Bitcoin Breaks $28K: Surging Lightning Network Hits All-Time Highs

• CPI comes better than expected, Bitcoin breaks $28,000 – core inflation doesn’t budge
• Bitcoin spot trading volume falls to lowest level since 2019
• Surging Bitcoin Lightning Network adds 2.5K nodes in one week, hits all-time highs

CPI Comes Better Than Expected

The Consumer Price Index (CPI) came better than expected in May 2021, with prices rising 0.6%. Despite this good news, core inflation remains stagnant and has not been affected by the rise in prices. This has resulted in Bitcoin’s price breaking the $28k mark for the first time since April 2021.

Bitcoin Spot Trading Volume Falls

As a result of the CPI coming better than expected, Bitcoin spot trading volume fell to its lowest level since 2019. This decrease is likely due to investors turning their attention away from BTC as they focus on other assets that may offer higher returns given the current economic climate.

Surging Bitcoin Lightning Network

The Bitcoin Lightning Network saw an unprecedented growth of over 2,500 new nodes within a week and 5,470 BTC locked at capacity. This surge in adoption highlights the crucial role of the network and begs the question: What is driving this expansion?

Luna Collapse One Year On

One year after Luna collapsed, it is important to look back at what happened and what can be learned from it on-chain. By looking closely at how Luna failed we are able to identify potential pitfalls that could be avoided when creating new digital assets.

Bitcoin Inscriptions Nearing 5M

The number of bitcoin inscriptions is nearing 5 million as miners seek ways to continue earning a profit despite high levels of economic uncertainty caused by the pandemic. Mining pools have responded by increasing their hash rate which will help them earn more BTC rewards but also makes them increasingly vulnerable should there be any sudden shift in market sentiment or regulations.

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