The number of Bitcoin ordinal inscriptions has exceeded 10 million, with the majority of them made in the past month. These inscriptions have generated 1,593 BTC in fees, valued at around $44.3 million, and more than 80% of them are related to the BRC-20 token standard. There was a surge in ordinal activity in May, with daily inscriptions peaking at 400,000 and causing the Bitcoin network to slow down. Despite some BTC core developers referring to ordinals as network spam, the protocol has become the most popular way to mint new assets or inscribe data on the Bitcoin blockchain.

Bitcoin has experienced a slight increase, currently trading at $27,782 after a dip to $27,500. This has led to speculation about the potential for a long position on Bitcoin. The Russian government has shifted its focus to controlling various crypto trading sites instead of establishing a regulated national cryptocurrency exchange. US senators have proposed a two-year debt ceiling suspension, but the likelihood of implementation is uncertain. It's important to monitor Bitcoin's performance, as it could potentially surpass $28,450 or drop below $27,500. For those interested in taking a long position, the $27,500 level may present a buying opportunity. 

The market has opened with a bearish trend after a bullish run yesterday, resulting in a 0.27% loss in global market cap, which now stands at $1.16T. Bitcoin, which hit a new all-time high above $28K, has dropped by 0.4% to $27.8K, with a market cap of $539,846,141,345. Ethereum has seen a minor decrease of less than 0.1% and is trading at $1901, while Ripple has recorded a 4% gain in 24 hours, taking its price to $0.5004 and a market cap of $25,995,506,238. Lido DAO and PepeDerp are among the top gainers, with the latter seeing a 96% increase in trading volume.

Bitcoin is showing signs of recovery, trading at around $27,800 after hitting lows of under $25,900 last week. However, the cryptocurrency is still down by around 5% for the month, which could be its first monthly loss since December. Bond traders have reinstated bets that the Federal Reserve will keep interest rates elevated for longer, which has given a boost to the US dollar and may be contributing to Bitcoin's decline. The stablecoin market capitalization has also shrunk to a 20-month low of $130 billion, indicating that capital is leaving the crypto market.

Australian customers of Binance, a Dubai-based cryptocurrency exchange, are eager to withdraw their funds after the exchange lost its banking partners. Some are willing to accept a $6,000 reduction to liquidate their bitcoin holdings.

Bitcoin experienced a drop in Tuesday morning trading in Asia, following Monday's gains due to profit taking. Most of the top 10 non-stablecoin cryptocurrencies, including Ether, also experienced losses, except for XRP which rose due to speculation that it is underpriced.

The hype surrounding Bitcoin has decreased, resulting in a slowdown of miner revenue. However, the introduction of the BRC-20 token standard caused a surge in Bitcoin miner revenue, reaching a peak of $17.8 million.

Despite the rising US dollar index, Bitcoin's price has remained strong, potentially due to Nvidia's impressive surge in value. This week, important economic and financial data, including US consumer confidence and employment figures, are expected to impact the crypto market.

Bitcoin and Ethereum prices have dropped in East Asia, signaling the end of the post-debt ceiling rally in the crypto market. The latest Commitment of Traders report shows a rebound in open long positions among asset managers.

Despite the fact that cryptocurrency and NFTs have made significant progress since their early days, universal acceptance on the internet is still lacking due to teething issues and fluctuations in coin values.