Bitcoin's price has shown resilience, bouncing back to the $67,000 mark after a few dips below this line in the past 24 hours. Despite minor retractions by altcoins such as TON, ADA, and SHIB, the overall market sentiment remains optimistic.

BTC's price had fallen to just over $61,000 last Tuesday due to some issues with Coinbase. However, it quickly rebounded and began a significant rally on Wednesday following the announcement of the US CPI numbers. Despite a brief correction on Thursday, BTC's price trajectory has remained positive, peaking at over $67,500 on Sunday. The cryptocurrency's market cap stands at around $1.320 trillion, with its dominance over altcoins close to 52%.

Most altcoins have mirrored BTC's performance, posting minor losses. ETH is nearing the $3,100 mark after a 0.4% daily decline, while Binance Coin has decreased by a similar percentage to $576. However, Solana's native token has risen by 2.5% and is now close to $180. The total crypto market cap is just under $2.550 trillion.

Despite the minor losses, the market's overall resilience and the swift recovery of BTC's price indicate a robust and optimistic market. The anticipation for the SEC's decision on Ethereum ETFs adds an exciting element to the market's future trajectory.

The US Securities and Exchange Commission (SEC) is set to make a decision on the first spot Ethereum ETF application by VanEck on Wednesday, May 23. The outcome will likely set the tone for other issuers, including Ark 21Shares, Hashdex, Grayscale, Invesco Galaxy, BlackRock, and Fidelity. Despite the odds of approval appearing slim, there remains optimism in the market.

The SEC's decision will hinge on the approval of both the 19b-4s (exchange rule changes) and the S-1s (registration statements). It's possible that the SEC could approve the 19b-4s while delaying the S-1s, a tactic that could be used to further evaluate market conditions or the specific structures of these ETFs without outright denying the applications.

The Ethereum price outlook could be significantly impacted by the SEC's decision. If approved, ETH prices are likely to surge in the short term. However, even if the applications are denied this week, many believe that the Ethereum bottom is already in and spot ETFs will eventually be approved, leading to a bullish run for Ethereum in the coming months.

The upcoming week's economic highlights include the Federal Reserve meeting minutes and Nvidia's earnings report, both of which could influence the global markets. Last week, the Dow Jones Industrial Average crossed the 40,000 mark for the first time, fueled by positive CPI report figures, sparking speculation of a cooling US economy and potential rate cuts.

The Federal Reserve FOMC meeting minutes, due Wednesday, could provide further insight into future monetary policies and a projected rate-cut timeline. Thursday will see the release of May's Global Manufacturing PMI preliminary report, providing a snapshot of the manufacturing sector's business conditions.

On Friday, the Michigan Consumer Sentiment Index will be released, measuring inflation expectations. This week also sees a total of 18 Fed speaker events.

The crypto market is unlikely to be heavily impacted by these economic events, with volatility expected to remain low. Last week, the crypto market saw a surge, with total capitalization exceeding $2.5 trillion. Bitcoin and Ethereum experienced slight declines, but overall, the market remains optimistic.

In a confidential report, the United Nations revealed that North Korea's Lazarus Group illicitly transferred $147.5 million worth of stolen cryptocurrency from HTX, a crypto exchange owned by TRON founder Justin Sun, back to North Korea in 2023. The funds were funneled using the sanctioned crypto mixer Tornado Cash.

The report also disclosed that North Korean hackers have executed some of the most lucrative hacks in the crypto and DeFi sectors, with Tornado Cash being their preferred tumbler. In 2023, North Korean hackers focused on DeFi, stealing approximately $429 million.

Despite a decrease in the total amount stolen compared to 2022, the number of hacks reached a record high of 20, coinciding with a downturn in the crypto market. However, the blockchain analysis firm estimated that the total stolen cryptocurrency amounted to just over $1 billion.

This report underscores the need for robust security measures in the DeFi and crypto sectors. Despite the challenges, the market's resilience and potential for growth remain optimistic.

Ontario's self-proclaimed 'Crypto King', Aiden Pleterski, has been arrested on charges of fraud and money laundering, following an extensive 16-month investigation, dubbed 'Project Swan', into an alleged Ponzi scheme. Pleterski, along with his associate, Colin Murphy, is accused of defrauding victims of approximately $30 million.

The investigation, one of the most comprehensive in the region, involved numerous victim interviews, court orders, and thousands of pages of financial documents. Pleterski has been charged with one count of fraud over $5,000 and one count of laundering proceeds of Canadian crime.

It's worth noting that Pleterski was reportedly kidnapped, assaulted, and tortured by individuals claiming to be his victims last year. While the allegations against Pleterski have yet to be proven in court, this case serves as a reminder of the importance of vigilance and due diligence in the crypto space.

