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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
In the past week, the crypto market has maintained a similar state to the situation after the weekend's full network exposure. Due to the market showing a relatively sluggish state, prices of various tokens are currently showing a fluctuating trend, and the overall market volume growth is relatively small.

The cryptocurrency projects of Top100 have remained in a downward trend in the past week, accounting for 82%. The mainstream tokens have shown a continuous downward trend, with BTC and ETH experiencing declines of -6.2% and -4.7% respectively this week. <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> continued to break through double digits, reaching -10.1%, while ADA experienced a smaller decline, but still reached -2.3%.

In the market trend of the past week, the crypto market is still in a volatile and sluggish state after the impact. The overall market volume has not changed much, and there has been relatively little negative news this week. Although friend.tech has been exceptionally hot this week, the entire market needs more positive news and confidence boost that is conducive to investment.

BTC's decline continued this week, and the ETH situation is not optimistic. Both companies are showing a price range near key resistance levels and have reached a lower level in the current quarter. The overall crypto market is showing a significant decline, and it is not ruled out that there will be a negative overall decline in the future.

As of now, the global crypto market value has fallen to $1.09 trillion, slightly stronger than the state after last week's rapid market decline. At present, the market is still in a state of volatility, and short-term investment is still carried out in a fast in and fast out manner. Long term investment may not be a good choice at the current time point.
## Crypto Market
🔥 friend.tech has become popular, with a total transaction volume exceeding 40,000 ETH and a market value of Keys exceeding 10,000 ETH. However, the popularity of this project is an accidental event, and the project team is not adequately prepared for various security aspects. Currently, a user information security incident has occurred.

🔥 JAptos launches <a href="/price/aptos-apt" target="_blank" class="blog_inner_link">Aptos</a> Digital Asset Standard DA.

🔥 <a href="/price/balancer-bal" target="_blank" class="blog_inner_link">Balancer</a> claims that multiple V2 pools have vulnerabilities, and 1.4% of the protocol TVL is at risk. It is recommended that users immediately withdraw the impacted LP.

🔥 Laribe will permanently support royalties and no longer aggregate orders such as OpenSea.

🔥 Opensea Pro will charge a platform fee of 0.5% for orders from the 31st.
## Regulatory Policies
🔥 The US Department of Justice has accused the two founders of Tornado Cash of money laundering and violating sanctions.

🔥 Tornado Cash co-founder Roman Semenov has been arrested by the FBI and the Internal Revenue Service, and he has been included in the OFAC special designated investigation list.

🔥 Israeli police have accused crypto giant Moshe Hogeg of defrauding $290 million.

🔥 The Central African Republic has passed the Tokenization Law, approving the tokenization of natural resources.

🔥 The SEC is considering revising the registration rules for brokers and strengthening cross market and over-the-counter supervision.

🔥 The Bank of Australia has completed the CBDC pilot, and the expenditure project can achieve use cases such as intelligent payment and asset tokenization.
## Macro Economy
🔥 The Federal Reserve has shrunk its balance sheet to below $8.2 trillion, with a weekly decrease of $63 billion, indicating that the probability of a US dollar interest rate cut predicted by various sectors is increasing.
## Crypto Market Highlights 
⭐️In the past week, the crypto market has been experiencing a period of volatility. The theme of this week is the market's self adjustment and recovery, but it is still a short time since last weekend. Currently, various mainstream tokens are still in a continuous decline state, with relatively small daily gains.

⭐️Despite the overall downward trend in the crypto market, SUI achieved a decent increase, with a weekly increase of 10.2%. Thanks to the fact that the ecosystem of SUI itself has not become a major project type affected by the current market turmoil, and the recent progress of the ecosystem is relatively clear, funds from many other projects have flooded in as shelters.
![](https://gimg2.gateimg.com/image/article/16929274751.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16929274872.png)
(Data Courtesy Of TradingView)

After a week of fluctuation after a decline, the overall volatility of BTC has not changed significantly. It only reached a high of $26,800 within 24 days, and the current price has dropped back to around $26,000, continuing to fluctuate.

BTC showed a narrow fluctuation trend on the 24th, but did not effectively continue to rise after a small increase in the early trading. Instead, it continued to fluctuate and went down, with the lowest point reaching the $25,818 level to stop the decline. Subsequently, the market began to fluctuate all the way up, reaching the highest point at the $26,816 level, and then continued to fluctuate and go down.

Based on the situation for one week, BTC has not yet emerged from its slump, and its price has remained stable within the current range for a period of time, which is a likely trend.
### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16929274983.png)
(Data Courtesy Of TradingView)

ETH's trend this week is generally consistent with that of BTC, but it is relatively more active. It has repeatedly counterattacked $1,700 but failed, and even fell below $1,600 on the 23rd.

After a deep decline last Friday, ETH has hit the bottom at $1,480, rebounding strongly and fluctuating repeatedly this week. As of now, it has not broken through $1,700 again. The current trend of ETH has entered a small box, with little room for overall fluctuation. Currently, the price is in a stable position around $1,650.
## Web3 Project Trend
This week, all seven categories of project changes have shown a downward trend, continuing the market trend of last weekend. The relative decline this week has always been consistent, in line with the volatile downward trend. At present, the short-term recovery trend of the entire crypto market is not clear, and short-term investments need to keep an eye on risks.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  -8.3% | MUU, UNQ, EMPIRE| The decline of the Layer 1 sector this week continued the trend of last week, but showed a slowing trend. Even the top projects did not show much growth, and currently it still leans towards a stable investment strategy. |
| Layer 2  | -8.0%  | DG, IMX, FET | The situation of Layer 2 track is similar, and under the overall fluctuating and declining market situation, it is difficult to recover in the short term as a whole. |
| DeFi  | -6.4%  | OKS, TOAD, ANY | The situation at the DeFi track this week is relatively more complex. At present, the enrichment effect of the top projects is obvious and the growth is fast, but the loss of funds in local markets is also significant. |
| NFT  | -6.3% | WRLD, KNDX, SHROOM | The NFT sector has indeed underperformed this week, with BAYC even falling below 23ETH and extreme daily trading volume approaching zero. Not only does the market need to recover to drive it, but it also requires corresponding gameplay and narrative for projects on the track. |
| MEME  | -8.6%  | HIPP,TOAD,PAT | MEME track continues its previous marketing strategy, with fast iteration of top projects. However, the current trend is that although the circulation is large, it is difficult to form a long-term revenue model for users. |
| LSD  | -4.5% |MAG, STSTARS, BRG |The LSD sector has seen the smallest decline this week, mainly due to its inherent risk resistance brought by its model, and now it is also one of the few choices for a large number of investment users seeking stable returns. |
| BRC-20  |-15.1% | OHMS, OXBT, BSV |  The BRC-20 track is still in a state of sharp decline this week, which is related to the relatively short development time of the track. More applications and ecosystem gameplay are still needed to increase risk resistance to some extent. |



<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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friend.tech is booming, with a total trading volume exceeding 40,000 ETH and a market value of Keys exceeding 10,000 ETH. HashKey will release a virtual asset platform app for retail investors.

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Weekly Web3 Research | friend.tech Is Booming, Rarible Will Permanently Support Royalties, Tornado Cash Co-founder Roman Semenov Being Arrested