Weekly Web3 Research | Solana Sees $300 Million Trading Volume Surge, Multichain Fantom Bridge Allegedly Hacked Again

2023-07-07, 01:31

[//]: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 experienced notable price inclines, with very few straying from this trend, thus suggesting that the bullish trend is ensuing. These valuation fluctuations vary from 1.4% to 20.1%. Currently, the global crypto market cap stands at $1.18T.
![](https://gimg2.gateimg.com/image/article/16886930661.png)
(Data Courtesy Of CoinmarketCap)

## Crypto Market
🔥 <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> has seen an impressive surge beyond the $300 million trading volume threshold, sparking hopes that the asset is entering a bullish trading pattern as whales appear to be bundling in.

🔥 The Commodity Futures Trading Commission (CFTC) has charged two men from Florida for orchestrating and conducting a multi-million dollar <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> fraud, as well as accusing one man of manipulating his role as an attorney to defraud investors.

🔥 According to reports, major vulnerabilities in the Multichain <a href="/price/fantom-ftm" target="_blank" class="blog_inner_link">Fantom</a> Bridge have been exploited by hackers, with an alleged 7214 WETH, 1023 WBTC, 57 million USDC have been siphoned, with the volume of DAI stolen currently unknown.
## Regulatory Policies
🔥 USA: Cryptocurrency exchange Bittrex may potentially face enforcement action from Florida’s Office of Financial Regulation  amid bankruptcy proecedures, after a filing from the proceedings suggested the regulator still has ‘administrative discretion’ to charge the exchange.

🔥 Asia: Both Singapore and Thailand have introduced measures to tighten cryptocurrency legislation, with both countries announcing new customer protection measures that impose new responsibilities on crypto exchanges, which include holding customer assets in a trust in Singapore, and Thailand banning crypto companies offering lending and staking products.

🔥 UK: The UK has enacted new groundbreaking stablecoin legislation following King Charles III signing legislation that will grant regulators extensive powers to oversee stablecoin and cryptocurrency operations. This is set to expand the development of a robust and technologically advanced financial services sector in the UK.
## Macro Economy
🔥 Global commodities prices have been sliding in recent months, further exescaerbating the 25% slump seen across the past year, bringing light to the global economic rout and recession risk, according to market watchers.

🔥 Recent market reports have shown that in high-income countries that consumer price inflation is running at rates not seen in four decades. In line with this it has also been revealed that real wages have lagged behind growing inflation and interest rates more than they ever have previously.
## Crypto Market Highlights
⭐️Assets from across the Liquid Staking Governance Tokens ecosystem have seen notable upticks in value, many of which exceed over 49% in the past week, leading the sector to increase by 7.8% in volume across the past week. Leading the pack this week was Stader (SD), which saw a 49.6% increase leading it to reach $1.20. Following this was Persistence (XPRT), which saw an impressive 32.6% increase across the past week. In addition, numerous other assets from across the ecosystem saw comparable upticks in value, with very few falling astray from this upward trend.

⭐️ [Learn more: LSD - Tokenomics and Valuation Comparison](https://www.gate.io/de/blog_detail/2411/lsd-tokenomics-and-valuation-comparison "Learn more: LSD - Tokenomics and Valuation Comparison")
![](https://gimg2.gateimg.com/image/article/16886931762.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16886931873.png)
(Data Courtesy Of TradingView)

It appears as if Bitcoin’s bullish rally has abruptly stopped upon reaching the crucial resistance region of $30k, which holds significant psychological resistance and has acted as a major price barrier for several months. On the flipside, there are indications of a double-top bearish reversal pattern forming in conjunction with declining and weakening bullish momentum, suggesting the possibility of a reversal and consolidation phase prior to the market determining the next direction of Bitcoin’s price performance. However, if the price rejects at this critical juncture, it is possible that a drop toward the dynamic support level of the 100-day moving average at $28k becomes highly possible.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16886931994.png)
(Data Courtesy Of TradingView)

<a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>’s price has successfully broken above the 100-day moving average, pushing it into the upper trendline of the descending channel, subsequently retesting them during a pullback. This has led to an increase in buying pressure and significant price rise, reaching the critical resistance region of $2k. However, the price failed rejection and began consolidating due to prevailing selling pressure.
## Web3 Project Trend
This week, there have been notable valuation and volume inclines across all of the major asset sectors, which coincides with the improving market sentiment across the majority of the cryptocurrency industry. As a result, the average increase across the major sectors totals around 5%, with many tokens in all categories exhibiting upward price momentum.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  +1.5% | XEC, CANTO, FLOW | Isolated cases such as XEC have increased by over 56.6% which has propped up the Layer-1 sector. |
| Layer 2  | +6.1%  | LAI, MATIC, SKL | There has been minor price increases across the layer-2 sector as it continues to strengthen. |
| DeFi  | +5.9%  | MKR, FXS, GRT | DeFi has seen moderate strengthening, with many assets exhibiting price increases. |
| NFT  | +3.4%  | FLOW, GQ, FINE | The NFT sector has continued to stabilise over the past week, leading to moderate value increases. |
| MEME  | +3.7%  | ONIGI, SBONK, METADOGE | Various meme coins have seen a tremendous uptick in value across the past week, with some assets increasing by up to 90%. |
| LSD  | +4.3% |STKATOM, SCNSOL, STSOL |The LSD sector has seen tremendous price increases across the past week, with STKATOM seeing a price increase of 36616%. |
| BRC-20  |  +0.8% | OHMS, TRAC, BSV |  BRC-20 tokens have primarily seen notable losses across this past week, with some exceptions, such as OHMS, propping up the sector with gains up to 512%. |

<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>