🎉 Gate Square Growth Points Summer Lucky Draw Round 1️⃣ 2️⃣ Is Live!
🎁 Prize pool over $10,000! Win Huawei Mate Tri-fold Phone, F1 Red Bull Racing Car Model, exclusive Gate merch, popular tokens & more!
Try your luck now 👉 https://www.gate.com/activities/pointprize?now_period=12
How to earn Growth Points fast?
1️⃣ Go to [Square], tap the icon next to your avatar to enter [Community Center]
2️⃣ Complete daily tasks like posting, commenting, liking, and chatting to earn points
100% chance to win — prizes guaranteed! Come and draw now!
Event ends: August 9, 16:00 UTC
More details: https://www
Web3 Research Weekly | This week the market saw a large-scale Take a Nosedive trend; BTC valuation indicators entered the adjustment range
Weekly Overview
This week, the cryptocurrency market was affected by a theft case involving a certain cryptocurrency exchange, causing a large-scale market downturn. The mainstream currencies experienced the largest weekly decline in recent times, with a predominant trend of continuous decline for most of the week. Currently, market users tend to prioritize risk aversion, and the mainstream currencies mainly show a clear trend of continuous decline, with market sentiment also reaching a new low. As the end of the week approaches, the decline of most mainstream currencies remains above 10%, and there is still a possibility of continued decline in the short term, with a small probability of bottoming out and rebounding within the week.
Most mainstream cryptocurrencies have experienced consecutive declines this week, with a predominant trend of multiple rounds of declines. Currently, the short-term market trend remains very uncertain, but the cryptocurrency market has entered a phase of overall pullback.
This week, the price of BTC has continuously fallen, currently dropping to the range of $83000, with the risk of further decline. The low point of BTC price this week came near $82242, while the high point was near $96473 during the opening period.
The trend of ETH price changes is relatively large compared to BTC. The high point of the price in the past week was near $2833, and the low point was around $2219. Influenced by a large amount of ETH bought by hackers, ETH has experienced some short-term gains this week. However, as the market continues to fluctuate overall, the currency has also rapidly declined. Most key mainstream currency prices this week have shown a trend of diving and falling. Currently, market sentiment has fallen to around 20, and risk aversion is heavy. The overall market value of the cryptocurrency market has decreased significantly compared to the same period last week, reaching around $2.79 trillion, with a 0.01% increase in the past 24 hours.
Compared to last week, this week the overall cryptocurrency market experienced a severe downturn, with a significant decline and volatility driven by the news. The current price of BTC is around $84000. The current price of ETH is holding near $2276.
Currently, the overall cryptocurrency market is in an adjustment period, and it is still uncertain whether it will enter a new downward range. There may be a new round of overall trend changes during the weekend. The coin with the largest increase this week is MKR, but the actual increase is not significant, reaching about 16% in a week.
The overall market situation of cryptocurrencies this weekend is expected to experience small fluctuations, and a bottoming out market may occur.
Cryptocurrency Market
🔥Fox Business reporter Eleanor Terrett wrote on X platform that lawyers she spoke to all believe that the U.S. Securities and Exchange Commission is trying to settle with cryptocurrency companies instead of directly rejecting the lawsuits, in order to "prove" that spending millions of taxpayers' money is justified and save some face.
🔥American producer and rapper Ye (Kanye West, Kanye) tweeted, "YEEZY is committed to creating a true currency. No matter what field I enter, I will learn from the best people and treat their lifelong work with the highest respect."
According to Theblock, cooperation between cryptocurrency companies and sports organizations is increasing, from sponsoring Formula One racing teams to football, mixed martial arts, and even snooker.
According to News.bitcoin citing TASS, the Russian Supreme Court is pushing to classify cryptocurrencies as property in criminal cases, aiming to enhance law enforcement's ability to track, freeze, and confiscate illegal digital assets.
🔥10x Research analysis shows that although the Bitcoin ETF has attracted a net inflow of $38.6 billion since its launch in January 2024, only $17.5 billion (44%) represents genuine long positions. The majority (56%) may be related to arbitrage strategies, where short positions in Bitcoin futures offset the inflow of funds.
🔥According to CloverPool data, the Bitcoin mining difficulty experienced a mining difficulty adjustment at block height 885,024 (4:29:38 yesterday Beijing time), with a 3.15% decrease in mining difficulty to 110.57 T.
🔥According to the report of the Procuratorate Daily Justice Network, Professor Zhu Jianhua of Southwest University of Political Science and Law and others published an article titled "Exploring the Establishment of a Graduated Crime Amount Judgment Rule", pointing out that it is not very controversial to characterize the behavior of national staff using their convenience to illegally accept virtual currency from others and seek benefits for others as bribery according to legal provisions.
🔥Greeks.live macro researcher Adam released an English community briefing on the X platform, revealing that the community members have a cautious bearish attitude in the short term, but still maintain a bullish view in the long term, and expect the market to be volatile in the near future.
