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![](https://gimg2.gateimg.com/image/article/168388743720230512-182447.jpeg)
## Weekly Trend Overview
In the past week, compared with last week, the crypto market dropped a considerable part of the market valuation. Due to another attack, the number of positions exploded on the whole network near the weekend, more than $200 million. Meanwhile, on August 17, the yield of US bonds soared. Many signs indicate that investors are turning to safer assets. Since mainstream cryptocurrencies such as BTC cannot provide stable returns for a long time, The current situation of selling is quite common.

The cryptocurrency projects of Top100 have shown a collective decline, accounting for over 90%. Several mainstream tokens have experienced significant declines, with BTC and ETH experiencing declines of -6.0% and -7.1%, respectively. <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> and DOGE experienced even more rapid declines, reaching -11% and -14% respectively.

In last week's market trend, the crypto market itself showed a volatile trend, but with many wallet addresses starting to sell large amounts of currencies such as BTC, the supply has surged in a short period of time. Coupled with the security events that occurred this week, market confidence has been impacted, and the crypto market is still declining across the board.

In contrast, the yield of the US bond market has soared recently, and even the 10-year treasury bond bonds are favored by many investors. Some signs indicate the crypto market is ushering in a new round of painful reshuffle. Meanwhile, external regulatory actions are still ongoing, and users’ confidence in the crypto market is declining.

And BTC's decline this week has reached -6.0%, and the ETH situation is not optimistic. It has walked out of a strongly correlated price curve with BTC. Although there are many types of staked yield projects related to ETFs at present, they mostly exist as emerging market tracks and cannot prevent the current market downturn.

Currently, the global crypto market value has dropped to $1.08 trillion, reaching its lowest level in two months. The entire market has lost about 13%. The market is currently in a state of volatility and decline, and various investment behaviors need to be cautious. However, the news of the approval of various BTC spot ETFs will drive an increase in BTC prices and supply demand in the long run. The crypto market should officially enter a recovery cycle in the future.
## Crypto Market
🔥The Zunami Protocol was attacked by price manipulation, resulting in an immediate loss of at least $2.1 million, and the Zunami stablecoin UZD fell by over 99%.

🔥The daily annualized volatility of BTC30 has dropped to 15.5%, setting a new record low and further reducing market trading activity.

🔥Voyager sells a large number of cryptocurrencies, including BTC, ETH, SHIB, <a href="/price/link-ln" target="_blank" class="blog_inner_link">LINK</a>, MATIC, and other tokens, to compensate users.

🔥Jacobi's first spot BTC ETF, with the trading code BCOIN, is officially launched and charges investors an annual management fee of 1.5%.

🔥MetaMask and Banxa collaborate to launch a one-click cryptocurrency purchase service through Apple Pay.

🔥PayPal will launch features for some users to sell and purchase cryptocurrency, while the cryptocurrency center feature is open to specific users, requiring them to pass KYC and have a good balance sheet.

🔥Sei's mainnet will be launched for coin issuance. Sei's Atlantic and airdrop rewards will be available for collection after the initial warm-up period when the Sei ecosystem is ready.

🔥CyberConnect issues coins, CYBER airdrop has been opened for collection.

🔥<a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Layer2 Shibarium goes live, and Shibarium has stopped producing blocks twice, making it difficult for the Shibarium team to restore bridging assets.

🔥Unibot launches a unified trading terminal, Unibot X.

🔥Wintermute plans to apply for a YFI loan from the Yearn Finance community and plans to purchase up to 3 million yCRVs for a period of 12 months, with an interest rate of 0.1%.

🔥Upbit, a South Korean crypto trading platform, will launch SEI, which supports KRW and BTC market trading pairs. SEI only supports deposits from the Sei network and does not support deposits through other networks such as BSC.

🔥The crypto trading platform Txbit will be closed on September 14th, before which platform users can withdraw funds.

🔥SAND unlocks and releases over $300 million in tokens, which have flowed heavily into major CEXs.

🔥<a href="/price/compound-comp" target="_blank" class="blog_inner_link">Compound</a> announced that the Ethereum Layer2 Base network has been launched, supporting ETH and cbETH as collateral.

🔥Starknet TVL exceeded $200 million, with a 7-day increase of 82.76%.
## Regulatory Policies
🔥The Monetary Authority of Singapore has finalized the regulatory framework for stablecoin, and the issuer needs to meet requirements such as information disclosure.

🔥Dubai plans to issue AI and Web3 business licenses.