In the rapidly evolving meme coin sector, Dogecoin (DOGE) and Shiba Inu (SHIB) have emerged as top contenders for 2024. DOGE, despite its origins as a joke, has seen significant growth, bolstered by endorsements from high-profile figures and a dedicated community. Its recent integration as a payment option on Tesla's website is a testament to its growing acceptance.

SHIB, dubbed the "Dogecoin killer", has also witnessed impressive strides, with a yearly price increase of over 180%. Its future success hinges on factors including the development of its layer-2 blockchain solution, Shibarium, and overall investor interest.

Other meme coins, such as Pepe (PEPE), dogwifhat (WIF), and Bonk Inu (BONK), have also shown potential due to recent price rallies and solid support bases. WIF, for instance, has gained significant attention on social media and has a strong community following, key factors for meme coin success.

BONK, launched in December 2022, has been making headlines due to an exponential price rally and support from leading cryptocurrency exchanges. The meme coin sector's dynamism and potential for growth continue to captivate industry participants, promising an exciting future ahead.

Two MIT-educated siblings, Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, are facing federal charges for allegedly exploiting a vulnerability in the Ethereum blockchain to steal $25 million in just 12 seconds. The prosecutors have termed this a first-of-its-kind cyber heist.

The brothers reportedly used their advanced expertise to manipulate Ethereum's transaction validation process, fraudulently accessing pending private transactions and modifying them to acquire victims' cryptocurrency.

Upon being confronted, the siblings allegedly refused to return the funds and instead laundered and concealed their ill-gotten gains. If convicted, they could face sentences exceeding 20 years.

Despite this incident, the overall market sentiment remains optimistic. The DeFi sector continues to thrive, with BRC 20 tokens gaining traction. It's a reminder that while blockchain technology offers immense potential, it's crucial to prioritize security to prevent such incidents.

Bitcoin (BTC) has surged past the $60,000 mark, reaching the $67,000 zone, driven by news of a lower-than-expected inflation rate in the US. The latest CryptoQuant report suggests this rally is supported by a decline in selling pressure, although demand for the cryptocurrency is yet to increase.

The decrease in BTC selling pressure is evident in the on-chain activity of short-term holders and the balances on over-the-counter (OTC) desks. The BTC balance on OTC desks has been stable since late April, indicating a reduction in bitcoin supply from market participants.

The profit margins of short-term BTC holders are currently at low or negative levels, which historically coincides with a local bottom in prices. This, coupled with miners’ low profitability, suggests the market may have bottomed out.

Bitcoin demand growth appears to be stabilizing following a month of deceleration. The rise in BTC balances of permanent holders and large investors indicates higher demand from these market participants. However, to sustain the latest price rally, BTC demand needs to surge further, potentially from the spot Bitcoin exchange-traded fund (ETF) market and other Bitcoin investment funds.

Stablecoin liquidity growth is also surging, signaling potential movement to the upside for BTC. The crypto market needs a new wave of spot Bitcoin ETF purchases to refresh demand growth, with these products already seeing total inflows of more than $560 million in the last two trading days.

Polkadot's ecosystem is making significant strides with recent improvements and partnerships. The blockchain protocol recently partnered with Founder Institute, a leading business incubator, to launch the first Web3 cohort in its Core Program. This collaboration aims to revolutionize startup acceleration and Web3 technology education.

In addition, Polkadot has enabled Asynchronous Backing on its network to enhance scalability and efficiency. This upgrade has resulted in blocks being produced twice as fast and a 6-10 times increase in available block space.

Furthermore, Polkadot's parachains, including Acala Network and Moonbeam Network, have made notable advancements. Acala Network completed the Sinai Upgrade to strengthen security measures and improve cross-blockchain interaction capabilities. Moonbeam Network introduced the Moonbeam Odyssey Program Trials to encourage community involvement.

These developments demonstrate the potential of Polkadot's ecosystem to support Web3 applications across various sectors, including DeFi, and indicate a promising future for the blockchain industry.

Bitcoin's adoption in traditional finance (TradFi) continues to surge, with a significant increase in spot Bitcoin exchange-traded funds (ETFs) investments. Last quarter, numerous U.S. banks, investment managers, hedge funds, and professional firms bought spot Bitcoin ETFs, indicating growing institutional interest in crypto assets.

Notably, 937 professional U.S. firms were invested in the spot Bitcoin ETF market as of March 31, according to K33 Research. Major investments came from Millennium Management and Susquehanna International Group (SIG), with $2 billion and $1 billion respectively. Other significant investments were made by Bracebridge Capital, Boothbay Fund, Morgan Stanley, and Pine Ridge Advisers.

