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![](https://gimg2.gateimg.com/image/article/168388743720230512-182447.jpeg)
## Weekly Trend Overview
In the past week, compared with last week, the crypto market has not changed much. The heat of <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> has gradually faded, and the whole market is still in a stable range for a long time.

Most of the cryptocurrency projects in Top100 are in a downward trend, with 23% not falling in price. Several mainstream currencies still show a downward trend, with XRP showing the largest decline, reaching 8.3%. But influenced by Twitter's rebranding, Musk's <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> achieved a decent increase of over 10%.

This week, the crypto market fell into a new round of short trading cycles last week. The crypto market as a whole was somewhat depressed in price performance, but there were some interesting actions, but it has not yet had a great impact on the market.

The biggest external impact is the official interest rate hike of 25 basis points this week, and the foreseeable inflation will impact the crypto market.

The weekly fluctuations of BTC and ETH are -1.9% and -1.4%, although they are still in a downward trend, compared to last week's situation, the downward trend has slowed down.

Up to now, the market value of global cryptocurrency is $1.22 trillion, with little change in the quarter as a whole. The crypto market is still in a relatively stable market cycle, and hot projects will still appear occasionally. Still, the overall environment is difficult to boost the entire crypto market out of the bear market.
## Crypto Market
🔥Worldcoin launched the token WLD on July 24, with a total of 10 billion tokens, 75% of which were distributed to communities. The maximum circulation supply at the start was 143 million tokens, of which 43 million were for users who passed Orb authentication and 100 million were for market makers.

🔥Musk's replacement of Twitter's original Blue Bird logo with X has driven Dogecoin's short-term rise. Still, the replacement of Twitter's logo may also result in companies worldwide losing billions of dollars in brand value.

🔥ZachXBT: Alphapo, a crypto payment service provider, was stolen, and the loss has exceeded $60 million.

🔥Gate.io launched Worldcoin ($WLD) this week.

🔥<a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> has launched the Open Neutral Framework of Law of Chains.

🔥Meta Metaverse business lost $3.74 billion in Q2, but Zuckerberg still stated that Meta would still be fully committed to the Metaverse vision.
## Regulatory Policies
🔥Putin signed the Digital Ruble Law, which will come into force on August 1, representing the end of the Russian official action against cryptocurrency at the level of policy supervision.

🔥Japanese Prime Minister Fumio Kishida stated that Web3 is part of the new type of capitalism, reiterating the Japanese government's attitude on cryptocurrency and other issues.

🔥Palau, the Pacific island country, launched the stablecoin pilot project supported by the US dollar.

🔥The Namibia Virtual Assets Act has officially become law, and the country has subsequently provided legal supervision and a basis for crypto assets.

🔥The Financial Services Committee of the US House of Representatives passed the 21st Century Financial Innovation and Technology Act and the Blockchain Regulation Determination Act. The chairman of FSC stated that the cryptocurrencies provided as an investment contract would not become securities.
## Macro Economy
🔥The Federal Reserve has officially announced a 25 basis point interest rate hike policy, which has made the core inflation of the US dollar even higher, and interest rates in various fields are likely to follow suit.
## Crypto Market Highlights  
⭐️In the past week, the crypto market as a whole has remained relatively stable. Although some projects have achieved short-term gains, overall, it is still in a relatively stable market environment.

⭐️Dogecoin has achieved a relatively high increase due to off market factors, but this increase is relatively based on Musk's own stance on Twitter business adjustments, which have occurred many times before.
![](https://gimg2.gateimg.com/image/article/16905071401.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance

### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16905071532.png)
(Data Courtesy Of TradingView)

BTC reached a high of $30,350 last week, continuing the trend of the box market and showing a downward trend, then entering a period of volatility. The following days were all in a repeated market stage.

The price changes of BTC during this week are more influenced by the market's own fluctuations. Due to the early disclosure of the Federal Reserve's interest rate hike, the market has already digested it, so the relative impact is insignificant.

Based on the situation over the past week, the overall market liquidity is currently insufficient, coupled with a lack of positive news stimulus, and Wall Street generally expects the Federal Reserve not to raise interest rates again within the year. Therefore, the market will likely continue to maintain a volatile trend in the future, and the price of BTC will also stabilize within this range.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16905071633.png)
(Data Courtesy Of TradingView)

ETH continued to <a href="/price/link-ln" target="_blank" class="blog_inner_link">LINK</a> with BTC this week, but failed to break through the box trend after the price increase, and the price fell back to a volatile state.

The ETH probability is expected to stabilize within the range of $1,850 to $1,950 next week, and the Federal Reserve's policy of raising interest rates has impacted it. However, prices were quickly lowered, consistent with BTC, and will remain volatile for at least next week, making it difficult to break through significant resistance levels.

## Web3 Project Trend
This week, all seven types of project changes have shown a downward trend, mainly with a small margin. The valuation and trading volume of most sectors has shown a negative trend, neither good nor bad. However, through a week of hot spot backtracking, it is evident that although the crypto market is still declining, there are also hot projects and revenue channels. Each growth point seeks a driving force environment so that it can be sustained in the short term. The market may show ups and downs for a long period of time in the future.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  -2.0% | MTV, XNA, QANX| The prices of Layer-1 tokens were similar in the first two weeks. Still, with insufficient market liquidity, a small increase or decrease does not necessarily indicate much. This week's change tends to be a normal fluctuation in the market. |
| Layer 2  | 11.1%  | LAI, SYS, CTSI | Layer-2 was impacted by the previous implementation of various projects of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Ecosystem and continued to rise this week. The overall development is progressing in a healthy direction. |
| DeFi  | -1.2%  | NOIR, DFD, WING | The trend of the DeFi sector remains stable, and there have been no specific projects with significant increases this week, keeping the track in a slight downward trend. |
| NFT  | -1.4%  | MUSE, DEXI, MONI | The NFT market showed a bearish decline this week, but all were minor market reactions. In the short term, the entire track will be in a state of long-term volatility, but the corresponding frequency will not be too high unless unexpected events occur. |
| MEME  | 6.4%  | FATCAT,SHIBAKEN,KERMIT |The growth of MEME coins has continued into this week. Currently, its growth trend will gradually slow down. |
| LSD  | -0.3% |MAG, STINJ, SCNSAL |The LSD track is in a relatively stable state, and while focus on the market price dynamics, more attention needs to be paid to the development of some high-quality projects. |
| BRC-20  | -17.1% | OSHI, VMPX, BANK|  The BRC-20 sector has not been able to continue the good trend of last week's large-scale application launch, which is also related to the fact that the entire track is still in the exploratory stage, and short-term ups and downs may present a sharp trend. |



<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Worldcoin, a cryptocurrency project that has been concerned for a long time, has finally launched its WLD token, which has attracted a lot of attention in the crypto industry. Musk replaced Twitter_s original Blue Bird logo with X.

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Weekly Web3 Research | Worldcoin Token WLD Finally Launched, Layer-2 Sector Continues to Rise, Federal Reserve Raises Interest Rates by 25 Basis Points