🔥Infini founder @Christianeth posted on X platform, "I know that hackers may be monitoring my tweets, so I sincerely tell everyone: I have done my best to prove to everyone that there are still kind and responsible people in this industry. I deeply regret my mistakes and will strive to make up for the users' losses. I hope there is a way to recover our losses. I am willing to provide 20% of the stolen amount and promise not to take any legal action if the funds are returned."
🔥According to Business Insider, Nic Puckrin, the founder of The Coin Bureau, said that people in the current cryptocurrency market have begun to feel tired of meme coins, and the current investor sentiment may be as low as it was during the FTX collapse, or even lower.
🔥IntoTheBlock stated that the share of Bitcoin miners in the total on-chain transaction volume dropped to 2.4% last Sunday, the lowest level since May 2023.
According to Guangzhou Daily, a Guangdong court recently concluded a virtual currency fraud case. The defendant Jie set up Company A to issue a virtual currency called 'AA Chain', promising investors that the currency would be listed on an exchange and generate high returns.
🔥Cryptocurrency analyst Miles Deutscher wrote that the overall market sentiment has returned to the lows of 2024, despite trading prices far above previous levels. The sentiment of the cryptocurrency market is more closely related to altcoins than Bitcoin, and recently altcoins have shown weak performance.
🔥 According to crypto analyst Miles Deutscher, the premium of Strategy (formerly MicroStrategy) relative to its holdings of Bitcoin has dropped from 3.4 times in November last year to 1.6 times currently.
🔥The modular blockchain network Hemi Mainnet will officially launch on March 12, 2025, aiming to achieve deep integration of Bitcoin and Ethereum through Hemi Virtual Machine (hVM).
🔥According to Cointelegraph, the Bitcoin Strategic Reserve Act in Ohio, USA has passed the committee stage, bringing it one step closer to final approval.
🔥According to The Block, Kawz, the founder of Time.fun, stated that the platform will consider issuing its own tokens in the future. If other platforms are built on the tokenization of time, a platform-based token can connect them all together.
🔥According to Alternative.me data, on the 27th, the cryptocurrency fear and greed index dropped to 10 ( (yesterday was 21), hitting a new low since June 2024, classified as extreme fear.
🔥CryptoQuant research director Julio Moreno posted on social media that it is not possible to say that the price of Bitcoin has bottomed out now. All valuation indicators have entered the adjustment range, and this process may require more time. Note: MVRV is a relative indicator, the ratio of the circulating market value (Market Cap, MV) to the realized market value (Realized Cap, RV).
🔥According to TheCryptobasic, the price of Bitcoin fell to around $86,000 on Tuesday, hitting its lowest level since November last year, dropping more than 20% from its January all-time high.
🔥Greeks.live macro researcher Adam released an English community brief stating that group members generally hold a bearish view because Bitcoin plummeted from over $100,000 to a low of $80,000, traders describing this as a 'crisis spreading'.
🔥According to TheCryptobasic, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, analyzed that part of the reason for the depreciation of Bitcoin is the frenzy in the meme coin market. Although Bitcoin is not directly related to this market, a series of meme coin scandals are undermining investors' trust in the entire cryptocurrency ecosystem, a trend that is particularly detrimental to altcoins.
🔥 According to Cointelegraph, the legal and advisory fees for the FTX bankruptcy have accumulated to $950 million, making it one of the most expensive bankruptcies in U.S. history, second only to Lehman Brothers.
🔥According to CoinDesk, former chairman of the US Commodity Futures Trading Commission (CFTC) Timothy Massad has called on Congress to prioritize the establishment of a regulatory framework for stablecoins and to postpone the discussion of legislation on the structure of the crypto market for several years. He believes that the current proposals for market structure may exacerbate regulatory confusion rather than provide clear guidance.
Regulation & Macroeconomic Policies
🔥According to Cointelegraph, the Montana House of Representatives in the United States rejected the 'Strategic Bitcoin Reserve' bill with 41 votes in favor and 59 votes against, with many legislators concerned about the investment committee using taxpayer money for excessive speculation.
🔥SEC documents show that the U.S. Securities and Exchange Commission (SEC) has completed its investigation into Gemini Trust Company, LLC and decided not to take enforcement action.
🔥 According to Cointelegraph, the US state of Georgia proposed a second Bitcoin Reserve Act (SB228) allow the state to invest in Bitcoin without any investment restrictions.
🔥According to Watcher.Guru, the U.S. Securities and Exchange Commission (SEC) has officially confirmed receipt of the application submitted by Grayscale, which aims to allow its Ethereum spot ETF to provide staking services.
🔥According to the report of the South Korean news agency, the Financial Intelligence Unit (FIU) of South Korea announced on February 25th that it will implement regulatory measures on Upbit, the largest cryptocurrency exchange in South Korea. According to the regulations, Upbit will be restricted from cryptocurrency deposit and withdrawal services for new registered users for the next 3 months.
