Bitcoin is reportedly experiencing a Distributed Denial-of-Service (DDoS) attack, causing transaction fees to rise and prices to fall. The attack is believed to be carried out through spam transactions that are clogging up the network and inconveniencing users. The unconfirmed transactions in the memory pool currently exceed 466,000 and are mostly from the Bitcoin Ordinals platform generated from UniSat. Analysts are concerned that the surge in transactions could indicate a potential coordinated sabotage by malicious entities, aiming to cause instability and unreliability in the Bitcoin network. Meanwhile, prices are approaching critical support levels and the cryptocurrency market is experiencing significant volatility.

Binance CEO Changpeng Zhao dismissed concerns over the exchange's temporary halting of bitcoin withdrawals, citing high transaction fees as the main reason. Some users were worried that the halts were due to billions of dollars of withdrawals, but Binance clarified that it was only moving bitcoin between its hot and cold wallets. Binance also increased fees for pending transactions to incentivize miners to prioritize them. The recent launch of the Ordinals protocol appears to be the main cause of Bitcoin network congestion and high fees.

Hong Kong's Securities and Futures Commission is set to release guidelines for crypto exchanges as the city prepares to become the crypto hub of Asia. However, regulators have warned that crypto firms should not expect any leniency in the regulatory approach. From June 1, Hong Kong plans to introduce a licensing regime for crypto service providers, allowing investors to trade major cryptocurrencies such as Bitcoin and Ethereum. The city's regulators are also working on introducing a licensing regime for stablecoins by 2023-2024.

The Prime Minister of Liechtenstein, Daniel Risch, has announced that the government is considering accepting Bitcoin as payment for official services, with the condition that any cryptocurrency received will be instantly converted to Swiss francs to avoid exchange rate risks. Risch clarified that Bitcoin would not be given the same status as the franc, which is the official currency of the principality. This move follows similar steps taken by the Swiss cities of Zug and Lugano, which have legalized Bitcoin payments for certain taxes and fees related to public services. Liechtenstein has become a hub for cryptocurrency banking and investing services, with the Liechtenstein Cryptoassets Exchange (LCX) among the companies that have established themselves in the country.

Bitcoin is experiencing selling pressure due to a surge in gas fees, resulting in a 2% drop in price to $27,652 and a market cap of $535 billion. A head and shoulders pattern on the technical chart could push the price to $24,000 as the next support level. Active addresses have decreased significantly, but BTC supply at exchanges is at its lowest since 2017, indicating increased interest in self-custody. Overall, there is an analysis of the situation and the price of Bitcoin has dropped.

Over the weekend, Bitcoin's blockchain experienced a surge in volume due to transactions involving BRC-20 Ordinals, a new standard for issuing fungible tokens on Bitcoin. This caused network fees to increase significantly, with transaction fee revenue for miners briefly surpassing the natural block subsidy for the first time since 2017. Data shows that over 3.7 million BRC-20 Ordinals transactions have occurred, indicating a recent surge in activity related to new fungible assets created by the BRC-20 standard. This has resulted in a highly competitive fee market, with the average Bitcoin transaction fee skyrocketing to $19.21 as of Monday.

Tokens created using the Ordinals protocol on Bitcoin have reached a total market value of over $900 million, with Ordi memecoin leading the BRC-20 category with a value of over half a billion dollars. The Ordinals protocol allows for the creation of both fungible and non-fungible tokens on the Bitcoin network, with over 14,000 tokens generated in just a few months. This has led to a significant increase in daily transactions on the Bitcoin network and a rise in network fees. Ordi is now available for trading on Gate.io, the first centralized crypto exchange to list the top BRC-20 token.

A new Goldman Sachs report shows that 26% of family offices are invested in crypto, up from 16% in 2021, while those with no interest in the asset class have grown from 39% to 62%. The report, which surveyed 166 family offices around the world, found that respondents cited their belief in the power of blockchain technology as the top reason for their involvement in the sector.

Last week, crypto startups raised approximately $52 million, with Fedi raising $17 million and zkLink raising $10 million.

Bitcoin traders can profit from a potential 10% price move up or down within 55 days using a non-directional options strategy. Traditional market analysts predict a volatility spike due to the US government debt discussion and stress from the banking sector. The suggested reverse iron butterfly strategy involves selling put and call options with a defined expiration date and buying call and put options to protect from market oscillations. The strategy requires conviction and has a limited-risk, limited-profit potential payout of 0.337 BTC. This article does not provide investment advice and readers should conduct their own research.