Weekly Overview

The overall trend of the cryptocurrency market remained weak this week, with the fluctuation range maintained within a small range. At present, the overall market expectation is not optimistic, and there is a possibility of further decline in the market. As the overall trend of the market remained weak and volatile this week, most mainstream currencies were priced lower than the opening price at the end of the week. Currently, the cryptocurrency market is still in a continuous adjustment cycle, maintaining a downward trend for several weeks, and the market lacks significant positive factors. The overall market capitalization of the cryptocurrency market continues to decline compared to the same period last week, and the current total market capitalization is around 2.29 trillion US dollars, up 1.88% in the past 24 hours. The market sentiment remains around 45, which is somewhat lower than last week's market. The trend of key mainstream currencies this week was mainly downward, and there may be further testing of the bottom in the future.

Compared to last week, the total market cap of the cryptocurrency market continued to decline slightly this week. Overall, the market itself is still greatly influenced by the cyclical fluctuations, and it is expected to see a slight market recovery during the weekend closing period. The rise and fall ratio of the top 100 cryptocurrency projects in the past week is 43:57, with roughly equal number of gainers and losers. The price of BTC has mainly declined slightly over the past week, and the volatility has become relatively stable approaching the weekend closing period. The current price is around $61,750, with a weekly decline of about 5.02%. ETH is currently hovering around $3,450, with a weekly decline of about 2.12%.

This week, the overall market was affected by the news, with KAS ranking first in the price increase, with a 7-day increase of 24.34%, and the price currently maintained around $0.1808.

There is still a possibility of further fluctuations in the overall cryptocurrency market this weekend, and a new round of market fluctuations is expected to occur during the weekend period.

Encryption Market

🔥Official governance forum shows that the Arbitrum STEP Committee has initiated discussions on the proposal to inject DAO treasury funds into the RWA field. The proposal points out that in order to avoid excessive fund dispersion and to increase operational or default risk leading to principal loss, the committee has selected 6 products from the previously shared list of 17 candidates. The specific amount for each provider is mostly based on the existing Assets Under Management.

🔥Adam Cochran, a well-known KOL and partner at CEHV, responded to Meow, co-founder of Jupiter, stating that Chainlink is to Oracle Machine what LayerZero is to Cross-Chain Interaction.

🔥Data shows that after the halving of block rewards on April 20th, the income per TH/s for Bitcoin miners (7-day MA) hit a historic low in the past two months.

🔥Currently, Ethereum gas fees are hovering between 2 and 5 gwei, which is one of the lowest levels so far.

🔥The Snapshot page shows that the Aave community has voted in favor of the proposal to "Deploy Aave V3 on ZKSync". The proposal states that by integrating with ZKSync, Aave can provide users with faster and cheaper transactions while maintaining the security and decentralization of the Ethereum Mainnet.

🔥a16z commented on the 1099-DA draft form of the Internal Revenue Service (IRS), and the summary of a16z's comments and opinions are as follows: · Each digital asset transaction requires multiple brokers to submit the 1099-DA form, causing unnecessary duplicate information reporting and imposing unreasonable burdens on filers.

🔥Curve website data shows that the minting quantity of crvUSD, the native stablecoin of Curve, has exceeded 125 million coins, with a total of 125,143,164 as of the time of writing.

🔥Nomura Securities and its digital asset subsidiary Laser Digital surveyed 547 Japanese institutional investors in April. They found that 54% of investors plan to buy crypto assets in the next three years. However, only a quarter of people have a positive impression of cryptocurrencies, while 52% are neutral.

🔥Monero will continue to exist and be widely used, as its decentralized peer-to-peer system and privacy features, as well as its rise signal, make it the preferred choice for many traders and investors seeking passive income.

🔥Data from Farside Investors shows that in the past two trading weeks, the total net outflow of US spot Bitcoin ETFs reached $1.298 billion, with Grayscale having the largest net outflow of $517.3 million during the same period. IBIT was the only ETF with a net inflow, with a net inflow of $43.1 million in the past two weeks.

