Weekly Web3 Research | A Serious Hacking Incident Has Occurred in Mixin, SEC Has Been in Constant Dispute for A Week, US Government Is Facing A Shutdown

2023-09-29, 14:05

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)

##Weekly Trend Overview

The crypto market as a whole showed stable fluctuations this week. As it approached Friday, the market began to rise, but the overall market value did not change significantly. The mainstream cryptocurrencies had a certain price rebound.

Presently, the total amount of funds in the market is 1.12 trillion US dollars. The performance of the market this week has been more affected by the news. Due to the many crypto projects that have taken action this week and the accompanying active financing behavior, there have been more positive news this week, but there have also been many negative news. Due to the fact that various hot topics are more focused on regulatory information, The final results of various key information are currently uncertain, so the impact on the market is relatively small.

The crypto project of Top100 has shown a 7:3 ratio of rise and fall this week, and the market trend has begun to show a warming trend. This indicates that the positive impact of the news is playing a role, and we can closely monitor the relevant information next week.

The prices of BTC and ETH have both slightly increased in the past week, currently at 1.9% and 4.3% respectively. Among the crypto projects ranked 100, CRV experienced the largest increase, reaching 17%. This is due to its founder completing debt repayment on the <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> platform in the short term, giving project and market users some confidence and future expectations.

Overall, the crypto market is in a preliminary stage of market recovery this week, with a lot of information on the news side. It is likely that there will be a good market recovery in the future, which is also an optimistic view of the information on the news side.

The prices of BTC and ETH during this week are also fluctuating based on the news and the <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> of funds on the chain. Currently, both have shown some recovery, with BTC around $27,000 and ETH around $1,650, indicating a high probability of upward volatility.

As of now, the global crypto market cap has once again reached $1.12 trillion, and the entire market has increased by about 2.7% in 24 hours, with little overall change.

## Crypto Market
🔥The Starknet TVL scalability solution for <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Layer2 is currently at $141.1 million, down 9.53% on the 7th.

🔥Upbit, a South Korean cryptocurrency exchange, announced that the abnormal deposit issue with the <a href="/price/aptos-apt" target="_blank" class="blog_inner_link">Aptos</a> wallet system had been resolved earlier, and users' Aptos transactions were not affected.

🔥The CRV TVL on the decentralized lending protocol Silo Llama reached a record high of $60 million.

🔥Wemix Play, a blockchain GameFi platform under Wemade, has launched the NFT auction service "Drops," based on the same approach as the Wemix 3.0 DAO NFT platform Nile.

🔥<a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> has changed its service terms in Singapore to prohibit certain customer groups from swapping USDTs.

🔥Worldcoin indicates that the World APP uses institutional-level crypto wallet provider Safe for all user accounts, which can optimize the use of MultiCall contracts to batch process multiple contract constant function call results.

🔥According to the US Department of Justice, SBF has been charged with telecommunications fraud, telecommunications fraud conspiracy, money laundering conspiracy, commodity fraud, securities fraud, and campaign financing conspiracy, with a total sentence of 115 years, and the actual sentence is expected to be around 10-20 years.

🔥Crypto payment provider Alchemy Pay has added support for purchasing SEI in fiat currency.

🔥Tether CTO stated in response to Cointelgraph's report that "Tether prohibits some Singaporean customer groups from converting USDT into US dollars," that Tether has encountered an update to its service terms on May 12, 2020 stating that Singapore is one of the prohibited jurisdictions.

🔥The Hong Kong police have reported 2360 cases by JPEX, with a total amount of approximately HKD 1.49 billion.

🔥The crypto trading platform HTX left a message on the chain to the hacker who stole 5000 ETHs from the hot wallet, requesting a refund of the corresponding funds. Subsequently, HTX has fully borne the losses caused by the hacking incident, and the user asset security platform is operating normally.

🔥MakerDAO has added another $50 million in RWA assets, with a total agreed RWA assets exceeding $3 billion.

🔥Circle, the issuer of the US dollar stablecoin, announced on social media that the native USDC is about to be launched on the <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> chain.

🔥The global payment platform Alipay announced the launch of an unmanaged wallet application that can transfer funds between fiat currency and USDC.

🔥Banking giant JPMorgan Chase UK will ban payments related to cryptocurrencies for UK clients from October 16th, citing fraud and fraud.

🔥The crypto platform Kraken has announced the authorization of the Central Bank of Ireland's electronic currency institution.

🔥The modular blockchain Celestia announced the launch of Genesis Drop on September 26th, but an air drop error occurred and was quickly fixed.

🔥The founder of Curve has paid off all debts on Aave on September 27th.

🔥Binance withdrew from Russia and sold all its regional business to CommEX, while CZ stated that it does not own any shares in CommEX personally.

🔥A hacker incident has occurred in Mixin. Currently, the platform has completed most of the asset statistics work. It is recommended that users do not trade on Mixin Network for the time being. The platform is currently promoting user compensation.

🔥The Aptos Foundation and Thala Labs jointly launched a $1 million DeFi protocol development fund.

🔥The <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> Foundation has released a $62.37 million fundraising proposal and announced plans for future ecosystem construction.

🔥<a href="/price/horizen-zen" target="_blank" class="blog_inner_link">Horizen</a> launches DAO, and ZEN holders will be the ultimate decision-makers for Horizen's future.

🔥Monad released a proof of equity blockchain technology document, revealing that the token name is mon.

🔥Metrics Ventures launched a $30 million digital asset secondary liquidity fund.

##Regulatory Policies
🔥A US judge has approved the extension of Justin Sun and his company's defense time in the SEC lawsuit against him.

🔥The President of the European Central Bank stated that the digital euro pilot may take at least two more years.

