Weekly Web3 Research | Layer 1 Sector Rebounds, The Negative Premium Rate of Grayscale GBTC Narrowed to 13%, G20 Unanimously Approved the Roadmap for Cryptocurrency Regulation

2023-10-20, 02:15

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall recovery trend of the crypto market has been significant this week. Influenced by some news factors, the crypto market has experienced significant fluctuations, but it has also led to an increase in overall liquidity in the short term. The market is showing an upward trend of volatility. Currently, the total market funds are $1.13 trillion, with the most obvious rebound in BTC prices.

The cryptocurrency projects of Top100 showed a 7:3 ratio of rise and fall during the week, with most currencies showing price increases compared to the closing period last weekend. However, except for specific currencies, most cryptocurrencies have a small range of rise and fall.

The weekly price increases for BTC and ETH have reached 7.5% and 2.4%. Among the cryptocurrency projects ranked 100, the new project CPRC is the most popular, with a corresponding increase of an astonishing 957%. Currently, it still shows a bullish trend and can continue to be watched in the future.

Overall, the crypto market has been in a stage of overall recovery this week, influenced by news and strengthened by market liquidity stimulus. Additionally, there have been many activities in various projects this week, and the overall bullish trend has strengthened.

The price performance of BTC and ETH during this week has been relatively different. As BTC is directly affected by the corresponding news, market volatility is more pronounced, while the trend of ETH is relatively flat. At present, the price of BTC remains around $28,500, while ETH is currently around $1,560. ETH is still in a state of box vibration, while BTC has entered a new cycle.

As of now, the global crypto market value has rebounded to $1.13 trillion, with the entire market rising by approximately 0.3% in 24 hours, a significant increase from last week's $10,800.

## Crypto Market
🔥 The fake news of the approval of BTC spot ETFs on Cointelegraph Twitter has led to a sharp rise and fall in BTC, and the SEC has expressed caution about internet information.

🔥 <a href="/price/eos-eos" target="_blank" class="blog_inner_link">EOS</a> EVM v0.6.0 was launched, achieving trust free bridging support for ERC20.

🔥 <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> will charge a 0.15% fee for 11 tokens traded through the official front-end.

🔥 The Scroll mainnet has been officially launched.

🔥 Reddit will shut down blockchain-based community point services.

🔥 The negative premium rate of grayscale GBTC has narrowed to 13%, and GBTC has increased by 170% this year.

🔥 The Celestia airdrop application has ended and 60 million unclaimed TIA airdrops have been redistributed.

🔥 Spark Protocol has launched a new brand website with a TVL of over $500 million.

🔥 SSV Network Releases Governance 2.0 Plan, Establishing Foundation Empowerment Community.

## Regulatory Policies
🔥 G20 leaders issued a joint communiqu é unanimously approving the roadmap for cryptocurrency regulation.

🔥 The Governor of California approves the Cryptocurrency Regulation Act of 2025.

🔥 South Korean regulatory authorities will investigate Sui to determine whether it was a scam, and the Sui Foundation denies manipulating the token supply.

🔥 The Chairman of the US SEC stated that the proposal for BTC spot ETFs is still being weighed.

## Macro Economy
🔥 Federal Reserve Huck said the Fed may have completed raising interest rates.

## Crypto Market Highlights 
⭐ In the past week, the crypto market has shown a significant upward trend of volatility, but significant growth has been concentrated in a few mainstream coins. BTC's market share has reached a recent high of nearly 50%. Although the news of BTC's spot ETF approval is false, the short-term trading volume of on chain funds has exceeded 100 million US dollars, which also indicates that current market users still have a good desire to participate in the market, which has led to an increase in the bullish trend after the news is falsified.

⭐ Amidst the increasing bullish trend in the market this week, CPRC has experienced an explosive rise due to project actions, with a weekly increase currently reaching around 957%.

![](https://gimg2.gateimg.com/image/article/16977680591.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16977680722.png)
(Data Courtesy Of TradingView)

The high point of BTC's price this week was $29,870, which was influenced by false information on the news surface and subsequently showed a rapid decline. However, due to increased liquidity, BTC's price subsequently entered a new price range with slight fluctuations compared to last week.

BTC's performance this week actually slightly contradicted the overall trend of the market. During the closing period last weekend, BTC's price had already entered the $27,000 range and fluctuated, making it difficult to return to above $28,000 in the short term. The unexpected impact of the news only disrupted this short-term trend, leading to a surge in liquidity and a large influx of funds, causing the price of BTC to return to its previous range. In the short term, even if the BTC price trend turns bearish, the decrease will not be too significant in the short term. If the upward trend is maintained, the probability of returning to the $30,000 range is very high.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16977680823.png)
(Data Courtesy Of TradingView)

The trend of ETH within a week is actually logically consistent with that of BTC. Affected by false news, the high point of ETH reached the $1,640 price range in a short period of time. Both of them followed the general trend of the crypto market this week, with a high point of around $1,640. However, the price position did not maintain the rising price range but returned to the $1,550 price range before the rise.

However, although ETH's current volatility is still evident, there is still a slight upward trend. With the recovery of the market, the price of BTC can be moderately bullish in the future, with the key price level currently around $1,580.

## Web3 Project Trend
This week, the total market cap of seven types of projects showed a downward trend. Although the magnitude was different, 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 |  4.6% | $MUU, RXD, CCD | Layer 1's performance has shown improvement this week, with significant growth in top projects. |
| Layer 2  | -2.2%  | MNT, BOBA, DG | Layer 2 continued to experience a slight decline this week, with top projects generally performing poorly. |
| DeFi  | -0.4%  | ANY, TRI, ERSDL | The overall performance of the DeFi track has been relatively flat this week, but the top projects still maintain a good growth trend. |
| NFT  | 0.5% | STARL, PET, B20 | The overall volatility of the NFT market is not significant, but the top items still saw good gains this week, which is related to the market's recovery trend. |
| MEME  | 0.5%  | NAVYSEAL, Strawberry Elephant, KISHU | The situation of MEME coins this week is similar to that of the NFT market, with top projects performing well and overall stable. |
| LSD  | 0.1% |SCANTO, MSOL, JITOSOL | The performance of the LSD sector this week was not particularly bright, and the overall market situation is similar to last week. |
| BRC-20  | 1.9% | $B20, BISO, TRAC |  The BRC-20 track experienced a slight recovery this week, but the overall growth rate was relatively small. |

<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>