🔥Mt.Gox plans to repay $8.5 billion worth of bitcoins, IG Markets analyst Tony Sycamore said that repaying the loan to creditors next month may not have as big an impact on the Bitcoin price as many people expected.

Matter Labs, the main developer of the Ethereum Layer 2 network ZKsync, has released a new roadmap called ZKsync 3.0, which aims to make the ecosystem more interconnected, including a new 'elastic chain' similar to the AggLayer released by competitor Polygon earlier this year.

🔥The Hong Kong Investment Funds Association and KPMG jointly released a report titled '2030 Vision: The Future of the Hong Kong Fund Management Industry', which emphasizes the diversification of investments in Hong Kong, opening up more asset classes to retail investors, especially the growing interest in alternative assets.

🔥According to official sources, Immutable zkEVM has introduced comprehensive support for ERC-1155 to further improve the on-chain game developer experience. ERC-1155 is a universal token standard that allows the creation of both fungible and non-fungible tokens within a single smart contract, with features such as flexibility, efficiency, versatility, and simplified management.

🔥Tim Beiko, the Ethereum core developer and coordinator of All Core Developers (ACD) meeting, revealed that the Ethereum Foundation's mailing list has been leaked. The vulnerability appears to have occurred on the email automation service SendPulse used by the foundation.

🔥 Singaporean cryptocurrency investment firm QCP Capital stated in a recent article that as the expiration date of options approaches this Friday, the options market is noticeably calm. The typical end-of-quarter volatility sell-off is taking effect, and there have been discussions suggesting that an Ethereum Exchange-Traded Fund (ETF) is about to start trading.

🔥According to Decrypt, a trading report from investment firm Off the Chain Capital suggests that Mt.Gox creditors will start receiving payments next week, but they may be reluctant to give up the tokens they have held for a decade.

🔥 The latest episode of the Bankless podcast discusses the potential advantages of 21st-century authoritarian regimes. Economist Noah Smith and Ethereum co-founder Vitalik Buterin explain the potential of blockchain to enhance democratic resilience through secure, anonymous communication, and verifiable voting.

🔥Tether announced that USDT on the TON blockchain is now available on the Web3 payment gateway Simplex, which provides fiat and cryptocurrency deposit and withdrawal services.

🔥Matrixport发文分析称，Bitcoin Oversold。历史数据显示，Oversold后通常会有一定Rebound。目前，相对强弱指数（RSI）已达到去年8月以来的最低点。

🔥Aevo has updated its tokenomics, and the 4-month trading rewards program has ended and will not be continued. However, the stake rewards will remain unchanged at 100,000 AEVO per week. In addition, for the remaining time this year, Aevo will use protocol revenue to repurchase AEVO tokens, empowering token holders.

🔥a16z Crypto's article "Three Ways to Organize Decentralization in Startups" pointed out three main frameworks for decentralization. Including: 1. Technical decentralization, the ability of blockchain and smart contract protocols to create a trustless, autonomous ecosystem, and the basic barriers to achieving technical decentralization depend on the type of protocol you are developing. 2. Economic decentralization, if one person accumulates too much value, or if one person can control the network by manipulating token prices, it will endanger the security and practicality of the entire system. 3. Legal decentralization, decentralization can eliminate some risks associated with asset transactions.

🔥JPMorgan analysts say Mt.Gox creditors are expected to sell some BTC receivables next month, which could initially put pressure on the encryption market, but the market may recover from August onwards as FTX creditors also expect repayment in the coming months.

🔥According to The Block data, as of June 26, the Grayscale Ethereum Trust (ETHE) has narrowed its premium rate to 1.24%.

🔥The prediction market Polymarket has rare contradictions with its Oracle Machine service UMA on the issue of whether Barron Trump is involved in the DJT token. Despite UMA's repeated rulings of "no," Polymarket stated that UMA was wrong and plans to make corrections. This dispute has attracted widespread attention, with betting amounts exceeding $1 million. Polymarket CEO Shayne Coplan did not comment on specific solutions and timelines.

🔥In the second quarter of 2024, NFT sales fell by 45%, consistent with the bear market trend of Bitcoin.

