**Weekly Overview

During this week, the overall trend of the encryption market has experienced a general drop, with most mainstream cryptocurrencies showing a continuous downward trend. Currently, the overall market outlook is not optimistic, and the market capitalization has decreased significantly. Due to the impact of the Mt. Gox exchange bankruptcy, the overall trend of the market has also declined significantly during the week, with most mainstream coins trading below the Opening Price towards the end of the week. Currently, the encryption market is in a bottoming out phase, influenced by various news and market changes. The market needs further positive news stimulation to drive a pump. The overall Market Cap of the encryption market has dropped compared to the same period last week, reaching around $2.13 trillion, a decrease of 4.33% in the past 24 hours. The market sentiment remains around 45, showing a certain decline compared to last week. The trend of key mainstream coins this week is mainly characterized by clear continuous decline, but the possibility of a subsequent rebound in the encryption market still exists.

Compared to last week, the total Cryptocurrency market volume continued to decline slightly this week. Overall, the market itself has been under continuous pressure, and the impact of the news is relatively severe. Liquidation cases are widespread throughout the network. It is expected that there will be a slight market rebound during the closing period of the weekend. The rise and fall ratio of the Top100 Cryptocurrency projects in the past week is 9:91, with the majority of coins experiencing a downward trend. The price of BTC has mainly declined over the past week, and it once again fell below the key price level of $60,000 approaching the weekend closing, with the current price maintaining around $58,240, a decrease of approximately 5.41% over the week. ETH is currently holding around $3,140, with a weekly decline of approximately 8.94%.

This week, the overall market was influenced by the news, and the pump range of most currencies was relatively limited. The currency with the highest pump ranking is OM, with a 7-day increase of 12.66%. The current price is around $0.8057.

There is still a possibility of further ups and downs in the overall Cryptocurrency market this weekend, and a new round of Fluctuation is expected to occur during the weekend period. There is still a possibility of further exploration of the bottom of the market, but the probability of a significant warming in July is relatively high.

encryption market

🔥According to on-chain analyst Yu Jin's monitoring, the Whale who participated in the ETH ICO of the blockchain in October 2016 spent 15,000 ETH (worth $198,000 at the time) to participate in SingularDTV's Token ICO, and obtained 12.93 million SNGLS (1.3% of the total coin supply).

🔥Singaporean encryption investment institution QCP Capital posted on social media that BTC will Rebound from the support level of $60,000 to $63,700 after breaking below the $60,000 mark last week, marking the first trading day of the second half of the year.

🔥ether.fi tweeted that the ether.fi Foundation's new proposal has been successfully approved, and they will airdrop 25 million ETHFI tokens to eligible ether.fi stakers in the third quarter.

🔥According to Cointelegraph, as the US presidential election heats up, the June volume of Decentralizationprediction market platform Polymarket reached $100 million, setting a record.

🔥According to Coinpost, Amber Japan Co., Ltd., which operates the Cryptocurrency trading service 'WhaleFin', will change its company name to S.BLOX Co., Ltd. on July 1, 2024.

🔥Token.unlocks data shows that starting from July 24th, WLD will undergo a large linear unlock, with a daily unlock of 6.62 million WLD tokens (approximately $16.94 million), which will last for 730 days.

🔥The L2 network Parallel Network announced that its lending market will no longer support HV-MTL Non-fungible Tokens. The supply operation of HV-MTL Non-fungible Token assets will be disabled from July 1st. Users will have one week to withdraw HV-MTL Non-fungible Token assets.

🔥 According to DefiLlama data, the TVL of the TON network has exceeded $700 million, reaching a new all-time high of $704 million.

🔥 PANews July 2nd news, Ethereum founder Vitalik Buterin said on Twitter that prediction market and Community Notes are becoming the two flagship social cognitive technologies of the 2020s.

🔥According to Cointelegraph, the Cardano Foundation has partnered with the Cryptocurrency Carbon Rating Research Institute (CCRI) to release the sustainability metrics of the Cardano network today, aiming to comply with the upcoming MiCA regulatory requirements for the encryption asset market in the European Union.

🔥Matrixport on X platform stated that BTC has broken the downward trend.

🔥 The Fantom Foundation announced on Twitter that the third Sonic governance proposal has been approved. The proposal involves topics such as ecosystem subsidies, a new token burning mechanism, as well as innovative initiatives like Sonic Spark and Sonic University.