Furthermore, alternative asset manager Aristeia Capital, investment firm Graham Capital, and hedge fund manager Crcm LP reported significant exposures to the Bitcoin ETFs. Meanwhile, the digital asset market may soon witness an influx of investments from state-owned professional firms, with the State of Wisconsin Investment Board already setting the pace with a $163 million exposure to Bitcoin ETFs.

Bitcoin has experienced a positive trading week, gaining over $6,000 and reaching its highest price in almost a month at over $67,000. Most altcoins, including SOL, AVAX, BCH, and LINK, also registered double-digit gains. Despite a brief retracement, Bitcoin's market capitalization remains at $1.320 trillion, with a dominance over altcoins at 51.7%.

In the past 24 hours, SOL and LINK have led the way with significant weekly gains. SOL has soared by 17.5% to a multi-week high of over $170, while LINK has risen by 22% to nearly $16.5. Other top gainers include Avalanche (14%), Bitcoin Cash (13%), UNI (13%), IMX (10%), GRT (12%), NEAR (9%), and ICP (10%).

The total crypto market cap has increased to $2.550 trillion, gaining over $150 billion on a weekly scale. The market's positive momentum reflects the growing interest and confidence in the crypto space, particularly in DeFi and BRC-20 tokens.

Bitcoin ETFs have made significant strides in the cryptocurrency ecosystem since their introduction to US financial markets four months ago. Despite experiencing a few hiccups in March and a seven-day outflow streak in late April and early May, the ETFs have bounced back, attracting substantial inflows. Bloomberg's ETF specialist, Eric Balchunas, notes that May inflows of $1.3 billion have offset the losses seen in April, contributing to Bitcoin's price surge to $67,000. Balchunas advises investors not to get too emotional about the inflows and outflows, as they are a normal part of ETF life. He remains optimistic about the long-term net positive impact, with over $12 billion already invested.

Hong Kong authorities have arrested three employees of a cryptocurrency exchange shop on suspicion of fraud. The arrest followed a report from a customer who claimed he was unable to retrieve cash after selling HK$1 million worth of Tether (USDT) at the shop. The suspects allegedly used "hell banknotes", used in traditional Chinese rituals, to deceive the victim into transferring the USDT to their cryptocurrency wallet.

The suspects failed to fulfill their agreement, leaving the victim without his cash. In Hong Kong, fraud can lead to a penalty of up to 14 years imprisonment. Authorities have urged residents to exercise caution when conducting transactions and to opt for reputable cryptocurrency exchange shops to prevent falling victim to such scams.

This incident is part of a growing trend of crypto scams in Hong Kong. Recently, three teenagers were arrested and a 19-year-old was rescued after being lured into a crypto trading scam. In another case, a housewife lost HK$7.1 million ($908,000) after being duped into investing in cryptos via a scam platform on Instagram.

Chinese authorities have cracked down on a major underground banking operation utilizing Tether (USDT) for transactions totaling 13.8 billion yuan ($1.9 billion). The Chengdu Municipal Public Security Bureau arrested 193 individuals and froze assets worth 149 million yuan ($20.6 million). The operation, led by a criminal gang with roots in the import-export business, used USDT for foreign exchange payments and settlements, aiding illegal activities such as smuggling and tax evasion.

The operation also posed a risk to China's financial security by evading national foreign exchange supervision. The Chengdu raid is part of a larger nationwide campaign against underground banking crimes, with similar operations being uncovered in Shanghai, Changsha, Nanjing, Shenzhen, Fuzhou, and Jinhua.

Despite the illicit use of USDT in this case, the broader DeFi and BRC 20 markets remain robust and promising. The crackdown on illegal activities serves to increase the overall health of the blockchain and cryptocurrency industry, reinforcing the importance of regulation and transparency.

Despite a lackluster performance this year, Ripple's XRP, currently trading around $0.52, has analysts predicting potential rises to $5.85, $18.22, and even up to $100. These predictions, however, are contingent on the outcome of the ongoing lawsuit between Ripple and the SEC. Ripple's partial court victories have boosted optimism for a potential bull run.

Analyst Dark Defender believes XRP can rise to $5.85 and later to $18.22, while JackTheRippler forecasted an ascent to $100. However, for such high targets to be achieved, the asset’s market capitalization would need to explode above $200 trillion, a figure far beyond the current total crypto market cap of $2.5 trillion.

The lawsuit, which began in December 2020, is seen as a major factor influencing XRP’s price. A decisive victory for Ripple could trigger a bull run for XRP, while a loss could halt upward movements. The market is closely watching the developments in this case.

