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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
In the past week, the crypto market has shown a trend of first rising and then falling. As the weekend closed, the market began to show a downward trend, especially for mainstream cryptocurrencies. Currently, the total amount of funds in the market is 1.09 trillion US dollars. The market performance this week is mainly due to the cyclical fluctuations of the market itself. Following last week's prediction of market trends, the upward trend of volatility is a high-probability event this week. However, this trend has a short duration and has shown a downward trend towards the end of the weekend.

The cryptocurrency project of Top100 showed a 50% rise and fall ratio this week. Although there was relatively little news about the market impact this week, the market trend was more of a regular market cycle performance. In addition, due to the relatively small overall market fluctuations this week, the rise and fall of most currencies are still in a volatile trend. The percentage of the price increase and decrease for BTC and ETH in one week is insignificant, currently at 0.1% and -2.4% respectively. Among the cryptocurrency projects ranked 100, IMX experienced the largest increase, reaching 31.5%, and rapidly rose in a straight line, marking the largest fluctuation in the token's growth in a month.

Overall, the crypto market has been experiencing regular cyclical fluctuations this week, with limited information on the news side. After short-term gains and losses, there will likely be a new round of volatility next week, which requires further observation.

After experiencing ups and downs this week, the prices of BTC and ETH have now returned to their previous price range. BTC is around $26,500, while ETH is within the $1,580 range, with a clear volatility trend.

As of now, the global crypto market value has returned to $1.09 trillion, and the entire market has fallen by about 1.6% within 24 hours, with little overall change.
## Crypto Market
🔥 BTC has exceeded 49 million non-zero addresses, once again reaching a new high.

🔥 The number of single-day transactions on Base has reached a new high of 1.88 million, with TPS consistently surpassing ETH network and TVL surpassing <a href="/ja/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> since the 14th.

🔥 Cool Cats will launch a new project called SideKX, where users can use two Cool Pets to mint one SideKX.

🔥 Framework co-creation proposes that in terms of token distribution, sales tax can replace lock-up.

🔥 The New York Times criticized the chairman of the US SEC for corruption and excessive law enforcement.

🔥 The JPEX incident involved over HKD 1.2 billion, and various parties in Hong Kong have intervened. The Hong Kong police stated that JPEX was involved in about HKD 1 billion, with four men and two women arrested for the incident, and internet celebrity Chen Yi also arrested. More than 1400 people reported the incident; The JPEX incident involved Hong Kong users facing difficulties in seeking civil claims; Hong Kong Chief Executive Li Jiachao stated that he has paid attention to the JPEX case, and the Securities Regulatory Commission and the police will release detailed information this afternoon; JPEX has issued a statement claiming that it has been unfairly treated by the Hong Kong Securities Regulatory Commission and will continue to operate steadfastly.

🔥 The third round of <a href="/ja/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> airdrop will distribute 19.41 million OP to over 30,000 addresses.

🔥 Musk is considering charging platform usage fees to all Twitter users.

🔥 The CEO of Worldcoin was once arrested by Kenyan authorities and subsequently obstructed by the intervention of the US government.

🔥 Friend.tech Keys has a market value of over $100 million, nearly twice the total market value of Azuki. Founder Keys accounts for 30% of the market value and has added a watchlist feature.

🔥 OpenSea plans to launch a creator studio in the coming weeks.

🔥 The creators of Ordinals proposed to 'permanently unstable the in_script_ion number' and include the 'curse in_script_ion' in the main sequence.

🔥 It is said that the L1 chain Vara Network supported by Gavin Wood has launched its mainnet.
## Regulatory Policies
🔥 Hong Kong Legislative Council Member: The Hong Kong government is considering promoting land tokenization and accelerating the launch of retail digital Hong Kong dollars.

🔥 CEO of Cyberport: Cyberport currently has over 190 Web3 companies; Closely connected to over 40 Web3 funds, with fund assets of $4 billion.

🔥 The South Korean National Taxation Agency stated that 1432 taxpayers have declared overseas crypto assets worth $98.5 billion, accounting for over 70% of South Korea's reported overseas assets.

🔥 The head of cryptocurrency at the US SEC has stated that more charges against trading platforms and DeFi will come.
## Macro Economy
🔥 The Federal Reserve has announced that interest rates will remain unchanged and may continue to rise.
## Crypto Market Highlights  
⭐️In the past week, the crypto market has shown a clear upward volatility trend, but the short-term volatility is significant. As the weekend closes, the overall market situation has declined, caused by the cyclical fluctuations in the market itself. More observation is needed for the long-term trend.

⭐️IMX has achieved good results despite experiencing certain increases in various mainstream tokens this week, with prices showing a straight upward trend, with a weekly increase of 31.5%.
![](https://gimg2.gateimg.com/image/article/16953454721.png)
(Data Courtesy Of CoinGecko)
## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16953454832.png)
(Data Courtesy Of TradingView)

The high point of BTC prices exceeded $27,400 this week, but now it has returned to the range of $26,500, showing a fluctuating downward trend. Based on various external information, BTC is in the price range of $26,200- $27,800, experiencing repeated fluctuations. This cycle may last at least one to two weeks.

Of course, BTC's performance this week can only be described as routine. After a week of upward volatility, the current price has fallen, and it is not ruled out that there is a possibility of another short-term rise. However, the resistance level of $28,000 may not be able to break through in the short term.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16953454963.png)
(Data Courtesy Of TradingView)

The trend of ETH within a week is relatively flat compared to BTC, but the decline has been more significant in the market downturn in recent days. The high point of this week has reached around $1,670, while the low point is at $1,570.

In the current state, the price of ETH is still in a fluctuating trend. Although the price has decreased, the downward trend is not obvious, and the future is likely to fluctuate from $1,550 to $1,680.
## Web3 Project Trend
The total market value changes of the seven categories of projects this week have varied, and overall, the market value changes of each track are not particularly significant. This is closely related to the cyclical fluctuations in the crypto market. Except for some star projects, rapid growth is difficult to occur frequently.

| Project category | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  0.9% | RXD, XNA, AURA | Layer 1's performance has been relatively flat this week, and the growth of projects that have risen to the top is also relatively limited. |
| Layer 2  | 3.0%  | IMX, WALV, XDAI | The overall performance of Layer 2 has slightly increased, and IMX has performed quite well this week. |
| DeFi  | 2.5% | TRADE, ANY, WHITE | The performance of the DeFi track is still quite fierce, with relatively strong liquidity compared to other tracks. Overall, the slight increase this week has provided more short-term investment opportunities. |
| NFT  | 3.3% | FINE, IMX, PGX | The NFT market has shown a slight upward trend, with several projects with high growth rates also experiencing limited growth. |
| MEME  | -0.3%  | $PUDGY，DOGECOIN，X0 | The MEME coin slightly declined this week, but the performance of $PUDGY was impressive. |
| LSD  | -0.5% | MAG, STJUNO, BRG | The performance of the LSD sector was stable, with little increase in projects with growth. |
| BRC-20  | 8.6% | SATS,ORMM, MEME |  The BRC-20 track has performed relatively well this week, with projects with higher growth rates experiencing significant increases, which is closely related to the actions of the track's projects this week. |



<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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Weekly Web3 Research | Worldcoin CEO Was Once Arrested by Kenyan Authorities, The JPEX Case Continues to Ferment, BTC Has over 49 Million Non-zero Addresses