Web3 Investment Weekly Report | Poor Overall Market Performance This Week; Trump to Attend BTC Conference; Tether is Developing a Decentralization Artificial Intelligence Model

Weekly Overview

The overall market performance of Crypto Assets has remained sluggish within this week, with most mainstream Cryptocurrencies showing significant fluctuations. The market has shown signs of recovery, but the overall market volume has changed little throughout the week. Due to the significant impact of the large-scale Get Liquidated caused by the clearing at the end of last week, coupled with the noticeable drop in BTC due to Computing Power reasons, the overall market performance has been poor. Currently, the Crypto Assets market is in a slow climbing phase under the influence of the recent cycle, and the market needs further Favourable Information stimulation to drive the pump. The overall Market Cap of the Crypto Assets market has risen compared to the same period last week, reaching around $2.15 trillion, a rise of 0.85% in 24 hours. The market sentiment remains around 40, similar to the trend of last week. The trend of key mainstream currencies this week is mainly characterized by clear fluctuations, and it may take some time to wait for a high probability of a large-scale market rise in the Crypto Assets market.

Compared to last week, the total market cap of the Cryptocurrency market has rebounded this week. Overall, the market itself has been greatly influenced by last week's news and market cycle changes. After entering this week's opening session, the market has started to show a slight rebound after a small-scale oscillation, and it is expected to continue until the weekend closing. The ratio of gains and losses for the top 100 Cryptocurrency projects in the past week is 3:1, with most currencies experiencing a small pump trend. The price of BTC has been fluctuating overall in the past week, currently showing a slight rebound, and it once again fell below the $58,000 mark near the weekend closing, with the price currently hovering around $57,782, with a weekly increase of about 0.49%. The trend of ETH is similar, currently hovering around $3,148, with a weekly increase of about 0.88%.

Within this week, the long-term market trend of coins with obvious pump is influenced by their own project dynamics, which is more considerable compared to last week. TIA, with a 7-day increase of 38.13%, ranks first in terms of pump in coin price, which is currently maintained at around $6.74.

There is still a possibility of further fluctuations in the overall Cryptocurrency market this weekend. A new round of Fluctuation is expected to occur during the weekend, with a high probability of a slight rebound. Currently, the probability of a significant rebound in late July is relatively high.

encryption market

🔥Tether USDT's 24-hour volume on Monday exceeded the sum of BTC, ETH, Solana, USDC, and First Digital USD (FDUSD) five kinds of digital assets.

🔥 DeFi derivatives protocol Cega announced the introduction of Ethena's USDe and sUSDe vaults to expand its product line. All of Cega's products can be used on the Ethereum and Arbitrum networks, and some products can also be used on Solana.

🔥Last weekend, the Derivatives market suffered significant turmoil, resulting in leveraged positions losing $279 million. Data from CoinGlass shows that approximately 80,590 traders were affected.

🔥ETF Store President Nate Geraci posted on social media that the SpotETH fund ETFS-1 revision is expected to be terminated, and it is currently unclear how quickly the US Securities and Exchange Commission (SEC) will handle it. Nate Geraci stated that he is more concerned about expenses. According to his previous prediction, the SpotETH fund ETF may be launched next week or in two weeks.

🔥According to the latest report on the encryption platform, the encryption market experienced a significant downward trend in June 2024, with an overall decline of up to 11.4%.

🔥MicroStrategy founder and chairman Michael Saylor reiterated his bullish stance on Bitcoin in his latest post on X, claiming that the design of this cryptocurrency is intended to surpass traditional investment vehicles.

🔥The blockchain built by Jump Crypto is about to launch its first bug Bounty Program, Firedancer v0.1 (“Frankendancer”), a six-week bug Bounty Program starting on July 10th, announced by the anonymous developer Cantelope Peel and supported by Immunefi, with a scale of $1 million.

🔥Tether CEO Paolo Ardoino reveals prevention methods for OpenAI hacker attacks. Tether, the issuer of USDT stablecoin, is developing a Decentralization Artificial Intelligence (AI) model as part of its foray into the field.

🔥The Wall Street Journal reported that the net worth of the American baby boomer generation is $7.8 million, accounting for 51% of the national wealth, but their BTC holdings are less than 10%. The millennial generation holds 9.2% of the national wealth, but accounts for over 50% of the BTC holdings.

🔥After Bitcoin fell to $55,000 on Monday, German government agencies later recovered assets worth over $200 million from various exchanges in the United States, helping to restore sentiment.

🔥 According to the data tracked by Coinwarz, the Mining Difficulty of BTC has dropped from 83.6 TH/s on June 5th to 79.50 TH/s, making it one of the biggest difficulty drops since the collapse of FTX exchange, resulting in a big dump of over 10% in BTC price within a week.

🔥Optimism posted on social media that Tess Rinearson, the product leader of OP Labs, stated at an event that by joining the superchain, each team promises to expand Ethereum and its value. Recently, three main features have been launched on the OP Stack.

