Weekly Web3 Research | Mastercard Inches Closer To Multi-Token Network (MTN) Release, Slovakian Lawmakers Vote To Slash Crypto Income Tax Rate

2023-06-30, 01:18

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![](https://gimg2.gateimg.com/image/article/168388743720230512-182447.jpeg)
## Weekly Trend Overview

Across the past week, a majority of the top 100 cryptocurrencies have experienced moderate price inclines, indicating the slowing of the recent intense uptrend seen throughout the market. These valuation fluctuations vary from 0.65%-18.16%. Currently, the global crypto market cap stands at $1.17T.
![](https://gimg2.gateimg.com/image/article/16880877761.png)
(Data Courtesy Of CoinmarketCap)

## Crypto Market
🔥 Early Monday saw BCH hit a new yearly record, expanding its rally to over 100% since its addition to the list of four cryptocurrencies backed by EDX Markets. BCH marked its peak since May 2022. Learn more: [Bitcoin Cash (BCH): A Resurgence](https://www.gate.io/blog_detail/2822/bitcoin-cash-bch-resurgence "Bitcoin Cash (BCH): A Resurgence")

🔥 Mastercard is inching closer to the imminent release of its Multi-Token Network (MTN) product, which acts as a historic signpost for the company’s expanding reach into the digital finance and blockchain technology space. MTN is set to increase the security, scalability, and interoperability of blockchain ecosystems.

🔥 The Blockchain Association has stated that according to federal law that SEC chair Gary Gensler has to take a step back from the digital asset space, claiming that Gensler is “stepping outside his congressionally-granted bounds.”

🔥 International asset management firm, Fidelity Investments, has refiled its application for a spot <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF in spite of its unsuccessful application from the year prior. To date, no institution that has applied for a BTC ETF has been successful.
## Regulatory Policies

🔥 Europe: Slovakian Lawmakers have recently voted to push through legislation to regulate and tax cryptocurrency trading and ownership at a lower rate than previously outlined. It is set to reduce the tax rate of cryptocurrencies held for at least a year from the current rates of either 19% or 25% to 7%.

🔥 UK: The UK crypto bill has now officially reached its final stage and is currently awaiting King Charles III’s approval, or royal assent, which is the final step required for the bill to become law, thus remapping the regulatory approach to cryptocurrencies in the UK.

## Macro Economy

🔥 HSBC, a British banking giant, has stated that recession warnings are “flashing red” for various countries and that fiscal and monetary policies are “out of sync” with stock and bond markets. As a result, HSBC has warned of the possibility of a US recession later this year, which will inevitably pave the way for a European recession in 2024.

🔥 Chinese Premier, Li Qiang, stated at the opening plenary of the World Economic Forum’s Annual Meeting of the New Champions, that China’s growth is still on track to reach its annual growth target of around 5%. Li Qiang stated: “From what we can see this year, China’s economy shows a clear momentum of rebound and improvement.”
## Crypto Market Highlights

⭐️Assets from across the Synthetic Issuer ecosystem have seen tremendous upticks in value which has subsequently pushed the entire ecosystem’s valuation to increase by 10% across the past week. Various assets that have helped spur this growth have been privy to increases of up to 28% on a weekly scale, with Mirror Protocol (MIR) taking the crown, having risen by 28%. Following closely behind was <a href="/id/price/synthetix-network-snx" target="_blank" class="blog_inner_link">Synthetix Network</a> (SNX), which has seen a 15.8% increase in value across the past seven days, 11.3% of which was gained in the past 24 hours.

⭐️[ Learn more: What is Synthetix?](https://www.gate.io/de/blog_detail/974/what-is-synthetix-snx-crypto-meets-traditional-finance " Learn more: What is Synthetix?")
![](https://gimg2.gateimg.com/image/article/16880877932.png)
(MIR Price Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16880878083.png)
(Data Courtesy Of TradingView)

On the 27th of June, buyers attempted to catapult Bitcoin above the overhead resistance zone of $31k, however, the bears refused to budge, forcing the price into a tight range between $31k and $29.5k. As a result, it is likely that the bears will attempt to sink the price below the floor of $29.5k. However, if bears continue to defend this level it could indicate long-term price strength and longevity of the current price range. In addition, the rising 20-day exponential moving average (EMA) of $28,696 and the relative strength index (RSI) in positive territory further indicate that the path of least resistance is to the upside.

If positive momentum ensues and buyers break through the $31k resistance, it is possible that BTC may continue its uptrend. However, bears may try to stall any move above $32,400. The first indication of any substantial price weakness would be a close below $29.5k, which may trigger a retraction toward the 20-day EMA. If this level cracks, BTC may be range-bound between $31k and $24.8k.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16880878204.png)
(Data Courtesy Of TradingView)

On the daily timeframe, <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> is trading in a narrow range between $1,936 and $1,861. This has led the bears to try and sink the price below the moving averages, which could trigger a potential decline toward the strong support of $1,700. However, if the price bounces off the moving averages, it would suggest a fierce defense from the bulls, which could signal a potential cracking of the resistance level of $1,937 and a potential rally toward the psychological level of $2,000.

## Web3 Project Trend

This week, there have been very minor increases and decreases in valuation and volume across all of the major asset categories, ranging from highs of +0.2% and lows of -9.6% that can all likely be attributed to the slowing of the positive momentum seen throughout previous weeks which triggered price rallies across the entire market. However, individual assets in each class have seen impressive price rallies, many of which exceeding 80%.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  +0.2% | BCH, UNQ, INJ | Isolated cases such as BCH have increased by over 80% which has propped up the Layer-1 sector. |
| Layer 2  | -5.1%  | LAI, ARB, CTSI | There has been moderate price decreases across the Layer 2 ecosystem, with LAI being the only exception and soaring by 86% this week. |
| DeFi  | +0.2%  | COMP, SRM, PENDLE | DeFi has seen moderate strengthening, with many assets exhibiting impressive price inclines, however, the majority have seen negligible price increases or decreases. |
| NFT  | -3.3%  | ALU, GST-ETH, SIDUS | The NFT sector has continued to stagnate over the past week, leading to a continual fall in sector value. |
| MEME  | -3.1%  | SWOLE, 3D3D, TURBO | The MEME sector has seen a fall in momentum across the past week, with a majority of assets exhibiting minor losses. |
| LSD  | -0.5% |MAG, STINJ, MSOL |The LSD sector has been subject to moderate price increases and decreases that have failed to have a notable impact on the sector. |
| BRC-20  |  -9.6% | MAXI, MOON, SATS |  Various assets have seen impressive growth of up to 1012% this week, while the majority have seen losses of up to 96%, which has further pushed the sector’s valuation down. |

<div class="blog-details-info">
<div>Author: Gate.io Researcher: **Matthew Webster-Dowsing**
<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 other cases, legal action will be taken due to copyright infringement.
</div>

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