The fourth week of May has been exciting for the blockchain and cryptocurrency world. Perhaps the biggest news is that AT&T (T  ) announced it is partnering with payment processor BitPay in order to accept bill payments in the form of cryptocurrency. Customers will be able to use cryptocurrency to pay their monthly telephone bills, but not to buy phones or other devices yet. AT&T vice president Kevin McDorman said that the firm wants to keep customers happy by offering them a new preferred payment option. The crypto community believes the telecom giant's move is another example of growing mainstream adoption.

Here is the rest of the week in review:

Franck Muller launched a new limited edition timepiece named "Encrypto," marketed as the world's first function Bitcoin (BTC) watch. The Swiss luxury watchmaker debuted the product in partnership with Regal Assets, a crypto trading platform. The Bitcoin watch will feature a laser-etched QR code of a public wallet address that accepts deposits and include a sealed USB drive that stores the private key. The watch's cold storage wallet reportedly features offline generated, non-deterministic true random number generators that are near impossible to hack. Franck Muller aims to sell at most 1,000 watches, each for a price of between $10,000 and $60,000, depending on the precious metals and diamonds in the frame. Franck Muller is researching timepiece models featuring other top five coins.

Mike Novogratz came out as a progressive and called for redistribution of wealth. The former Goldman Sachs (GS  ) and Fortress hedge fund manager, known for his bullish investments in coins like Ethereum (ETH) and founding of cryptocurrency bank Galaxy Digital, told CNBC's "Squawk Box" on Friday that capitalism's inequality must be addressed. Novogratz said he is open to a Wall Street transaction tax, which would also apply to crypto trades. He said he agrees with hedge fund titan Ray Dalio that capitalism is not currently working for most people and thus requires a moral revolution in business. His main concerns are the rising income gap and a lack of public education investment.

Crypto prices dipped slightly and then rose to end the week at around $250 billion. For the majors, Binance Coin (BNB), Litecoin (LTC), and Bitcoin led the gains, while Stellar (XLM), Cardano (ADA), and Ripple (XRP) slipped into the red. In the top 100, the biggest losers were Insight Chain (INB), down 19%, Cosmos (ATOM), down 13%, and Tezos (XTZ), down 13%. The biggest gainers were Theta Fuel (TFUEL), up a whopping 143%, Bitcoin SV (BSV), up 65%, and Matic Network (MATIC), up 39%. Next week traders will watch if crypto can hold the key $250 billion level or fall into a correction.

The author owns a small amount of BTC, LTC, and T.