In May, global non-fungible token (NFT) sales witnessed a notable decline, totaling $604 million, marking the lowest monthly performance since October and the first month of the year with sales below $1 billion.

Ethereum, renowned as the leading blockchain for NFT sales, experienced a dip in sales, recording $164 million in May, the lowest since September. The network also saw a decrease in unique buyers, with only 56,914 recorded, the lowest count since June 2021.

Similarly, the Bitcoin network observed a downturn in NFT sales, with monthly sales totaling $160 million, the lowest since October. The network also reported a decline in both buyers and sellers, marking the lowest count for the year.

Contrary to the overall trend, Solana showcased resilience in NFT activity. Despite the sales slump in major blockchains, Solana recorded $93 million in monthly sales, the first time it fell below $100 million since last November. Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses, respectively.

However, despite the heightened activity, Solana witnessed a decline in the average NFT price, with an average monthly sales value of $37.8, the lowest this year. Despite the challenges faced by the NFT market in May, Solana’s performance highlights its growing prominence in the NFT space.

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Coinbase’s recent $25 million donation to political action committees (PACs) has propelled the crypto industry’s campaign fund to approximately $161 million, making it one of the most significant players in U.S. campaign finance.

This substantial cash injection positions the crypto industry as a formidable force in influencing the political landscape, with the potential to allocate over $300,000 for each congressional seat up for grabs in the upcoming elections.

Coinbase joins Ripple and Andreessen Horowitz (a16z) in contributing to the Fairshake PAC and its affiliate PACs, which aim to support congressional candidates with pro-crypto stances. By targeting state primaries and backing candidates aligned with their mission, these committees wield considerable influence, often through independent ad campaigns.

The crypto industry’s involvement in politics underscores its recognition of the pivotal role of U.S. regulations in shaping global acceptance of digital assets. As lawmakers navigate the complexities of crypto legislation, the next congressional session could usher in regulations tailored to digital assets, potentially driving broader adoption and investor confidence.

The influx of funds from Coinbase and other industry giants highlights the growing influence of super PACs, enabling corporations to exert significant sway over elections. With a war chest rivaling that of major political parties, the crypto industry’s campaign finance efforts signify a strategic investment in shaping regulatory frameworks conducive to its growth.

However, transparency regarding Fairshake’s management and strategies remains limited, as key stakeholders refrain from disclosing operational details. Despite criticisms suggesting undue influence, proponents argue that such contributions are commonplace across various industries, aimed at supporting candidates aligned with their interests.

As the crypto industry emerges as a major player in campaign finance, its collective contributions could rival those of established political entities. By leveraging its financial prowess, the industry seeks to advance its agenda and foster an environment conducive to innovation and growth in the digital assets space.

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Cryptocurrency exchange Bybit has confirmed reports of an executive reshuffle following complications with the Notcoin launch, which led to $23 million in compensation being distributed to 320,000 users.

The news, initially reported by Wu Blockchain, indicated that several executives had “voluntarily resigned” and that Bybit had hired new technical and spot managers. A Bybit spokesperson told CoinDesk, “Bybit regularly updates its organizational structure to align with our strategic goals. The affected team members are not leaving the company but have taken up other internal roles.”

Notcoin, a game based on the Telegram instant messaging platform, is one of the largest cryptocurrency gaming projects, boasting 35 million users. Early adopters earned in-game balances that could be converted to a Notcoin airdrop at a 1000:1 ratio.

On May 16, users experienced delays in depositing the newly issued Notcoin to Bybit, resulting in financial losses as they were unable to sell the asset immediately. Bybit received 370,000 on-chain transactions, with 70% of deposits credited before the market went live.

“We prioritized customer interests and conducted a thorough internal review to enhance the customer experience for the future,” the Bybit spokesperson added. “This improvement led to some leadership role changes, which we believe are essential.”

Notcoin is currently trading at over $0.0115, more than doubling from a low of $0.0047 last week, according to CoinMarketCap.

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Bitcoin’s price has maintained a remarkably tight trading range near $68,000 following the U.S. Memorial Day holiday, with a slight dip approaching the week’s low in Friday’s morning trading hours.

At 11:45 am ET, bitcoin was priced at $67,300, down 1% over the past 24 hours and 2% from its peak two hours earlier at $69,000. The broader CoinDesk 20 also saw a 1.1% decline over the last day.

Despite this, May has been a positive month for Bitcoin, with an 11% increase since starting around $60,000. However, this growth pales in comparison to the CoinDesk 20’s 20% surge, largely driven by a 31% rise in the price of ether following renewed optimism for a spot ETF.

The recent subdued activity in Bitcoin coincides with struggles in other risk assets, particularly U.S. stocks, amid concerns about stagflation. Economic indicators have shown mixed signals, with the bond market rallying on news of softening economic conditions.

Looking ahead to June, upcoming U.S. economic reports could provide clarity and potentially act as a catalyst for Bitcoin’s price action. If economic data suggests weakening conditions and lower interest rates, bitcoin may attempt to breach its all-time high above $73,000 set in March. Conversely, strong economic data could lead to a retest of May’s lows.

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Japanese cryptocurrency exchange DMM Bitcoin has disclosed a significant breach resulting in the loss of 4,502.9 BTC, equivalent to $305 million, to hackers. The stolen funds were reportedly divided into 10 wallets, with each holding batches of 500 BTC, according to data provided by security firm Blocksec.

In response to the breach, DMM Bitcoin has assured customers that it will cover the full amount lost by procuring an equivalent sum of BTC with the support of its group companies. Additionally, the exchange has implemented measures to prevent further unauthorized outflows of funds.

To mitigate the impact of the hack, DMM Bitcoin has temporarily restricted all spot buys on its platform. Furthermore, customers withdrawing Japanese yen may experience delays, as indicated by the exchange.

This incident marks one of the largest cryptocurrency hacks in Japan since the notorious Coincheck breach in 2018, which saw losses totaling 58 billion yen. With over $473 million lost to cryptocurrency hacks in 2024 before this incident, the security of digital assets remains a pressing concern within the cryptocurrency ecosystem.

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