Weekly Crypto Recap: Bernstein Predicts $1M Bitcoin, Ethereum ETFs Launching, MicroStrategy Buying More BTC, and Crypto Romance Scams on the Rise
In the ever-evolving world of cryptocurrency, the latest developments have been nothing short of exciting. From price predictions to regulatory actions and innovative partnerships, the crypto space is buzzing with activity.
One of the most eye-catching headlines comes from asset manager Bernstein, who boldly predicts that Bitcoin (BTC) will reach a staggering $1 million by 2033. Despite market uncertainty, Bernstein remains optimistic about the future of the leading cryptocurrency.
Meanwhile, the NFT market saw a significant surge in sales, with Bitcoin leading the charge with a 50% increase in volume. Ethereum ETFs are also expected to launch in July, according to ETF analyst Eric Balchunas.
In regulatory news, Nigeria dropped tax charges against Binance executives, while the SEC in Thailand revoked the operating license of crypto exchange Zipmex. The Federal Trade Commission in the U.S. also warned of a rise in crypto romance scams, where fraudsters develop romantic relationships to defraud victims of their cryptocurrency holdings.
On the investment front, Paradigm announced an $850 million fund for early-stage crypto projects, while MicroStrategy revealed plans to buy more Bitcoin with $700 million in convertible notes offering. Ripple is also making moves in Asia with a new blockchain fund to support projects in the region.
However, not all news is positive in the crypto world. OKX customers fell victim to a SIM swap attack, hackers impersonated Binance co-founder Yi He to defraud victims of $210,000, and British exchange Lykke lost over $22 million to hackers.
Despite the challenges, the crypto space continues to innovate and grow. NEAR Foundation’s spin-off Nuffle Labs raised $13 million, IOTA Foundation’s Web3 protocol was chosen for the EU Blockchain Sandbox Initiative, and Polygon launched a new grants program to support projects within its ecosystem.
With so much happening in the world of cryptocurrency, one thing is clear – the future is bright, but investors must remain vigilant in the face of evolving threats and opportunities.