Weekly Web3 Research | SBF Case Trial Is Ongoing, Crypto Market Fell Across the Board This Week, USDR Has Severely Depegged

2023-10-13, 02:01

Weekly Trend Overview

The crypto market as a whole has shown a fluctuating downward trend this week. Due to the impact of US economic policies, the crypto market has experienced a significant decline, affecting the prices of major currencies. The expected upward trend of volatility has now stopped. At present, the total amount of funds in the market is $1.08 trillion. This week, external factors greatly impacted the market and there was a certain scale of outflow of crypto assets.

The crypto projects of Top100 showed a 1:9 ratio of rise and fall this week, almost in a general downward trend. Most mainstream cryptocurrencies have fallen below their previous resistance levels, and the situation of making up for losses is relatively common.

The weekly price drops for BTC and ETH have reached -3.1% and -5.4%. Among the crypto projects ranked 100, TKX has the largest increase, but only an 8.7% increase, and shows a gradual downward trend. However, FXS showed strong upward momentum this week, with a gain of 5.8%.

Overall, the crypto market has been greatly affected by the external economic environment this week, and after Wednesday, it showed a fluctuating downward trend. Furthermore, the situation of further losses is more obvious, and the original cyclical fluctuations of the market have been interrupted.

The price performance of BTC and ETH during this week has been affected to some extent. Currently, BTC’s price has remained around $26,680, while ETH has experienced a significant decline, currently around $1,530. Both seem to have entered a new period of price volatility.

As of now, the global crypto market value has once again reached $1.08 trillion, with the entire market falling by about 0.3% in 24 hours, a significant decrease from last week’s $11,200.

Crypto Market

🔥 Solana v1.16 update introduces confidential transfer functionality and enhances user privacy.

🔥 Fireblocks and others launched aid funds for Israeli citizens impacted by the war.

🔥 The $20 million lending pool on the RWA DeFi lending protocol Goldfinch has bad debts, and there is a risk of loss for $7 million.

🔥 The Scroll mainnet has generated a Genesis block.

🔥 LSDFi protocol Raft launches token RAFT.

🔥 The founder of SSV Network has been coned by Israel.

🔥 The blockchain game Big Time has launched the token BIGTIME.

🔥 The USDR has been severely anchored and is currently priced at around $0.5. TangibleDAO has announced its response plan and decided to abandon the USDR in the future.

🔥 Stars Arena recovers 90% of the lost funds and rewards hacker 27610 AVAX.

Regulatory Policies

🔥 The SBF case trial is ongoing, and the US Department of Justice has stated that the court should be prohibited from mentioning the recent financing situation of Antiopic. Additionally, due to the impact of the SBF case and government shutdown, two crypto legislation in the US may not be able to be advanced this month.

🔥 The US Consumer Financial Protection Agency is considering requiring technology companies to provide information on their digital currency/stablecoin business models and conduct new reviews.

🔥 More than 140 exchanges, including Huobi, have been included in the UK FCA warning list, and major CEXs are seeking to collaborate with UK companies to obtain regulatory approval.

🔥 The Brazilian Securities Regulatory Commission plans to launch the second round of regulatory Sandbox exploration for tokenization use cases next year.

Macro Economy

🔥 The total size of the Federal Reserve’s balance sheet has fallen below the $8 trillion mark.

🔥 The latest round of hot conflict between Palestine and Israel has brought global economic fluctuations, coupled with a significant decline in CPI due to the impact of US economic policies, which has impacted the global crypto market.

Crypto Market Highlights

⭐ In the past week, the crypto market has experienced significant volatility and a downward trend, with an overall magnitude not small. There have been many cases of covering losses, which is due to the negative regulatory information and economic policy impact this week. Currently, the downward trend is still ongoing.

⭐ Amidst the decline in major currencies this week, FXS showed a clear upward trend, with a weekly increase of around 5.8%.

(Data Courtesy Of CoinGecko)

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

The high point of BTC’s price this week was $28,100, which is in line with last week’s volatile range. However, the subsequent decline and cover up have caused BTC’s price to fall all the way below $27,000. Currently, the currency’s price is in the $26,700 range, with significant fluctuations.

BTC’s performance this week followed the overall trend of the crypto market. Last week, various crypto users were generally optimistic about the short-term performance of the currency, and they themselves were optimistic about the expected performance of the crypto market in Q4 2023. However, due to changes in the economic environment, the overall downward trend of the market was indeed unexpected. It is now necessary to pay attention to the volatile trend of BTC around $27,000. If a rebound in currency prices can be achieved, the probability of upward volatility will be higher, and vice versa.

Ether (ETH)

(Data Courtesy Of TradingView)

The trend of ETH within a week is consistent with that of BTC, both of which follow the general trend of the crypto market this week. The high point of this week is around $1,640, while the low point is around $1,530 near the weekend.

The downward trend of ETH is relatively more obvious, and as the overall downward trend of the crypto market continues, the probability of maintaining a volatile downward trend in the short term will be relatively high. Currently, the key price level is around $1,510.

Web3 Project Trend

This week, the total market value of seven types of projects showed a downward trend, although the magnitude was different, but they were generally affected by this round of volatility. The crypto market is still in a short-term downward and obvious fluctuation state, and it is necessary to continue to pay attention to external market information.

Project category	7d Change	Top 3 Gainers	Comment
Layer 1	-4.7%	HMND, EPIC, CANTO	Layer 1 has performed relatively smoothly this week, but it is also in a state of overall decline, which has had a significant direct impact.
Layer 2	-10.8%	LAI, IMX, CTSI	Layer 2 was one of the tracks with the most severe decline this week, and due to the weakness of the market itself, risk resistance is also relatively weaker.
DeFi	-5.9%	EROWAN, DRIP, LEND	The DeFi circuit still has strong liquidity, and although the overall decline this week was not small, the upward trend of top projects is still quite exaggerated.
NFT	-6.1%	THOL, KOL, COVAL	The overall market value of the NFT market has not continued to rise this week, and although the top items have shown good growth, the market is still in a state of contraction.
MEME	-5.8%	BOBO，USDEBT，WHETH	The overall performance of MEME coins is not ideal, except for the top project BOBO, which performs well.
LSD	-6.8%	SCANTO, $STLUNA, BRG	Due to market fluctuations this week, the LSD track has focused its top projects on non mainstream currency categories.
BRC-20	-8.2%	OHMS,SATS, BSV	The BRC-20 has further declined, and in the short term, it may not have clear investment value.

Author:Charles T., Gate.io Researcher

Translator:Joy Z.

*This article represents only the views of the researcher and does not constitute any investment suggestions.

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