Weekly Web3 Research | Cardano’s Catalyst launches new fund for growth of the ecosystem, BitGo announces it will buy crypto custodian Prime Trust

2023-06-09, 03:43

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/168388743720230512-182447.jpeg)
## Weekly Trend Overview
Across the past week, a majority of the top 100 cryptocurrencies have been privy to moderate price declines, suggesting the market is beginning to slope from its recent horizontal trading pattern. These price fluctuations vary from -1.2% to +12.69% for the majority of assets. As of now, the global crypto market cap stands at $1.11T.
## Crypto Market
🔥 <a href="/pt/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a>’s project Catalyst, the decentralized innovation fund of Cardano, has announced the launch of Fund 10, which is set to allocate a substantial 50 million ADA tokens to support development and growth in the ecosystem.

🔥 BitGo has announced a deal to buy the crypto custodian firm Prime Trust. As of now, the deal requires regulatory approval and is in its preliminary stages.

🔥 Coinbase CEO Brian Armstrong sold more than 29,000 shares worth over $1.7 million just two days prior to the SEC filing a lawsuit against the company, stirring controversy amongst the crypto community. 
## Regulatory Policies
🔥 In the latest SEC enforcement action against Binance, <a href="/pt/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> has been named an unregistered security, facing the asset with an uncertain future as the ‘regulation by enforcement’ moves sets in.

🔥 A US judge has dismissed a lawsuit filed against DeFi startup PoolTogether in 2021 which alleged the company enabled users to evade financial regulation and be scammed.
## Macro Economy
🔥 The OECD chief economist has called for governments to cut fiscal support stating that measures must now target ‘those who really need it’ as the forecast cautioned that the global economy is set for weak inflated-plagued recovery.

🔥 The World Bank has stated that major economies are growing at a much slower rate due to higher interest rates and banking stress which has led growth forecasts for advanced economies to project an average of 0.7% increases this year, down from the 2.6% seen in 2022.
## Crypto Market Highlights
⭐️Assets from across the DeFi ecosystem for the most part have been privy to major losses this past week. However, at the opposite end of this spectrum is the likes of BSCX, which has endured an 8155.8% price increase across the past week alone, thus propping up the sector and preventing it from accruing a higher weekly net percentage loss.

⭐️** Learn more: [Everything You Need To Know About DeFi](https://www.gate.io/de/blog_detail/1038/everything-you-need-to-know-about-defi?lang=en "Everything You Need To Know About DeFi")**

⭐️ From across the wider cryptocurrency market, immense valuation increases have been seen again from across various previously low-market cap projects. However, BSCX has still retained the pole position as one of the highest-gaining projects from across the entire ecosystem this week, with its value now nearing $143 per token, after starting the past day at around $7.38.
![](https://gimg2.gateimg.com/image/article/16862818401.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16862818642.png)
(Data Courtesy Of TradingView)

<a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has consistently formed lower highs and lows in the past couple of months on the daily timeframe, with the 50-day moving average acting as a strong resistance and causing a downward rejection near the $28k threshold. After enduring a price rebound two days ago, BTC’s price is testing the MA again. A bullish breakout has the potential to rally towards the $30k level – yet another rejection could plummet the price to the $25k support level and the key 200-day MA located near $24k.

On the four hour chart, it is evident that BTC has faced a significant resistance at $27.5k after the short-term resistance at $26k was breached, indicating a continued strong downward momentum. As of now, it appears as if BTC will retest this zone, which if it breaks above this point, the descending channel is likely to be broken as well, paving the way for the market to rise toward the $30k level again.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16862818793.png)
(Data Courtesy Of TradingView)

ETH’s price is tightly confined within a narrow range, hemmed in by the upper boundary of the descending flag pattern and the 100-day MA. This narrow range is on the verge of being breached, which could indicate the trajectory of its next movement. If it surges above the descending trendline, ETH’s price could target for the significant resistance zone around $2k. Yet, a drop below the 100-day MA will lead it to slip toward the next support level at around $1.7k.
## Web3 Project Trend
This week, there have been moderate valuation and volume declines across a majority of the sectors, with the exception of the LSD sector, which saw sector-wide increases this past week. At the top of the scale, LSD tokens have exhibited the highest gains, with this totaling 1.9% across the entire sector – yet the average token in the sector has moved by up to 10% this past week amid This can be attributed to the strengthening of interest in innovative blockchain technology as more investors understand the space's utility and potential.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  -3% | EMPIRE, MUU, CUDOS | The prices of layer-1 tokens have taken a positive turn, with many seeing up to 30% increases. |
| Layer 2  | -9.5%  | XDAI, OP, ARB | There have been major price decreases across the layer-2 sector as it continues to weaken. |
| DeFi  | -1.5%  | BSCX, PENDLE, LUNC | DeFi has seen a strengthening, with many assets exhibiting notable price inclines and surges in volume in spite of its moderate fall.  |
| NFT  | -8.4%  | GST-ETH, RFOX, CUBE | The NFT sector has stagnated over the past month, with very few assets breaking this pattern. |
| MEME  | -6.4%  | IOSHIB, SHIBAKEN, VINU | Interest in meme coins has slowed as coders on the BTC network seek to have them removed, which could lead other chains to follow suit. |
| LSD  | +1.9%  |MAG, RETH2, RETH |The LSD sector has seen slow increasing gains as it is pitted as a ‘threat’ to <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>. |
| BRC-20  |  -19.1% | OHMS, SHNT, TRAC |  After a promising week last week, BRC tokens have retaken a hit as the sector fails to retain interest.  |

<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>

Partilhar

İçerik

Credit Ranking

Complete Gate Post tasks to upgrade your rank

BTC/USDT

-2.37%