🔥The US Securities and Exchange Commission has filed charges against Deutsche Bank subsidiary registered investment advisor DWS in two separate enforcement actions, one of which was a payment of $25 million for its failure to develop an anti-money laundering mutual fund program and false statements related to ESG investments.

🔥The official report released by the Federal Reserve states that tokenized assets may transfer volatility from the crypto market to the traditional asset market.

🔥 The Financial Affairs Committee of the Hong Kong Legislative Council is expected to discuss the regulation of virtual asset trading platforms next month.

🔥Hong Kong Chief Executive Li Jiachao stated that crypto investors who use unlicensed platforms must bear their own risks.

🔥South Korean financial authorities have stated that virtual asset depositors may also receive reports under the Special Financial Services Act.

🔥The Taiwan Monetary Commission has officially released the "Guiding Principles for Managing Virtual Asset Platforms and Trading Businesses".

🔥The Japan Crypto Asset Business Association has submitted preliminary proposals for IEO reform, including stakeholder lockdown systems.

🔥Venezuela has extended the deadline for the restructuring and closure of crypto institutions until March next year.

🔥The SEC will postpone the decision on the ARK 21Shares <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF until January next year, while the decision on the GlobalX Bitcoin ETF will be postponed until November 21.

🔥The Federal Reserve's instant payment system, FedNow, has legal provisions that allow non bank service providers to access or will allow digital wallet access.

🔥The Shanghai Municipal Commission of Science and Technology has issued the "Special Action Plan for Shanghai Blockchain Key Technology Public Relations (2023-2025)."

🔥The President of the Brazilian Central Bank stated that efforts are being made to strengthen the regulation of cryptocurrencies to make brokers subject to central bank regulation.

🔥The SEC has postponed the resolution date for ARK 21Shares and VanEck Ethereum ETF to December.

🔥There have been many related events at the US SEC this week, and Chairman Gensler's recent remarks have been highly controversial. At the same time, the application results of various Bitcoin and Ethereum ETFs have been continuously delayed, and the regulatory prospects are still unclear.

🔥The US government is facing a recent shutdown, which will affect the progress of digital asset legislation proposals.

🔥The Argentine capital will launch the open-source digital identity protocol QuarkID based on zkSync Era in November.

##Macro Economy
🔥Recently, there have been varying opinions on whether the Federal Reserve will raise interest rates, and further observation is needed.

🔥Xu Jiayin, the founder of Evergrande, has been accused by the judiciary, which may cause a further blow to the Chinese real estate market and affect the macroeconomic situation.

## Crypto Market Highlights 
⭐️In the past week, the stable trend of the crypto market has been relatively obvious, but due to the increasingly concentrated impact of the news, it began to show an upward trend towards the end of this week. The specific upward trend of this oscillation still needs further observation in the future.

⭐️CRV has achieved good results despite experiencing certain increases in various mainstream currencies this week, with price trends fluctuating upwards, reaching a weekly increase of around 17%.

![](https://gimg2.gateimg.com/image/article/1695995704screenshot-20230929-215428.png)
(Data Courtesy Of CoinGecko)

##BTC & ETH Weekly Performance
###Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/1695995844screenshot-20230929-215439.png)
(Data Courtesy Of TradingView)

The high point of BTC prices this week has exceeded $27,000, although not as high as last week. However, the low point this week has remained within the $26,000 range. Due to news factors, the high point next week may be expected to hit the resistance level of $27,800.

Of course, BTC's performance this week can be understood as a new cyclical change. After experiencing several consecutive days of stable fluctuations, the current price increase does not rule out the possibility of further steps. Specifically, considering the market expectation of halving the currency next year and the increase in liquidity, recent news factors will be more direct factors to affect the currency price.

###Ether (ETH)
![](https://gimg2.gateimg.com/image/article/1695995931screenshot-20230929-215448.png)
(Data Courtesy Of TradingView)
The trend of ETH within a week is consistent with that of BTC, with strong correlation between the two. The high point of this week exceeded $1,660, while the low point was around $1,565.

The price of ETH is also affected by the above factors, and the upward trend of volatility in the next two weeks is more obvious. If Ethereum ETF achieves a breakthrough in positive information in the near future, the positive impact on the coin price will be even greater.

##Web3 Project Trend
This week, the total market value changes of the seven categories of projects have varied, and overall, the market value changes of each track are not particularly significant. The entire crypto market is at the beginning of a cyclical fluctuation stage, and in the future, more attention can be paid to information such as news and market liquidity.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  0.8% | MUU, XNA, EMPIRE | Layer 1's performance has been relatively flat this week, with MUU showing the best upward trend among the top ranked projects. |
| Layer 2  | -2.8%  | BROCK, WALV, ARB |Overall, Layer 2 saw a slight decline, with some projects taking relevant actions or pushing specific proposals for growth this week. |
| DeFi  | 2.8% | LEND, TRI, TRADE | The DeFi track remains highly liquid, with a slight increase overall this week. Projects with high growth rankings are more suitable for short-term investment. |
| NFT  | 0% | MONSTA, PKR, SNK | The overall market value of the NFT market has not changed yet, with several projects with high growth rates experiencing significant increases. |
| MEME  | -1.9%  |MEME，$WOLF，FRGST | The MEME coin has seen a slight decline this week, and the overall trend can only be said to have little growth, with a clear trend of negative decline. |
| LSD  | 2.1% | SCANTO, BRG, STSOL | The LSD sector performed steadily with almost no significant growth projects. |
| BRC-20  | -2.5% | PEPE,ORDI, NALS |  The performance of the BRC-20 track was slightly poor this week, with limited growth in the top projects, which is related to the lack of dynamics in this type of project. |

<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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