🔥The Polkadot community recently released an operational overview of its treasury for the first half of 2024. Key information is as follows: 1. In the first half of 2024, the Polkadot treasury expenditure reached 87 million US dollars (11 million DOT), of which 13% was spent through executing institutions (bounties and collectives); 2. The total assets managed by the Polkadot treasury amounted to 245 million US dollars (38 million DOT), of which 188 million US dollars (29 million DOT) were liquid assets; 3. Stable Coin: There are 8 million US dollars in USDT and USDC stable coins in the cash reserves, and an additional 2.5 million DOT (approximately 16 million US dollars) for ongoing acquisition of Stable Coins; 4. Designated assets: 24.5 million US dollars (3.8 million DOT) were allocated to 个 executing institutions (collectives and rewards) for strategic plans such as marketing, Decentralized Finance tools, games, and business expansion. An additional 6.4 million US dollars (1 million DOT) were allocated for Airdrop activities in the gaming sector; 5. Polkadot injected 1.6 million DOT (approximately 10 million US dollars) of its own assets as Liquidity into the Decentralized Finance market within the ecosystem; 6. Based on current spending rates, the Polkadot treasury has a reserve of approximately two years, but the volatility of the Cryptocurrency treasury makes accurate predictions difficult, leading to widespread discussions ranging from stricter budgeting methods to adjustments in system inflation parameters.

🔥 According to Cointelegraph, the BTC computing power has reached its lowest level since December 2022. This trend follows the FTX crash and the previous bear market bottom, suggesting that the market may have bottomed out.

🔥StarkWare CEO Eli Ben-Sasson reflects on the STRK Airdrop, stating that as of the end of the claiming period on June 20th, approximately 500 million Tokens were claimed, leaving around 400 million STRK Tokens for future rounds.

🔥According to PeckShield data, there were over 200 major hacker incidents in the encryption field in the first half of 2024, resulting in losses of approximately $1.56 billion, with $319 million recovered. Compared with the same period in 2023, the losses increased by 293% (at that time, the losses were $480 million). DeFi protocols remain the primary target, accounting for 59% of the total stolen value.

🔥Bitcoin fell significantly during the early trading hours in Asia, falling from $62,000 to $60,268, a 3% fall. This trend also affected other major cryptocurrencies, with Ethereum, Solana, and Dogecoin showing a more pronounced downward trend. The cryptocurrency market is currently facing multiple pressures, especially the expected distribution of BTC from the bankrupt Mt. Gox exchange starting this month.

🔥Arbitrum announced on the forum that it will hold a Token (re)authorization event from July 17th to July 23rd. The event aims to strengthen the active participation of community members in the DAO decision-making process, and encourage ARB Token holders to reassess and allocate their voting rights to the most suitable representatives.

🔥The Go Ethereum client, Geth, has announced on social media that it has released version v1.14.6. This update comes with experimental witness building validation code used in the 'cross-validation' proposal.

🔥On July 3, FP Lee, founder of the LST Liquidity Aggregation Protocol Sanctum in the Solana ecosystem, announced on social media that half of the Airdrop (5%) will be distributed according to the Wonderland XP ratio. The other half (5%) will be distributed based on Earnestness.

🔥Aave DAO announced the launch of its GHO stablecoin on the Arbitrum blockchain, which uses the Chainlink Cross-Chain Interaction Protocol (CCIP) with locking/burning and releasing/minting bridge mechanisms.

🔥BTCSpot cumulative volume increment (CVD) data shows significant trading activity across exchanges. At the beginning of 2024, there was evident buying pressure, which was related to the historical high of BTC in March. This surge may be attributed to increased investor confidence following the launch of Spot BTC ETF in January and continuous rise in institutional interest, which are the main driving forces of the recent market trend.

🔥ETH core developers announced the release of EIP-7732, which is the official specification of Enshrined Proposer-Builder Separation (ePBS). EIP-7732 is an upgrade only for the Consensus layer, separating the execution verification from the Consensus verification, and embedding PBS directly into the Consensus layer of Ethereum.

🔥dYdX Foundation released the 2024 semi-annual ecosystem report, with key data including: volume reached 166 billion USD; paid 32 million USD to Stakers and validators; 62 governance proposals approved; launched iOS and Android applications.

🔥For the new round of market downturn, Richard Galvin, co-founder of the Hedging fund Digital Asset Capital Management, said, "One factor is that a stronger Democratic candidate may replace Biden, and he may not support Cryptocurrency."

🔥The Blast community is planning to launch a new proposal (BLIP-Research and Discussion), which requests that all fees earned by the Blast Foundation treasury (such as USDB/wETH rebasing fees, gas fees) be distributed weekly to BLAST token holders. This plan aims to reward BLAST token holders, increase the value of holding BLAST in the ecosystem, and provide a competitive advantage in terms of native returns compared to ETH and USDB.

🔥On July 4th, Dogwifhat, the spokesperson for the Vegas Sphere team, recently stated that representatives of Sphere have formulated new terms specifically for Cryptocurrency and held internal meetings in response to the sphere wif hat plan. The team is currently still cooperating with them to meet their standards and requirements.

Regulation & Macroeconomic Policy

🔥The parent company of silverGate.io bank, silverGate.io capital corp., has agreed to pay $63 million to settle charges by the US SEC, the US Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI) for failing to maintain an adequate Anti-Money Laundering program and making misleading disclosures about its effectiveness.