🔥According to Decrypt, U.S. Senator Dick Durbin from Illinois has proposed the "Cryptocurrency ATM Anti-Fraud Act" to curb the increasingly serious problem of cryptocurrency ATM fraud. The bill proposes a daily transaction limit of $2000 for new users and $10,000 within 14 days, and requires operators to directly contact and verify users when transactions exceed $500 to prevent fraud.
🔥SEC documents show that the U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Gemini Trust Company, LLC and decided not to take enforcement action.
🔥According to CoinDesk, the U.S. Senate Banking Committee held its first digital asset subcommittee hearing, focusing on stablecoin legislation and Congress's role in future crypto regulation.
🔥According to CoinDesk, the U.S. House Ways and Means Committee passed a resolution by a vote of 26-16 to initiate the repeal of the IRS's new tax regulations on decentralized finance (DeFi) platforms.
🔥According to Solid Intel, the "Strategic Bitcoin Reserve Act" (HB 1203) in Oklahoma, USA has been reviewed by the State House Government Oversight Committee and will be submitted to the full parliament for a vote. The bill allows for up to 10% of public funds to be invested in Bitcoin or digital assets with a market value exceeding $500 billion.
Cryptocurrency Market Highlights
⭐️In the past week, the overall trend of the cryptocurrency market has seen a significant downturn. Currently, the mainstream currencies are tending to stabilize, but there is still a possibility of further decline. The overall market value has fluctuated significantly over the past week, mainly characterized by consecutive declines. The likelihood of a large-scale surge in the market in the short term is relatively low, and there is still a trend of further decline in the future.
⭐️This week, MKR's increase in the cryptocurrency market ranks first among mainstream currencies, but in fact, the increase in this currency is also quite limited. In the overall market fluctuations this week, as one of the first batch of currencies to rebound, it has increased by about 16% in a week, with the current price maintained around $1701. Currently, it shows a relatively clear trend of continuous fluctuations, and it is expected that the price fluctuations will be maintained within a small range.
Bitcoin & Ethereum Weekly Performance
Bitcoin (BTC)
During this week, the price of BTC initially showed a stable trend after the opening, and then began to experience multiple rounds of decline during the middle of the week, which was very obvious, falling below $90,000. Currently, the price of BTC is in a slightly fluctuating trend, maintaining around $84,000. The price of BTC has shown a continuous bottoming trend for most of the week, and there is a possibility of further decline and trend, depending on the overall market trend changes.
Ethereum (ETH)
The price change of ETH during the week is relatively drastic compared with BTC, but the overall trend is converging, and the continuous decline for a week is obvious. At present, the price of ETH is basically stable below $2,300 and fluctuates slightly, maintaining a small range and continuing to rise and fall. ETH's one-week high is near $2,850, and it is expected that there will continue to be a new round of ups and downs over the weekend, with a high probability of small price rises and falls.
Web3 Project Trends
This week, the total market value of most of the seven types of projects has fallen significantly, and most of the track markets have decreased significantly compared with the same period last week, mainly in the diving trend. This week, the market as a whole is mainly affected by news factors, and there is still the possibility of further decline in the short term.
| Project Category | Weekly Change | Top Three Tokens by Weekly Growth | Overview | | ------------ | ------------ | ------------ | ------------ | | Layer 1 | -13.1% | CAU,MON,SAITO | The total value of the Layer 1 track market has seen a significant decline this week, with a relatively even distribution of price increases in the leading currencies and no significant increase in currencies. | Layer 2 |-10.7% |CLV,HACD,CARMIN|The Layer 2 track saw a noticeable decline in market this week, but the top gainers had decent increases, with uneven overall distribution of price increases. | DeFi | -11.6% | PRIME,DEPAY,PIKA | The total market value of the DeFi track has fallen significantly this week, and the overall situation is in a state of rapid decline, and the range of top rising coins is considerable | NFT | -7.1% | PCNT,TLN,XED | The total value of the NFT market this week has experienced a certain decline, with the top rising currencies mainly being non-mainstream coins, with gains hovering around 50%. | MEME | -16.3% | ANTI,PUPS,TARDI| There was a significant decline in the MEME coin track this week, but the rise in the top currencies is still considerable, presenting a clear downtrend in the overall track. | Liquid Staking | -15.9% | HBR, HINJ, ASCAKE | This track saw a significant decline this week, with top coins basically showing no growth, remaining within a small range, greatly influenced by the trend of mainstream coins. | AI | 1.0% | SUGARB,A1C,MATES | The AI track has a slight recovery this week, the head of the rising currency has risen moderately, and the overall track has basically warmed up recently, and the recovery has further declined this week due to the overall market situation
Author: Charles T., Gate.io Researcher *This article represents only the author's point of view and does not constitute any trading advice. Investment involves risks, so decisions should be made cautiously. This article is original, the copyright belongs to Gate.io, if you need to reprint, please indicate the author and source, otherwise legal responsibilities will be pursued.