🔥 According to SolanaFloor, Solana has become the largest Cryptocurrency in terms of purchase volume on MoonPay for the seventh consecutive week. Since last Monday, the buying volume is 47% higher than BTC and 62% higher than $ETH.

🔥Coin98 Analytics has released the L2 Q2 report, the key points are as follows: 1. Independent Address Count: Optimism still has the highest number of independent addresses in L2 chains, reaching 149.6 million, followed by Base (84.7 million) and Arbitrum (33.2 million); 2. Independent Address Count Growth: Blast has the highest growth rate, reaching 175%, followed by Mantle, rising 160%; 3. TVL Top Four L2 Chains: Arbitrum, Base, Blast, Linea, among which, Scroll and Linea are the two chains with the most significant rise: Scroll TVL rises 6.7 times, while Linea TVL rises 5.6 times; 4. Net Flow: -ZKsync: net inflow of 872 million USD; -Optimism: net outflow of 1.441 billion USD; 5. on-chain creation of Non-fungible Tokens: Base on-chain creates more Non-fungible Tokens daily than other chains. Between June 5th and 6th, Base added 11.3 million Non-fungible Tokens in just two days; a total of 52 million Non-fungible Tokens were added in the quarter, ranking first in L2 chains.

🔥On July 9th, Consensys, the development company behind MetaMask, announced at the EthCC in Brussels that it is about to launch the "MetaMask Delegation Kit" to make the user experience of blockchain applications more seamless.

🔥VanEck's digital asset research director, Matthew Sigel, said that over the next 20 years, over $60 trillion in assets could flow into cryptocurrency.

🔥BONK DAO announced in post X that it has received a proposal from the treasury to burn approximately 84 billion BONK tokens, representing the amount of BONK sent to DAO by Q2 BONKBot.

🔥Arbitrum posted on X platform, announcing that it is publicly recruiting users who are interested in becoming representatives of ArbitrumDAO in the community. The (re)authorization period of Arbitrum will be held from July 17th to 24th, aiming to increase community participation in the DAO decision-making process by encouraging more long-term representatives to actively participate and allowing more long-term ARB Token holders to delegate their voting rights to active representatives.

🔥According to ETF analyst Eric Balchunas of Bloomberg, the final deadline for the Solana ETF is mid-March 2025. But from now until then, the most important date is November. If Biden wins, these ETFs are likely to be eliminated. If Trump wins, anything is possible.

🔥 The non-profit DAO SOFA team announced a partnership with the BTCL2 expansion plan Merlin Chain. Merlin will deploy mBTC to SOFA's Smart Contract treasury, expanding its revenue strategy to encryption options and structured products.

🔥Sui announces the launch of the Sui Index Framework, providing customizable access to Sui on-chain data, supporting the creation of customized data sources using the Sui Index Framework, enabling developers to easily build software and products that respond to on-chain events.

🔥 According to the June report released by the encryption platform, due to negative news and lack of catalysts, the total Market Cap of the encryption market has decreased by 7%. Nevertheless, the adjusted total locked value (TVL) has risen by 6.7%, surpassing the decline in Market Cap. The number of active Wallets for BTC and Ethereum has risen by 26% and 34% respectively, and the number of users holding more than 1 BTC has exceeded 1 million for the first time. Activity in L2 and L3 has significantly increased. BTC traded between $60,000 and $64,000 in June. Despite the decline in volume of centralized exchanges (CEX), decentralized exchanges (DEX) have had their best performance in three months. Overall, despite the weak market performance in June, positive indicators for long-term projects show that the foundation of the encryption market remains solid and is expected to continue to rise in the future.

🔥On July 10th, payment company WSPN announced progress in the deposit experience of its stable coin, Worldwide USD (WUSD). Users can now obtain WUSD through various convenient channels, such as the Alchemy Pay website: Users can directly purchase WUSD with US dollars, and then transfer to other trading platforms to participate in transactions.

🔥According to official sources, Blast has announced that BLIP 2 has been approved and the Blast Foundation will provide double points for all BLAST holders. BLAST holders will also receive double points based on their balance since the Token Generation Event (TGE). This change will take effect soon.

🔥Bitwise released the market review report for the second quarter of 2024, revealing the distribution of BTC holder types. Among them, individual holders account for 57%, holding a total of 12 million BTC; fund/ETF holders account for 3.9%, holding a total of 800,000 BTC; Miner holders account for 3.4%, holding a total of 700,000 BTC. In addition, there are only 1.4 million BTC left to be mined, accounting for 6.6%.

🔥 According to the Snapshot governance page, the Lido community voted in favor of the proposal to designate an entity to respond to the pending class-action lawsuit against Lido DAO. The proposal states that a private plaintiff has filed a class-action lawsuit with the United States District Court for the Northern District of California, numbered 3:23-cv-06492, listing 'LIDO DAO, a limited partnership' as the defendant.

🔥Compound DAO security advisor Michael Lewellen said on X platform that the Compound Finance official website has been attacked by Hacker and is currently being redirected to a phishing website.

🔥Stable Coin issuer Circle has made significant progress in the Digital Money sector, launching Euro Coin (EURC) backed by the euro as a stablecoin.