🔥In the documents submitted to the Securities and Exchange Commission of the United States on July 3, Bitwise made advance modifications to its S-1 form registration statement for the ETH spot ETF, including exempting the underwriting fees for the first $500 million trust assets in the first six months. The document did not include a specific launch date for listing and trading on the New York Stock Exchange Arca, but said it would launch "as soon as possible" after the registration effective date.

🔥In the case of the US Securities and Exchange Commission (SEC) against Binance, Federal Judge Amy Berman Jackson ruled that most of the charges can continue, but dismissed the charges related to BUSD sales and BNB secondary sales.

Encryption market highlights

⭐️In the past week, the overall Cryptocurrency market has declined. Although there have been no particularly large declines in mainstream currencies, the overall market decline is still relatively significant. Since the beginning of the week, the market has been impacted by news, and the situation of Get Liquidated is quite common throughout the network. Most currencies have maintained a decline of around 10% for the week.

⭐️Mainstream Token with a significant pump within the market this week have very limited amplitude. Currently, the coin with the highest price increase in the encryption market for a week is OM, mainly influenced by the market action and income of the MANTRA DAO platform, with a weekly increase of about 12.66% and a current price near $0.8. The highest price of this coin in the week is $0.8916.

BTC & Ethereum Weekly Performance

BTC (BTC)

During this week, the overall trend of BTC's price has been mainly downward. The price of the currency has experienced a continuous decline from the initial 60,000 US dollars to the current level of around 58,400 US dollars. The price of BTC has shown a significant decline this week, further lowering compared to the past few weeks, and there are clear signs of a rebound. The currency is currently maintaining a Fluctuation around 58,500 US dollars, showing a significant decline compared to the opening price. The high point of BTC's price for the week is around 63,789 US dollars, and the low point is around 56,732 US dollars.

Analysts believe that the price changes of BTC this week are greatly influenced by the overall market and the news, which is also the mainstream trend of the market this week. At the same time, BTC Computing Power has dropped to the lowest level in recent years, indicating that the current coin price is at a bottoming stage. It is expected that by the weekend, there is a high probability that the currency will experience a small pump trend, with a certain chance of returning to and maintaining above $60,000.

Ethereum (ETH)

The highest price of ETH this week was at the $3517 level, and the price trend for the week is similar to BTC. The two have maintained a strong correlation in trend, and the price rebound is smaller as we approach the weekend closing period. Compared to the opening price, the current ETH price has fallen below the key level of $3200, and it basically maintained the downward trend in price as we approached the weekend closing period, and it is still maintaining a small Fluctuation state. The current price is maintained around $3150.

Analysis shows that the performance of ETH price this week basically follows the overall trend of the market, and the fluctuation is similar to that of mainstream currencies such as long. It is mainly rising and falling. Currently, the future trend of this currency depends more on the market's recovery trend. The probability of a significant rebound in the closing period of the weekend is small. Considering the overall market, it is expected to maintain a slight fluctuation.

Web3 Project Trends

This week, the total Market Cap of the seven categories of projects has shown mixed changes. Due to the changes in the market cycle and the impact of external news, different tracks also have different performances. At present, there is still a high probability of significant changes in the overall market trend. It is possible that each sector will see clearer signals of rise and fall during the weekend period.

| Category | Weekly fall | Top three tokens with the highest weekly fall | Overview | | -------- | ------ | ------------------ | ---------------------------------------------------------------------------------------------------- | | Layer 1 | -4.4% | ZANO,EPIC,CHR | Layer 1 track maintained a slight decline this week, similar to the decline last week, and the top growth coins maintained a slight pump trend. | | Layer 2 | -11.5% | MPC,TOPIA,XDAI | The overall fall of Layer 2 track this week is relatively large, and the pump of the top rise coins is very limited, and the vast majority of coins are basically in a falling market. | Decentralized Finance | -8.6% | WEX,DEPAY,FXDX | The decentralized finance sector also experienced a significant drop, but the leading project WEX still maintains a relatively high rise, while overall liquidity dropped this week. | | Non-fungible Token | -14.3% | STARS,LOCG,LOE | The Non-fungible Token market has seen a significant decline this week, and the overall market is still sluggish, but the growth of the top currencies is still good. | MEME | -10.9% | LOVELY,MEMELON,GOL | The MEME coin track has experienced a significant decline this week, and the top growing coin long is a non-mainstream coin. Overall, this track is more affected by market conditions. | BRC-20 | -10.3% | ZBIT,TRAC,INSC | The BRC-20 track has shown a significant decline this week, with the increase in the top currencies maintaining around 10%, which is more significantly affected by market fluctuations. | AI | -15.7% | CND,IAI,TAI | AI track fell significantly this week, with the leading coins maintaining a small rise, and there have been fewer hotspots in the AI track recently, with overall market bullish sentiment being weak. |

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