Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Singapore has become the latest target for Akira ransomware. U.S. Bitcoin ETFs bought eight times more Bitcoin than was mined last week. Meanwhile, Bitcoin’s priority fees temporarily spiked to over $50 on June 7.
Singapore alerts businesses to Bitcoin ransomware risk
Akira, the ransomware that stole $42 million from over 250 organizations across North America, Europe and Australia within a year, is now actively targeting businesses in Singapore.
Singaporean authorities issued a joint advisory alerting local businesses about the rising threat of an Akira ransomware variant.
The alert comes after agencies, including the Cyber Security Agency of Singapore, the Singapore Police Force and the Personal Data Protection Commission, recently received several complaints from victims of the cyberattack.
Prior investigations conducted by the United States Federal Bureau of Investigation found that Akira ransomware has been targeting businesses and critical infrastructure entities.
Bitcoin ETFs bought 2 months of mining supply last week
United States Bitcoin BTC $70,057 exchange-traded funds (ETFs) acquired 25,729 BTC last week, around eight times more than the amount of BTC mined over the same time, according to HODL15Capital.
It was also the biggest week of Bitcoin buying since mid-March, when Bitcoin hit its current all-time high of $73,679.
The ETFs posted net inflows of around $1.83 billion last week, bringing their net inflows to $15.69 billion. This is inclusive of the $17.93 billion in net outflows from Grayscale’s fund, per Farside Investors.
But the cryptocurrency has struggled to pass its current high as its price is “more heavily influenced by macroeconomic factors and geopolitical events,” crypto exchange co-founder “Radar Bear” told Cointelegraph last week.
Bitcoin network transaction fees temporarily spike
On June 7, the Bitcoin network experienced a sharp rise in transaction fees, largely driven by 332,000 unconfirmed transactions.
According to blockchain analyst Colin Wu, the processing backlog was caused by crypto exchange OKX, which seemed to have been collecting and sorting through wallets. However, this wasn’t independently confirmed at the time of publication.
At their peak, high-priority transactions cost 514 sats to process, whereas low-priority transactions cost 513 sats. Transaction fees amounted to $50 to $52 in U.S. dollar terms.
The Bitcoin network underwent its fourth halving event in April, reducing the block reward from 6.25 BTC to 3.125 BTC. The halving appears to have put downward pressure on miners, with the likes of Bitfarms reporting a large drop in revenue in May.
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