Weekly Roundup: Bitcoin will go to the moon this year, Ethereum’s AUM climbs to a record high

Bitcoin

• In the face of the current regulatory uncertainty, Bitcoin’s average transaction fee has dropped to its lowest levels since January.
• Chinese traders have found a way to bypass the government’s supposed ban on Bitcoin trading. They are turning to OTC desks en masse.
• An exec of Goldman Sachs said that Bitcoin is not in the same league as gold. Instead, it could pass for copper.
• A Glassnode report suggests that short-term Bitcoin holders panicked and have been liquidating their BTC portfolio at a loss. Another data from CryptoQuant and Glassnode reveals that Bitcoin miners are actively offloading their crypto holdings.
• According to JPMorgan, Bitcoin may not be out of the dust yet. The leading cryptocurrency could still fall to $24k in the short term.
• Despite Bitcoin’s price crash in May, BTC miners were still able to rake in $1.4 billion in mining revenue.
• The U.S. SEC has postponed its decision on WisdomTree’s Bitcoin ETF application to July.
• A former U.S. Congressman has agreed that Bitcoin is a form of money and should be allowed to compete with the dollar.
• Hungary is set to build a life-size monument of Bitcoin’s pseudonym founder Satoshi Nakamoto in Budapest.
• U.S.-based commercial space company Astrobotic Technology will be delivering 1 Bitcoin in a hardware wallet to the moon later this year.
• Phemex, a Singapore-based cryptocurrency exchange platform, has added Bitcoin to its earn crypto program.

Ethereum

• Institutional demand for Ethereum appears to be on the rise as the asset under management of ETH products climbs to a new high.
• The number of Ethereum deposited in the Beacon Chain staking contract has exceeded 5 million ETH.
• Cybersecurity company Norton has launched an Ethereum mining service.
• Digital asset bank Anchorage has launched a new product that allows institutional clients to take Ethereum-backed loans.

Other News

• EmiSwap distributed 15k ESW tokens to liquidity providers.
• Following the hack of several Binance Smart Chain-based decentralized applications, Binance recommended a line of action for developers. That being said, another PancakeHunny, a DeFi project on BSC was exploited over the past week.
• Several British banks have begun restricting clients from sending funds to crypto exchanges, citing financial crime concerns.
• China will be distributing $6.2 million in the form of its digital Yuan to Beijing residents as trials are set to begin.
• Google finally lifts its three-year-old ban on crypto ads, but there is a catch to it.
• TRiCERA Art has launched an NFT transaction system.
• About 51 crypto firms might be forced to leave the UK after failing to meet the region’s rather stringent anti-money laundering standards.