Dogecoin, one of the biggest meme coins, has reached an all-time high of 650,000 daily transactions, surpassing Bitcoin and Litecoin. The surge in traffic is due to the increasing trend of piling tokens on top of the blockchain and the growing interest in creating tokens on the Dogecoin network using the DRC20 standard.

Bitcoin made a brief surge above $27,500 before falling back to just over $27,000. The cryptocurrency market has seen a slight decline in the past 24 hours, with most altcoins in the red.

The global market cap has decreased by 1.39% in a day of trading, bringing the total cap to $1.13T and causing a correction phase in today's market session. Bitcoin has also experienced a small correction, dropping by 1.6% within a day of trading and facing new resistance at $28K.

Yesterday, a large whale withdrew 26,000 Bitcoin from Coinbase, resulting in roughly $800 million worth of Bitcoin being taken off exchanges.

Bitcoin has reached a potential reversal point, with technical indicators suggesting a buying zone. If it remains above $26,800, there is a high chance of a bullish rebound targeting $27,800 or $27,500. However, the 50-day Exponential Moving Average acts as a significant resistance point around $27,500, indicating a bearish sentiment still prevails in the market.

Bitcoin rewards company Fold has expanded into Latin America by establishing an office and local team in El Salvador. Despite a recent spike in blockchain transaction fees that has disproportionately impacted users of the cryptocurrency, Fold's partnership with Visa to offer a prepaid debit card that rewards users with up to 1% cash back paid in bitcoin (BTC) has continued to grow. The decision to establish a base in Latin America comes at a time where Bitcoin transaction fees have become prohibitively expensive for some Salvadorans due to a sudden explosion in transactions precipitated by the on-chain minting of BRC-20 tokens. However, the flurry in on-chain activity is showing signs of slowing down as congestion in the Bitcoin mempool has eased.

Bitcoin's price has recovered slightly over the weekend but remains at a seasonal low of $27,360. According to CryptoQuant, miners may be behind the latest slump as they have been reducing their holdings since May 5. The selling pressure has remained consistent, culminating in Bitcoin tumbling to a multi-month low of $26,260 on Friday. However, CryptoQuant has reason to believe the selloff will end soon as the miner net position values are in the zone where Bitcoin bounced off in previous times.

Paul Tudor Jones, a renowned investor, recently spoke about his commitment to bitcoin despite potential regulatory challenges. He maintains a small allocation of BTC in his investment portfolio and plans to continue doing so. Jones also shared his insights on the U.S. economy, suggesting that inflation could decrease and present a challenge for bitcoin as an inflation hedge. However, he remains bullish on cryptocurrencies and believes that the rationale behind hedging with gold and bitcoin might lose some of its luster in the future if inflation is truly under control.

ChainwireMerov has launched a suite of services specifically designed for the Bitcoin mining industry. The suite includes Merov Hosting, Rejuvit Systems by Merov, and Merov Marketplace, each offering solutions to the industry's needs. Merov Hosting provides top-notch colocation facilities for Bitcoin miners, while Rejuvit Systems is a US-based parts distributor and ASIC repair company. Merov Marketplace is a platform that offers due diligence, asset sale, distribution, and procurement services to the Bitcoin mining industry. Merov aims to enhance the Bitcoin industry by providing innovative, reliable, and comprehensive solutions tailored to clients' needs.

The number of active addresses that have sent or received funds on the Bitcoin network has decreased to the lowest level since July 2021, despite an increase in the number of transactions. This suggests that fewer people are using the network, while those who are using it are making more transactions on average. The rise in fees due to increased network usage has made some users hesitant to transact. The recent surge in activity and fees on the network is attributed to the hype around Ordinals and BRC-20 tokens, which allow people to mint Ethereum-styled non-fungible and fungible tokens on the Bitcoin network. The average transaction fee on the platform has surged over the past year, from around $2.50 12 months ago to as much as $16.08 on May 11. The price of bitcoin has risen 1.5% on Monday to $27,347, according to TradingView data, but has declined 10.3% over the past month.