Bitcoin's price has reached a five-week high, surpassing $67,400, its highest value in over a month. This surge was fueled by a decrease in US inflation rates and an increase in Bitcoin ETF inflows. Despite a slight retracement, Bitcoin's market cap has grown to $1.320 trillion, with its dominance over altcoins slightly down to 51.6%.

Ethereum, the second-largest cryptocurrency, has also seen significant gains. After struggling to decisively reclaim the $3,000 mark in recent weeks, Ethereum finally broke through this resistance level, reaching over $3,100 for the first time in over a week.

The overall crypto market cap has increased by approximately $20 billion overnight, now standing at $2.560 trillion. These developments indicate a promising outlook for the DeFi and BRC 20 market, reflecting the growing optimism in the blockchain industry.

AI-based cryptocurrencies Bittensor (TAO) and Fetch.ai (FET) have been predicted by OpenAI's chatbot, ChatGPT, to be the top performers in the sector this year. TAO, with its surging market cap and strong growth potential, is a key contender. The asset has seen a 725% increase since May 2023, despite a significant retracement from its all-time high of over $720 in March this year.

FET, the second-largest AI cryptocurrency with a market cap of around $5.7 billion, was also highlighted due to its advanced technology and broad applicability in industries like supply chain optimization and smart cities. Other AI cryptocurrencies such as Render (RNDR), SingularityNET (AGIX), and Ocean Protocol (OCEAN) were also mentioned as potential top performers.

Interestingly, the current leader in AI cryptocurrency, Internet Computer (ICP), was not included in ChatGPT's ranking. The chatbot suggested that ICP could maintain its leadership if it effectively integrates AI functionalities and tools, making it more attractive to developers and companies. It also noted that investment levels and regulatory changes could significantly impact ICP's performance.

In a recent analysis, over 80% of newly listed cryptocurrencies on Binance, the world's largest digital asset exchange, have seen a decline in value. This trend has raised concerns for investors seeking to invest in the latest digital assets.

Out of 31 tokens analyzed, only five appreciated in value, including the Ordi token (ORDI) and the meme coin Dogwifhat (WIF). Despite lacking venture capitalist backing, ORDI was the most profitable, with a 261% increase since its launch.

Most new Binance listings are backed by top-tier venture capitalists and launch at inflated valuations, often lacking real users or a strong community. The average fully diluted valuation (FDV) on the Binance listing date exceeds $4.2 billion.

Crypto researcher Flow suggests that many tokens launching on Binance are not viable investment vehicles, as their upside potential is already exhausted. Instead, they serve as exit liquidity for insiders exploiting retail investors' limited access to early investment opportunities.

Flow also criticized the current market dynamics, noting that many tokens are designed to pump and then dump due to short vesting schedules, fake metrics, and a focus on hype rather than user acquisition.

Despite these concerns, the potential of DeFi and BRC 20 tokens remains promising, with a need for a new approach to token launches. Lower FDVs could benefit secondary market traders and generate momentum and interest. The crypto industry continues to evolve, and while there are challenges, the future is optimistic.

In a surprising development, notorious digital asset scammer 'Pink Drainer' has announced its retirement. Known for draining cryptocurrency wallets, Pink Drainer stated via Telegram that it has achieved its goal and will now begin to dismantle its operations. The news was confirmed by blockchain security firm PeckShield, which also revealed that Pink Drainer had deposited up to 18.1 million DAI into the DeFi lending protocol Spark, making it one of the largest sDAI holders.

Pink Drainer has reportedly stolen over $85 million from more than 21,000 victims in the past year. While this announcement may bring relief to the crypto community, it also serves as a stark reminder of the risks associated with digital assets. As the DeFi and BRC20 sectors continue to grow, it's crucial that security measures evolve in tandem to protect users from such threats.

Reddit has announced a partnership with OpenAI, the creator of AI chatbot ChatGPT, to enhance user engagement and interaction. The partnership grants OpenAI access to Reddit's Data API, integrating social media content into ChatGPT and other upcoming products. In return, OpenAI will provide innovative AI-driven features to Reddit users and moderators. Reddit's stock experienced a 13% surge in after-hours trading following the announcement.

The collaboration follows a similar deal between Google and Reddit, with Reddit intending to use the cloud partnership to increase search functionality. However, amidst growing legal challenges, AI companies like OpenAI face controversy over their data acquisition practices for model training. Reddit has also been investing in cryptocurrencies since 2022, with allocations in Bitcoin (BTC), Ether (ETH), and the Ethereum-based token Polygon (MATIC).

Despite potential legal challenges, the partnership between Reddit and OpenAI signals a positive outlook for the integration of AI in enhancing user engagement and interaction on social media platforms.