Crypto Market Weekly Recap: Stability, Hacks, and Investment Highlights
- Total Market Cap remained stable at $2.54T.
- Ethereum (ETH) price decreased from $3765 to $3692.
- Bitcoin (BTC) price increased from $68346 to $69474.
- Largest hack: Project Gala lost $22 million on May 20th.
- ETF inflows totaled $525 million, with IBIT ETF receiving $125 million.
- Net outflows on exchanges amounted to $293.67 million.
- Layer 2 TVL increased from $10.06 billion to $10.49 billion.
- Significant regulatory and legal developments, including Matter Labs dropping ZK trademark applications.
- Notable market and investment news, such as Bitcoin Runes resurgence and Babylon raising $70 million.
- Security incidents included a $10 million hack on Velocore DEX.
This week, the cryptocurrency market showed stability in total market cap but experienced mixed price movements for major assets. Ethereum saw a slight decrease, while Bitcoin's price increased. The market was marked by significant security incidents, including a major hack on Project Gala. ETF inflows were strong, with notable investments in Bitcoin ETFs. Exchanges faced net outflows, contrasting with the previous week's inflows. Layer 2 networks saw an increase in total value locked. Regulatory and legal developments included Matter Labs dropping ZK trademark applications. Market trends highlighted potential growth in Bitcoin Runes and significant fundraising activities. Security breaches continued to be a concern, with Velocore DEX losing $10 million.