Weekly Web3 Research | The SBF Case Trial Is Ongoing; FTX's Past Violations Have Gradually Been Exposed; SEC Acknowledges BTC Spot ETF Application

Weekly Trend Overview

The crypto market has shown slight fluctuations this week, but as Friday approaches, prices of major currencies have shown a downward trend. In addition, the total market value has not changed much compared to last week, so the market situation this week can be seen as stable. At present, the total amount of funds in the market is $1.12 trillion, and this week’s market is a regular market fluctuation. Although there is a lot of news this week, except for the impact of BTC spot ETFs on BTC prices, other aspects can be basically ignored.

The cryptocurrency projects of Top100 showed a 3:7 ratio of rise and fall this week. Although more projects were showing a downward trend, most of them had a small decline. Several major mainstream cryptocurrencies had smaller price fluctuations, and some achieved higher gains within a week, resulting in little change in market value.

The prices of BTC and ETH have shown a slight upward and downward trend in the past week, currently at 1.1% and -2.9% respectively. Among the top 100 crypto projects, RLB experienced the largest increase, reaching 22.2%. However, SOL’s recent performance has been relatively more sustained and impressive, with a gain of 15.3% this week. This is also a market reaction to the recent frequent performance of the SOL eco.

Overall, the crypto market is still in a preliminary stage of market recovery this week, with relatively stable market fluctuations. Although more information is on the news, it concentrates more on regulatory and judicial aspects. The timing of significant changes in the market should occur in the near future.

The price performance of BTC and ETH during this week was actually influenced by the news and relevant information of BTC spot ETFs, but both showed a rapid decline after rising. However, the price of BTC remained around $27,500, and ETH fell significantly, currently around $1,620. The short-term volatility of the two is relatively obvious.

As of now, the global crypto market value has once again reached $1.12 trillion, and the entire market has fallen by about 0.4% within 24 hours, with little overall change.

Crypto Market

🔥 This week, the project token was unlocked, with approximately $17.24 million in SUI; $11.06 million in IMX; $4.36 million in DYDX; $1.41 million in NYM; $1.13 million in HFT.

🔥 According to the 171st Ethereum ACDE meeting, the release of Devnet-9 has been postponed again, and Devnet-10 needs to be launched for the upgrade of Denchun thereafter.

🔥 10KSwap on Starknet was unable to display LP at one point and has now been fixed.

🔥 The algorithmic stablecoin protocol UXD said that it would sell all crypto assets other than the stable currency and purchase USDC and US treasury bond bonds instead.

🔥 The US SEC acknowledges Franklin Templeton’s BTC spot ETF application.

🔥 Worldcoin indicates that the World APP uses institutional level crypto wallet provider Safe for all user accounts, which can optimize the use of MultiCall contracts to batch process multiple contract constant function call results.

🔥 ZeroSync launches BTC network header chain validator.

🔥 Solana TVL rose to a new high of around $340 million this year.

🔥 The Hong Kong police have reported 2360 cases by JPEX, with a total amount of approximately HKD 1.49 billion.

🔥 Citigroup has launched a private chain based Citibank token to provide instant payment for institutions.

🔥 The OpenSea creator tool OpenSea Studio has been launched.

Regulatory Policies

🔥 The Kenya Investigation Commission stated that Worldcoin’s actions constituted espionage and threatened the country’s status.

🔥 The US SEC has joined forces with five regulatory agencies to issue a warning on crypto investments.

🔥 The Chairman of the US CFTC stated that the DeFi sector needs to be regulated.

🔥 The SBF trial has begun, and a jury consisting of 12 jurors has been determined for the case, which is expected to last for six weeks.

🔥 Hong Kong TVB artist Zheng Junxi has been arrested in the JPEX case and 25 people have been arrested.

🔥 The Prime Minister of Thailand stated that the digital wallet policy aims to create a ripple effect of $50 billion or 5% GDP growth over the next 24 years. At the same time, Thailand will tax digital vagrants, including overseas cryptocurrency income, starting from the same year.

🔥 The latest news has revealed that FTX suffered a single loss of $600 million due to a hacker attack but did not report it, and Alameda used backdoors to transfer billions of dollars in FTX customer funds.

Macro Economy

🔥 The Federal Reserve may raise interest rates again, and insiders have expressed the need to raise rates again this year and maintain them for a period of time.

Crypto Market Highlights

⭐️In the past week, the crypto market has experienced significant fluctuations, but the overall amplitude is insignificant. The trend of volatility is quite obvious. Although news factors have had a certain impact, it quickly returned to a normal market rhythm.

⭐️Despite experiencing certain increases in various mainstream currencies this week, RLB has achieved good results, with price trends fluctuating upwards, reaching a weekly increase of around 22.2%.

(Data Courtesy Of CoinGecko)

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

The high point of BTC prices this week reached $28,600, which is the highest level after the recent decline in BTC prices. Although it has started to decline, the basic support level remains at $27,800, and BTC is expected to hit the $30,000 mark in the future.

However, BTC’s performance this week can be understood as the positive news caused by the SEC’s recognition of BTC spot ETFs. However, in reality, the price curve of BTC has been showing an upward trend for several weeks. With the impact of market cyclical fluctuations and various positive news, BTC prices are expected to rebound to a landmark price range in the last quarter of this year.

Ether (ETH)

(Data Courtesy Of TradingView)

The trend of ETH within a week is consistent with that of BTC, with strong correlation between the two. The high point of this week reached around $1,750, while the low point was around $1,620 near the weekend.

In the long run, the price of ETH is actually maintaining an upward trend, and it is a high probability event that the resistance level will continue to rise in the next week or two.

Web3 Project Trend

The total market value of the seven categories of projects this week has mostly shown an upward trend, but overall, the changes in the market value of each track are relatively small. The cyclical fluctuations in the crypto market are still ongoing, and more attention can be paid to information such as news and market liquidity in the future.