🔥South Korean lawmakers from various parties will submit a consent form for providing personal information to advance the comprehensive investigation of the Crypto Asset Rights Committee.

🔥CNBC stated that the Asian crypto market has emerged due to regulatory uncertainty in the United States, with Hong Kong and Singapore leading regulatory transparency.
## Macro Economy
🔥Goldman Sachs predicts that the Federal Reserve will cut interest rates by 25 basis points per quarter in Q2 2024.

🔥Former Federal Reserve Chairman Dallas Kaplan holds a positive view on the US dollar rate cut, and he expects the FOMC to decide to suspend rate hikes at the meeting soon in September.
## Crypto Market Highlights  
⭐️In the past week, the crypto market has experienced a wide range of downward trends after experiencing a few days of volatility, closely related to the network-wide exposure and numerous cryptocurrency sell-offs. Currently, the market is in a relatively volatile state, and it is possible to make appropriate investments based on various types of information.

⭐️Despite the overall downward trend in the crypto market, FRAX has maintained relatively stable price fluctuations. Compared to projects with strong investment potential, FRAX relies on decentralized protocols and the relatively secure nature of the project itself, which has not been greatly impacted.
![](https://gimg2.gateimg.com/image/article/16923230941.png)
(Data Courtesy Of CoinGecko)
## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16923231092.png)
(Data Courtesy Of TradingView)

BTC continued its trend of last week at a high of $29,400, but with changes in market conditions, it has now fallen below $27,000 and is beginning to show a volatile trend.

Impacted by various sell-offs in the market, in the current market where there is a lack of sufficient demand for BTC, it is inevitable that the price will be lowered. Currently, it seems that the biggest support level has reached around $26,300.

Based on the situation over the past week, the crypto market has shown a sense of fragmentation. Due to the excessive amount of online exposure, not only BTC, but also almost all cryptocurrencies have been impacted. It is currently unclear which range of BTC prices will remain stable in the following week.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16923231203.png)
(Data Courtesy Of TradingView)

Like BTC, ETH has also fallen below its key resistance level of $1,700. However, compared to the situation where BTC's large-scale demand is insufficient, ETH's lowest point reached the $1,550 line, but quickly rebounded to the range of $1,600 to $1,700, and there is a possibility of returning to the price range above $1,700 in the short term.

However, the impact of the crypto market this time may continue for a period of time, and it is not ruled out that ETH prices will remain within the current range and emerge from volatility.
## Web3 Project Trend
This week, all seven categories of project changes showed a downward trend, and the decline was not small. Impacted by the market, they were all on a diving curve. Presently, the overall crypto market situation is not stable, and close attention needs to be paid to both internal and external market conditions.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  -10.6% | XNA, DNX, TARA| The project situation of Layer-1 is relatively typical, and the top projects this week are all of the types that lean towards stable investment, which indirectly reflects the current market situation that is not optimistic. |
| Layer 2  | -15.1%  | BROCK, CWEB, WALV | Even the top projects in Layer2 are not optimistic this week, as the sharp decline reflects the relatively weak initial development state of the Layer2 track. |
| DeFi  | -11.9%  | DANA, ANY, XST | The situation at the DeFi sector this week was that the overall fund outflow was relatively severe, while funds began to concentrate on top projects. |
| NFT  | -15.8% | TOWN, SHROOM, SILK | The NFT market continued to have explosive items this week, with significant growth, but overall contraction was evident. A typical example is Cryptopunk, which was sold for 6.9 ETH, accounting for only about 14% of the last trading price. |
| MEME  | -17.4%  | WASSIE,THING,PAT | The trend of MEME coin's emphasis on marketing has made it unable to cope with risk shocks, and this week's decline is pronounced. The impressive performance of individual projects cannot be explained too much. |
| LSD  | -9.6% | STOSMO, WSTUSDT, BRG | The LSD track, due to its large number of tokens associated with it, although the decline was still severe this week, the relative situation was slightly better. |
| BRC-20  | -19.9% | BISO, OHMS, ORMM |  The BRC-20 sector dropped by nearly 20%, similar to the NFT market. |



<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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Zunami Protocol is under price manipulation attack. The daily annualized volatility of BTC30 has dropped to 15.5%, setting a new record low. Voyager sells a large amount of cryptocurrency to compensate users.

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Weekly Web3 Research | Zunami Protocol Was Attacked by Price Manipulation, Jacobi's First Spot BTC ETF Officially Launched. Goldman Sachs Predicts Fed Will Cut Interest Rates in Q2 2024