web3 gamers engaged and spending more. He argues that the social aspect of gaming enhances user retention and average revenue per user. OpenSocial recently launched a $15 million fund to support the next generation of Web3 social apps.

Finally, Sky Mavis has recovered $5.7 million from the 2022 Ronin Bridge hack with the help of Norwegian authorities. The Sandbox, a metaverse firm, secured $20 million in a funding round, and McDonald's launched a metaverse in Singapore called My Happy Place.

A Bitcoin whale has just moved 8,000 Bitcoin (BTC), worth a whopping $536.5 million, from a dormant Coinbase cold storage wallet to a Binance deposit address. This transfer marks a nearly 1,700% increase from the acquisition price of $3,750 on Dec. 5, 2018. While it's unclear if the owner cashed out, such activity could suggest selling, especially when moving to an exchange deposit address. This isn't the first time a Bitcoin whale has stirred, with two linked Bitcoin wallets transferring a combined 1,000 Bitcoin on May 12. Despite recent price slumps, the crypto market remains in the "Greed" zone.

At the recent Oslo Freedom Forum, concerns were raised about the potential misuse of Central Bank Digital Currencies (CBDCs) by authoritarian regimes. Activists, government officials, and citizens expressed worry about governments using the financial system to control opposition. The forum highlighted cases from Nicaragua, Hong Kong, and Russia where governments seized assets and froze accounts of those speaking against them. The rise of CBDCs could potentially amplify these powers. The forum also discussed the rollout of CBDCs in Nigeria and China, highlighting government inefficiency and the risk of forceful implementation. The overall sentiment was the need for public awareness about CBDCs and their potential risks.