---
title: "Bitcoin at $1m? MicroStrategy buys more"
url: https://diffcoin.com/bitcoin-at-1m-microstrategy-buys-more/
description: "Today’s edition of the weekly recap: Bernstein predicts Bitcoin will hit $1 million... in 2033; ETH ETFs will likely launch in July; fraudsters develop romantic relationships to defraud victims."
published: 2024-06-16
updated: 2024-06-16
author: "Mila"
site: "Diffcoin"
---

# Bitcoin at $1m? MicroStrategy buys more

Today’s edition of the weekly recap: Bernstein predicts Bitcoin (BTC) 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.

## Bernstein sees BTC at $1M despite market uncertainty

- Pepe coin (PEPE) experienced an 11% surge over 24 hours to $0.0000129, with a rapid increase in volume to $1.27 billion. Toncoin (TON) also saw a similar surge, reaching a new all-time high of $8.13.
- Interestingly, Mantra (OM) also hit a new all-time high of $1.0924 last week amid expansion efforts in the UAE and project development.
- The NFT market saw a 17% increase, reaching $145.3 million in sales. Bitcoin led this surge with a 50% jump in NFT sales, surpassing Ethereum in volume.
- Bitcoin’s price dropped 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.
- Despite the market-wide bearish sentiment last week, asset manager Bernstein forecasted a Bitcoin rise to $1 million by 2033. They also predicted Bitcoin to hit $200,000 this cycle, buoyed by ETF-driven demand.
- Bitcoin and Ethereum balances on exchanges reached a four-year low, respectively dropping below 2.3 million and 16 million, as investors continued to pull their assets out of exchanges.

## Crypto ETF developments

- BTC ETF outflows hit $200 million on June 11 ahead of Federal Reserve inflation data. These outflows occurred as investors anticipated impacts from the upcoming data release.
- Eric Balchunas, an ETF analyst at Bloomberg, suggested that Ethereum ETFs could go live in July. The potential launch follows recent SEC filings and market preparations.

## Major regulatory actions

- Nigeria dropped tax charges against Binance executives Nadeem Anjarwalla and Tigran Gambaryan. The government withdrew the charges after reviewing the evidence and circumstances.
- In a regulatory effort, the Securities and Exchange Commission in Thailand revoked the operating license of crypto exchange Zipmex, citing regulatory compliance issues.
- Meanwhile, in the U.S., the Federal Trade Commission warned of crypto romance scams. The FTC reported a surge in scams where fraudsters develop romantic relationships to defraud victims of their cryptocurrency holdings.
- Also, OFAC sanctioned an employee of Polyus, a Russian state-owned gold producer, for laundering money via crypto. The individual used cryptocurrencies to facilitate money laundering operations.

## Blockchain investments surge

- Last week, Paradigm announced an $850 million fund for early-stage crypto projects. The fund will support startups developing blockchain technology and applications.
- Blockchain startups secure $109.3 million in major funding rounds.
- MicroStrategy revealed plans to buy more Bitcoin with $500 million in convertible notes offering. Shortly after, the firm upsized the offering to $700 million.
- Fireblocks expanded its connectivity by joining forces with Coinbase International Exchange.
- Ripple bid 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.

## Crypto Hits and Runs

- OKX customers fell 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.
- Crypto scammers impersonated Binance co-founder Yi He to defraud victims of $210,000. They used fake identities and convincing communications to trick individuals into transferring cryptocurrency.
- Hackers stole over $22 million from British exchange Lykke. The platform launched an investigation to identify the attackers and is strengthening security protocols.
- UwU Lend also lost $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.

## Innovations and Partnerships

- Last week, NEAR Foundation’s spin-off Nuffle Labs raised $13 million. The funds will be used to develop blockchain solutions and expand Nuffle Labs’ operational capabilities.
- IOTA Foundation’s Web3 protocol was chosen for the EU Blockchain Sandbox Initiative. This includes IOTA in efforts to provide Web3 solutions for blockchain integration across Europe.
- Polygon launched a new grants program with 1 billion POL. The program supports and funds innovative projects within the Polygon ecosystem.
- Polygon also committed 35 million MATIC to support projects building on its network.

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