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Bitcoin Surpasses $70K, ETH Could Hit $5K, Pixelmon's Token Drop

Bitcoin Surpasses $70K, ETH Could Hit $5K, Pixelmon's Token Drop

This week in web3 via NettyBytes

Alcides Aguasvivas
May 22, 2024

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1. Bitcoin Surpasses $70,000 Milestone Amidst Surging Spot and ETF Buying

Bitcoin's price surged to $70,000 amidst increased spot buying and spot BTC ETF purchasing, sparking discussions within the cryptocurrency community about the trajectory of the ongoing bull market. Analysts point to various on-chain indicators suggesting a nascent bull market, despite some showing potential topping patterns. Factors such as a bounce near $60,000 support, significant inflows, and positive technical indicators indicate a potential upward breakout. Moreover, changing U.S. monetary policy, including monetary expansion and inflationary pressures, contribute to Bitcoin's attractiveness as a scarce asset. Additionally, a decrease in exchange BTC reserves to a seven-year low, alongside the recent halving event, further bolsters bullish sentiment.

2. Ethereum Could Hit $5K by June's End, Says DeFi Options Protocol Lyra

According to decentralized options marketplace Lyra, there is a 20% chance that Ether (ETH) could rally to $5,000 by the end of June. Traders have been actively purchasing ether call options at the $5,000 strike and higher, indicating a bullish sentiment. This optimism follows a recent surge in Ether's price, driven by speculation surrounding the approval of spot ETH exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Lyra's decentralized settlement protocol has seen significant trading volume, with traders accurately predicting Bitcoin's first-quarter rally and April peak. The prevalence of call options on Lyra aligns with similar activity observed on leading centralized exchanges like Deribit.

3. Pixelmon Announces MON Token Airdrop to Over 180,000 Wallets on May 27

Source: Pixelmon

Pixelmon, an Ethereum-based game inspired by Pokémon, has announced the details of its upcoming MON token airdrop. Scheduled for May 27, the airdrop will involve over 180,000 eligible wallets, including holders of Pixelmon NFTs, players of the game "Kevin the Adventurer," participants in the PixelPals competition, and MON token presale buyers. Pixelmon, which initially faced criticism for its art, has since undergone significant changes under new ownership by LiquidX, expanding its IP with new games and media. A staking platform for MON tokens will also launch, allowing stakers to earn rewards. The MON token aims to incentivize and reward the community as Pixelmon grows its brand.