🔥Bankrupt Cryptocurrency company Terraform Labs is considering selling its four businesses as part of a $4.5 billion deal reached with the US Securities and Exchange Commission that will terminate its operations, including Pulsar Finance, a portfolio tracking platform, Station, a Crypto wallet platform, Enterprise, a no-code Decentralized Autonomous Organization (DAO) management platform, and Warp, its smart contract automation protocol.

🔥Jupiter co-founder meow posted on the X platform, stating that operating a sustainable perpetual securities market requires the continuous follow of both traders and Liquidity Providers. Jupiter's mission is to ensure that this is not a zero-sum game, but a platform for both parties to collaboratively meet their risk/return needs, so Jupiter will not hastily adopt temporary solutions, but will make overall improvements.

Regulatory & Macroeconomic Policies

🔥According to a survey sponsored by the Cryptocurrency investment firm Paradigm, the recent embrace of Cryptocurrency by former President Donald Trump may win some hesitant Republican voters' support as he seeks to return to the White House.

🔥Invesco Galaxy and iShares Ethereum ETF have separately submitted new 8-A12B application files for their Ethereum ETFs to the U.S. SEC.

🔥As the November US presidential election approaches, Cryptocurrency has become a hot topic for candidates and voters to follow. According to research by relevant encryption platforms, Cryptocurrency voters have significant influence in key battleground states, where one-sixth of Cryptocurrency holders reside.

🔥Former US President Trump will speak at the BTC conference later this month, which will highlight his increasing support for the Cryptocurrency industry's rise. The organizers said in a statement late Wednesday that the Republican presidential candidate will speak on the main stage of the 2024 BTC conference in Nashville, Tennessee on July 27.

encryption market highlights

⭐️In the past week, the Cryptocurrency market has maintained a fluctuating trend overall, with the market continuing to be depressed. Although most mainstream currencies have seen a moderate rebound this week, the overall market increase is still small. However, industry insiders remain optimistic, and coupled with the positive news gradually taking effect, the current sluggish period Fluctuation may come to an end by the end of July.

⭐️Mainstream Tokens that experienced significant pumps in the market within this week did not have a very large range. Currently, the cryptocurrency with the highest increase in price in the encryption market this week is TIA, mainly due to the migration of Celestia and the recent market hype of this altcoin. The price of this cryptocurrency has risen by about 38.13% in a week, and the current price is around $6.74. The high point of the price of this cryptocurrency in a week is $7.4108. However, the probability of this cryptocurrency entering a downtrend is relatively high at the moment, so investment needs to be cautious.

(Data Source: Coinmarketcap)

BTC&Ethereum Weekly Performance

BTC (BTC)

(Data Source: TradingView)

The overall trend of BTC's price this week is mainly characterized by a fall followed by a rise. Influenced by the overall market trend last week and a series of factors in the news, the price of BTC continued to fluctuate lower from above $58,000 during the opening period, reached a bottom near $54,300, and then began to show a trend of oscillation and recovery. The price of BTC has changed repeatedly this week, and it has now entered a period of minor warming. The currency is currently maintaining Fluctuation around $57,500, compared to the opening price in the same price range. The high point of BTC's price this week is near $59,500, and the low point is around $54,300.

Analysis believes that the price fluctuations of BTC this week are actually greatly influenced by market cycles. However, despite the overall small rebound and positive news, the price of BTC has been affected by Computing Power. This is not good for the currency and the overall market. The current price of BTC has experienced a bottoming phase, and it is expected that there will be a further pump trend during the weekend, with a certain probability of returning above $59,000, but it is unlikely to be sustained.

Ethereum (ETH)

(Data Source: TradingView)

The highest price of ETH this week was around $3,220, and its price trend is similar to BTC. Both of them have maintained a strong correlation. The price of ETH has rebounded more significantly near the end of the week compared to the opening price. Currently, the ETH price has returned to above $3,000 and continues to operate, giving it a better advantage in terms of short-term rebound. Near the end of the week, the price has remained within a small fluctuation range, and the current price is around $3,110.

Analysts believe that the performance of ETH prices this week basically follows the overall trend of the market, and is also affected by factors from the news, with some updates on the SpotETF application. Currently, the price fluctuation of this currency is similar to BTC, maintaining a continuous fluctuation within the same range as the opening price. The future major market changes of this currency depend on the overall market trend. There is a high probability of a significant warming trend at the weekend, and combined with long factors, ETH has entered a new upward cycle phase.

Web3 Project Trends

This week, the total market cap of seven types of projects has fluctuated differently. Due to changes in the market cycle and the impact of external news, different tracks have also shown different performances. At present, there is still a high probability of significant fluctuations in the overall market trend. Various sectors may receive more clear signals of rise or fall during the weekend period.

Author: Charles T. This article represents only the author's point of view and does not constitute any trading advice. This article is original, and the copyright belongs to Gate.io. Please indicate the author and source if you need to reprint, otherwise legal responsibilities will be pursued.