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<p class="is-style-lead">Today’s edition of the weekly recap: Bernstein predicts Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) to hit $1 million in 2033; Ethereum ETFs are expected to launch in July; MicroStrategy looks to buy more BTC; and more fraudsters are developing romantic relationships to defraud victims.</p> 
<h2 class="wp-block-heading" id="bernstein-sees-btc-at-1m-despite-market-uncertainty">Bernstein sees BTC at $1M despite market uncertainty&nbsp;</h2> 
<ul> 
 <li>Pepe coin (PEPE)<a href="https://crypto.news/pepe-leads-meme-coin-market-with-notable-11-surge/" rel=""> experienced</a> an 11% surge over 24 hours to $0.0000129, with a rapid increase in volume to $1.27 billion. Toncoin (TON)<a href="https://crypto.news/toncoin-jumps-to-all-time-high-ton-addresses-in-profit-hits-100/" rel=""> also saw a similar surge, reaching</a> a new all-time high of $8.13.&nbsp;</li> 
 <li>Interestingly, Mantra (OM) also hit a new all-time high of $1.0924 last week amid expansion efforts in the UAE and project development.</li> 
 <li>The NFT market<a href="https://crypto.news/nft-market-surges-17-to-145-3m-bitcoin-leads-with-50-jump-in-sales/" rel=""> saw</a> a 17% increase, reaching $145.3 million in sales. Bitcoin led this surge with a 50% jump in NFT sales, surpassing Ethereum in volume.</li> 
 <li>Bitcoin’s price<a href="https://crypto.news/bitcoin-price-dives-to-66k-ahead-of-fomc-decision-analyst-says-weve-seen-this-before/" rel=""> dropped</a> to $66,000 ahead of the Federal Open Market Committee (FOMC) decision. Analysts noted that similar market behaviors have been observed in past FOMC-related scenarios.</li> 
 <li>Despite the market-wide bearish sentiment last week, asset manager Bernstein <a href="https://crypto.news/bitcoin-price-prediction-2033-bernstein-sees-upside-to-1m/" rel="">forecasted</a> a Bitcoin rise to $1 million by 2033. They also predicted Bitcoin to hit $200,000 this cycle, buoyed by ETF-driven demand.</li> 
 <li>Bitcoin and Ethereum balances on exchanges<a href="https://crypto.news/bitcoin-ethereum-exchange-balances-at-4-year-low/" rel=""> reached</a> a four-year low, respectively dropping below 2.3 million and 16 million, as investors continued to pull their assets out of exchanges.</li> 
</ul> 
<h2 class="wp-block-heading" id="crypto-etf-developments">Crypto ETF developments</h2> 
<ul> 
 <li>BTC ETF outflows <a href="https://crypto.news/btc-etf-outflows-reach-200m-ahead-of-crucial-fed-inflation-data/" rel="">hit</a> $200 million on June 11 ahead of Federal Reserve inflation data. These outflows occurred as investors anticipated impacts from the upcoming data release.</li> 
 <li>Eric Balchunas, an ETF analyst at Bloomberg, suggested that Ethereum ETFs could<a href="https://crypto.news/ethereum-etfs-could-go-live-in-july-analyst-says/" rel=""> go live</a> in July. The potential launch follows recent SEC filings and market preparations.</li> 
</ul> 
<h2 class="wp-block-heading" id="major-regulatory-actions">Major regulatory actions</h2> 
<ul> 
 <li>Nigeria<a href="https://crypto.news/nigeria-drops-tax-charges-against-binance-executives/" rel=""> dropped</a> tax charges against Binance executives Nadeem Anjarwalla and Tigran Gambaryan. The government withdrew the charges after reviewing the evidence and circumstances.</li> 
 <li>In a regulatory effort, the Securities and Exchange Commission in Thailand<a href="https://crypto.news/thai-regulators-revoke-zipmexs-crypto-license/" rel=""> revoked</a> the operating license of crypto exchange Zipmex, citing regulatory compliance issues.</li> 
 <li>Meanwhile, in the U.S., the Federal Trade Commission<a href="https://crypto.news/u-s-federal-trade-commission-warns-of-crypto-romance-scams/" rel=""> warned</a> of crypto romance scams. The FTC reported a surge in scams where fraudsters develop romantic relationships to defraud victims of their cryptocurrency holdings.</li> 
 <li>Also, OFAC<a href="https://crypto.news/ofac-sanctions-employee-of-russian-state-owned-gold-producer-for-laundering-money-via-crypto/" rel=""> sanctioned</a> an employee of Polyus, a Russian state-owned gold producer, for laundering money via crypto. The individual used cryptocurrencies to facilitate money laundering operations.</li> 
</ul> 
