Weekly Web3 Research | MATIC Leads the Layer-2 to Strengthen, Ripple VS. SEC Lawsuit Achieved Partial Victory, XRP Surges 96%, Europe’s First BTC ETF Eyes 2023 Debut

2023-07-14, 02:36

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![](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 significant upticks in value, with very few straying from the pack, suggesting that a bullish trend has gripped the market. These valuation fluctuations vary from 4.2% to 96%. Currently, the global crypto market cap stands at $1.25T.
![](https://gimg2.gateimg.com/image/article/16893019031.png)
(Data Courtesy Of CoinMarketCap)

## Crypto Market
🔥 Ripple’s <a href="/vi/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> token has surged by 96% since a partial victory against the SEC in the ongoing securities lawsuit was achieved earlier today. Earlier, a US judge ruled that the sale of XRP tokens on exchanges did not constitute investment contracts, thus meaning the token fails to satisfy the third Howey prong that would classify XRP as a security.

🔥 Alex Mashinsky, founder and former CEO of the bankrupt crypto lender Celsius, was arrested by the SEC on the account of alleged fraud in which he misled customers and artificially inflated the value of his company’s proprietary crypto token. Mashinsky has since pleaded not guilty to the fraud charges.

🔥 Jacob Asset Management, a London-based multi-asset investment platform, is set to debut a groundbreaking BTC ETF later this year, following multiple delays since its approval from the Guernsey financial regulator in October 2021.
## Regulatory Policies
🔥 USA: The Responsible Financial Innovation Act is set to be reintroduced by US Senators as a means of “[preventing] another FTX-style event from occuring” in a bid to provide more a comprehensive regulatory framework for cryptocurrencies in the USA.

🔥 South Korea: The top South Korean financial regulator will force all of their employees to declare their crypto holdings following the aftermath of the “Coin Gate” scandal, which entailed alleged insider trading, with one MP being accused of selling his tokens prior to the rollout of new crypto regulation.

🔥 India: G20 finance ministers are set to receive reports and findings on international crypto regulation, which the Indian Secretary of the Department of Economic Affairs, Ajay Seth, commented on, stating that the authorities will be asked for a “guidance note on a globally coordinated framework for regulation and supervision of crypto.” 
## Macro Economy
🔥 The IMF (International Monetary Fund) has stated that the disrupted education for children across the globe as a result of the Covid-19 pandemic has the potential to set the global economic growth rate back by several years.

🔥 The International Energy Agency (IEA) has cut global oil demand forecasts in light of economic ‘headwinds’ faced in recent months. However, the IEA still expects a record high to be achieved this year, in spite of projected growth being lower than previously anticipated.
## Crypto Market Highlights
⭐️ Assets from across the Layer 2 ecosystem experienced significant growth across the past week, pushing the sector to increase by 18.4% value across the past week. Among the top gainers was <a href="/vi/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a>, which saw an impressive 25.8% increase across the past week, 16.4% has been accrued across the past 24 hours. Following Polygon closely, was <a href="/vi/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a>, which saw an impressive 13.2% gain, 12.3% of which was achieved in the last 24 hours.
![](https://gimg2.gateimg.com/image/article/16893019172.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16893019283.png)
(Data Courtesy Of TradingView)

<a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> shied away from the overhead resistance at $31,000 on July 10th, however, the bulls refused to let the price dip below the 20-day exponential moving average (EMA) of $30,012, signalling that the current price trajectory remains strong and that $30k could potentially become the new price floor, provided this momentum remains in place. To further support this, the upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate that the path of the least resistance is to the upside. Providing traders maintain the current momentum and sustain levels above $31k, it is possible that the BTC/USDT pair could kick start the next leg of the uptrend.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16893019414.png)
(Data Courtesy Of TradingView)

Ether has once again bounced off the 50-day SMA ($1,843) on July 10th, indicating that the bulls are guarding this level. Following this, the price turned up and closed above the 20-day EMA ($1,874), which alludes to the possibility of a rally toward the overhead resistance at $2k, provided that the bulls can continue defending the level and pushing the price upward.
## Web3 Project Trend
This week, there has been notable valuation and volume increases 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 6.5%, with many tokens in all categories exhibiting upward price momentum.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  +3.9% | KAS, SOL, ADA| KAS, SOL, and ADA have all exhibited momentous gains pushing above 20% – a sentiment that was extended throughout the entire sector with many assets pushing 20% increases. |
| Layer 2  | +18.4%  | MATIC, OP, ARB | There have been major price increases across the layer-2 sector as it continues to strengthen. |
| DeFi  | +4.9%  | LQTY, LDO, MSOL | DeFi has seen significant strengthening, with many assets exhibiting price increases over 10%, while LQTY leads the pack pushing 28% across the past week. |
| NFT  | +5.6%  | VEE, GET, SPS | The NFT sector has continued to stabilise over the past week, leading to moderate value increases across the sector. |
| MEME  | +4.9%  | SHIBAKEN, LEASH, SHIBX | Various meme coins have seen a tremendous uptick in value across the past week, with some assets increasing by up to 66%. |
| LSD  | +6.5% |JITOSOL, STSOL, MSOL |The LSD sector has seen tremendous price increases across the past week, with assets related to <a href="/vi/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> staking seeing price increases above 20%. |
| BRC-20  |  +11.1% | NALS, TRAC, NOOT |  BRC-20 tokens have seen significant upticks in price, with the top ten gainers propping up the sector, whilst the remainder have exhibited notable losses. |

<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>

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