The Digest contains the following:

• Record-breaking daily gains in just two months, as the price reaches $32k

• Rebound in crypto markets: ADA rises 30% and LUNA 2.0 jumps 90% amid $87 million of weekly inflow.

• Over 5 million NFTs minted on – Ethereum’s Ropsten prepares for the Merge.

• Ryoshi, Shiba Inu’s (SHIB) founder ghosts, deleting all social media posts.

• $90 million hack of Terra’s Mirror Protocol went unnoticed for seven months.

Bitcoin records the largest daily gain in two months as price touches $32k

Bitcoin investors were able to breathe a collective sigh of relief after the painful 9-week long downtrend, which saw the world’s largest crypto fall by almost 40%, seems to finally be coming to an end. As cryptocurrency bulls took control early Monday, Bitcoin prices surged by 9 percent.

Here is the 24-hour price chart for Bitcoin (BTC). Source: CoinMaketCap

This rare rally saw Bitcoin reach $32k for first time since May 11, 2011. Bitcoin experienced an uptrend during Asian and European equity market, despite American markets closing on Monday.

The 9% rally for Bitcoin marks the leading asset’s biggest daily price rise in two months. After recording gains of 3.5% in the past 24 hours, the price of Bitcoin has stabilized at $31.5k as of this writing.

Glassnode says that the huge rally might be related to the dollar’s weaker position. On-chain reports now suggest that Bitcoin investors are “the only ones left”, and they appear to be “doubling down” on their positions as the price of Bitcoin corrects.

Flipsider:

• Bitcoin has surpassed the $30,000 mark, so it’s vital it maintains the $29,300 threshold in case of a retest. This will give it the greatest chance to continue its recovery.

Why you should care

Analysts think that Bitcoin has now reached a bottom. This could signal the start of the rally Bitcoin investors had been hoping for all year.

Crypto Market Reveal: ADA Up 30%; LUNA2.0 Gains 90% in midst of $87 Million Weekly Inflow

After a downtrend of 9 weeks, the crypto market is rebounding. More than 90% of Altcoins trade in green, with Bitcoin rising to $32k. Cardano (ADA), is the leader.

The value of ADA rose by over 30% in 24 hours. It is now the most valuable crypto by market capital. Cardano’s (ADA) rally saw it reach a 3-week high of $0.6823.

Cardano’s 24 Hour Price Chart (ADA). Source: CoinMarketCap

Recently launched LUNA 2.0 is also, perhaps surprisingly so, one of today’s biggest gainers, rocketing in price by more than 90% despite a 70% crash on launch day. The price of (LUNA) rose from $6.38 at the lowest to $11.97 in 24 hours. LUNA’s price pump can be partially attributed to its Binance airdrop.

Terra 2.0 (LUNA), 24 Hour Price Chart Source: CoinMarketCap

The crypto-asset investment products have seen inflows of $87million over the past week, despite the persistent signs of bearishness. A CoinShares report shows that crypto inflows exceed $500 million annually since 2022.

Flipsider:

• Analysts predict that LUNA’s price will rise once Binance drops.

Why you should care

Investors have a bullish view about cryptocurrency’s future and this is evident by the increased inflows.

Over 5 Million NFTs Minted on Cardano – Ethereum’s Ropsten Prepares for the Merge

Since the big release of smart contracts, Cardano’s ecosystem has gained significant traction, and on-chain data shows that over five million native assets with 54,902 distinct policies have now been minted on the Cardano blockchain.

Charles Hoskinson is the CEO and co-founder of IOHK. He also announced that Cardano’s highest 24-hour transaction volume was $9.57 trillion, second only to Bitcoin. These activities have played a notable role in Cardano’s (ADA) 30% gain during the last 24 hours.

To achieve similar results, Ethereum Core Developer Tim Beiko announces that Ropsten now has a Beacon Chain.

Beiko stated that the “first dress rehearsal” of the Merge will take place at around June 8th. Ropsten, Ethereum’s largest Testnet, will be the first to undergo the transition to the Proof of Stake (PoS) consensus mechanism.

Flipsider:

• Analysts have called the much-needed recovery of Ethereum a “relief rally”, warning that it is too early to expect a reversal.

Why you should care

Merge is one event that has been highly anticipated in crypto-verse. It could have a significant impact on the future of Ethereum, as well as other chains that are reliant upon it.

Ryoshi, Shiba Inu’s (SHIB) Founder Ghosts, Deleting All Social Media Posts

Ryoshi is the pseudonymous founder and creator of, one the most well-known dog-themed meme coin. He deleted all of his posts from Monday’s tweets.

Though he is the founder of one of the biggest crypto projects in the industry, Ryoshi’s identity has remained unknown since the project’s launch in August 2020. It seems Ryoshi is trying to imitate Satoshi Nakamoto, the mysterious founder and creator of Bitcoin.

Ryoshi encouraged Lead Developer Shytoshi Kusama to not talk about “worthless nonsense” but instead focus on the ecosystem. In a recent tweet, Shytoshi confirmed that the project will carry on and continue to “fulfil Ryoshi’s vision and plan for this grand experiment.”

Flipsider:

• The price of the SHIB token appears to have been slightly affected by Ryoshi’s abrupt departure, being the only top 20 token to be down by 1% amid a rallying market.

Why you should care

With Ryoshi’s absence, Shiba may have taken a hit in its path to building a decentralized meme coin ecosystem.

$90 Million Hack of Terra’s Mirror Protocol Went Unnoticed for Seven Months

Mirror Protocol, a Terra chain dApp that allows users to create digital synthetics that track real-world asset prices, is the latest DeFi protocol to be exploited, although, that’s not strictly the case. Mirror Protocol’s hack was unique in that it was unnoticed for seven long months.

On May 17th, community members discovered a bug in the Mirror Protocol’s code dating back to October 8th, 2021. According to a user going by the name ‘FatMan’, the bug allowed the hacker to unlock other users’ collateral on the Mirror Protocol and gradually siphon almost $90 million.

On-chain data shows that the hacker was able to unlock UST funds via Mirror Protocol multiple times in one transaction. This resulted in a payment of only $17.54. Since October, they have used this exploit “hundreds of times” to steal $89,706,164.03.

The Mirror Protocol was still in shock after the disclosure and suffered another attack May 30th. The attacker used the mismatched prices of the old LUNC token compared to the new LUNA token in order to steal more than $2 million.

Flipsider:

• The developers of Mirror Protocol are being criticized by the community for allegedly noticing the bug, and then silently fixing it using an update.

Why you should care

The Mirror Protocol’s $92 million hack coming to light places even more pressure on the DeFi ecosystem over its security, and indeed on the Terra team, which is already under investigation for price manipulation.

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