<h2 class="wp-block-heading" id="blockchain-investments-surge">Blockchain investments surge</h2> 
<ul> 
 <li>Last week, Paradigm<a href="https://crypto.news/paradigm-announces-850-million-fund-for-early-stage-crypto-projects/" rel=""> announced</a> an $850 million fund for early-stage crypto projects. The fund will support startups developing blockchain technology and applications.</li> 
 <li>Blockchain startups <a href="https://crypto.news/vc-roundup-blockchain-startups-major-funding-rounds/" data-type="link" data-id="https://crypto.news/vc-roundup-blockchain-startups-major-funding-rounds/" rel="">secure</a> $109.3 million in major funding rounds.</li> 
 <li>MicroStrategy revealed <a href="https://crypto.news/microstrategy-to-buy-more-bitcoin-after-raising-500m/" rel="">plans</a> to buy more Bitcoin with $500 million in convertible notes offering. Shortly after, the firm <a href="https://crypto.news/microstrategy-upsizes-convertible-offering-to-700m-to-buy-bitcoin/" rel="">upsized</a> the offering to $700 million.</li> 
 <li>Fireblocks<a href="https://crypto.news/fireblocks-expands-connectivity-by-joining-forces-with-coinbase-international-exchange/" rel=""> expanded</a> its connectivity by joining forces with Coinbase International Exchange.</li> 
 <li>Ripple<a href="https://crypto.news/ripple-bids-for-dominance-in-asia-with-new-blockchain-fund/" rel=""> bid</a> for dominance in Asia with a new blockchain fund. The fund is designed to support blockchain projects in the Asian market. Ripple aims to strengthen its presence in the region through this initiative.</li> 
</ul> 
<h2 class="wp-block-heading" id="crypto-hits-and-runs">Crypto Hits and Runs</h2> 
<ul> 
 <li>OKX customers <a href="https://crypto.news/hackers-target-okx-customers-in-suspected-sim-swap-attack/" rel="">fell</a> victim to a SIM swap attack. Hackers hijacked phone numbers to intercept SMS-based 2FA codes and withdraw funds. OKX advised users to adopt app-based authentication methods.</li> 
 <li>Crypto scammers<a href="https://crypto.news/crypto-scammers-impersonate-binance-exec-for-210k-haul/" rel=""> impersonated</a> Binance co-founder Yi He to defraud victims of $210,000. They used fake identities and convincing communications to trick individuals into transferring cryptocurrency.</li> 
 <li>Hackers <a href="https://crypto.news/british-crypto-exchange-lykke-loses-over-22m-in-hacker-attack/" rel="">stole</a> over $22 million from British exchange Lykke. The platform launched an investigation to identify the attackers and is strengthening security protocols.</li> 
 <li>UwU Lend also <a href="https://crypto.news/uwu-lend-hacked-out-of-19-3-million/" rel="">lost</a> $19.3 million in a hack. Attackers exploited a vulnerability in the platform’s smart contracts. UwU Lend suspended operations to conduct a security audit and fix the issues.</li> 
</ul> 
<h2 class="wp-block-heading" id="innovations-and-partnerships">Innovations and Partnerships</h2> 
<ul> 
 <li>Last week, NEAR Foundation’s spin-off Nuffle Labs<a href="https://crypto.news/near-foundations-spin-off-nuffle-labs-raises-13-million/" rel=""> raised</a> $13 million. The funds will be used to develop blockchain solutions and expand Nuffle Labs’ operational capabilities.</li> 
 <li>IOTA Foundation’s Web3 protocol was<a href="https://crypto.news/iota-foundations-web3-solution-chosen-for-eu-blockchain-sandbox-initiative/" rel=""> chosen</a> for the EU Blockchain Sandbox Initiative. This includes IOTA in efforts to provide Web3 solutions for blockchain integration across Europe.</li> 
 <li>Polygon<a href="https://crypto.news/polygon-launches-new-grants-program-with-1-billion-pol/" rel=""> launched</a> a new grants program with 1 billion POL. The program supports and funds innovative projects within the Polygon ecosystem. </li> 
 <li>Polygon<a href="https://crypto.news/polygon-commits-35-million-matic-to-nurture-projects-building-on-its-network/" rel=""> also committed</a> 35 million MATIC to support projects building on its network.</li> 
</ul> 
<p> Read more: <a href="https://crypto.news/teenage-crypto-executive-slams-lazy-nfts-forecasts-drastic-changes-ahead/" rel=""> Teenage crypto executive slams “lazy” NFTs, forecasts “drastic changes” ahead </a> </p>

Bitcoin at $1m? MicroStrategy buys more; analysts expect Ethereum ETFs in July | Weekly Recap

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