🔥The Polkadot community is discussing a new proposal to develop a bridge connecting Polkadot and Cardano.

Regulation & Macro Policy

🔥The Arbitrum (STEP) committee proposes to invest 35 million ARB into RWA, including: investing 11 million ARB in BUIDL through Securitize to BlackRock; investing 6 million ARB in Ondo USDY and Superstate USTB respectively; investing 4 million ARB in Mountain USDM, OpenEden TBil, and Backed Finance blB01 respectively.

🔥Ripple's Chief Legal Officer Stuart Alderoty tweeted that the court once again ruled against the SEC, this time for illegally revoking the rules of a proxy advisory firm without following the Administrative Procedure Act. The court pointed out that SEC Chairman Gary Gensler personally instructed this illegal action.

🔥The first presidential debate between the current U.S. president and Republican candidate Donald Trump, who is friendly to cryptocurrencies, in 2024 will be held at 21:00 Eastern Time on Thursday, and the cryptocurrency market has shown no signs of excitement.

Encryption Market Highlights

⭐️In the past week, the cryptocurrency market continued the previous week's trend of fluctuating and declining overall, basically maintaining a small fluctuation as the main trend. The overall market situation has basically maintained a small fluctuation trend since the opening, with a rapid decline during the mid-week period, but the extent of the fluctuations has been kept within a small range. In fact, there is still a lack of clear support signals from the positive news and the external economic environment.

⭐️This week, there was a relatively limited increase in the mainstream tokens, and currently the highest price increase in the cryptocurrency market for the week is KAS, influenced by the cost of BTC mining. Despite the drop in miner revenue, the prices of related tokens have seen a pump, with an increase of about 24.52% in the week, and the current price is around $0.18. The highest price for this token in the week was $0.1826.

(Data Source: Coinmarketcap)

Bitcoin & Ethereum Weekly Performance

Bitcoin (BTC)

(Data Source: TradingView)

The price of BTC has fluctuated slightly this week, with the price dropping from above $64,000 to around $61,500. The price of BTC has shown a certain degree of decline this week, still following the overall market trend from last week, and is greatly influenced by internal and external market cycles. Currently, the currency is fluctuating within the range of $61,000 to $62,000, with a certain degree of decline compared to the opening price. The highest price of BTC this week is around $64,485, and the lowest point is around $58,480.

Analysts believe that the price of BTC this week is greatly influenced by the overall market, and is deeply affected by mainstream economic fluctuations. The impact of changes in the US stock market on the encryption market has been quite obvious recently. It is expected that as the weekend approaches, the probability of the currency continuing to maintain a slight market fluctuation will be higher, and the likelihood of a rebound will be greater, with a certain chance of returning to above $62,000 and maintaining.

Ethereum (ETH)

(Data Source: TradingView)

The high point of ETH's price this week was at the $3520 level. The price trend for the week is similar to that of BTC, and the two have maintained a strong correlation. The price of ETH has remained in the same range as the opening price, and there has been a larger rebound in price approaching the end of the weekend closing period. Compared to the opening price, the current ETH price has basically remained in the same range, and there has been a slight price recovery approaching the end of the weekend closing period, still maintaining a slight fluctuation state.

Analysts believe that the performance of ETH prices this week basically follows the overall trend of the market, and the fluctuation range is more gentle compared to last week, with the price maintaining a small range of fluctuations. Currently, the subsequent major market changes of this currency still depend more on the impact of the news, but the probability of a certain warming trend appearing during the weekend closing period is small. Considering the overall market, it is expected that there will be a round of fluctuations.

Web3 Project Trends

This week, the total market capitalization of seven types of projects has fluctuated unevenly. Due to the changes in the market cycle and the impact of external news, different tracks have also shown different performances. Currently, there is still a high probability of substantial fluctuations in the overall market trend. It is possible that various sectors will see relatively clear signals of rise and fall during the weekend.

Author: Charles T. This article represents only the author's point of view and does not constitute any trading advice. This article is original and the copyright belongs to Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibility will be pursued.