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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 seen a notable decline in valuation, which ranges from lows of 5% to highs of up to 25%. As of now, the global crypto market cap stands at $1.12T.
## Crypto Market
🔥 MakerDAO, creator of the DAI stablecoin, has published a plan for the major update ‘Endgame’, which will introduce AI tools in the creation of a new blockchain. 

🔥 <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> inches below $27k as the latest banking crisis fails to trigger a price increase, in spite of investor confidence wavering as the international banking crisis and the turbulent macroeconomic landscape worsens.

🔥 M11 Group, which has over $500 million in assets under management, has formed its first liquid asset crypto asset management arm called M11 Funds.
## Regulatory Policies
🔥 The Texas House of Representatives seeks to extend the Bill of Rights to crypto assets. The House has voted 139-2 to amend the Bill as means of stifling the government’s infringement on the ownership and use of digital assets.

🔥 The IRS filed $38B in tax claims against Alameda Research after assessing $20.4B in unpaid partnership and payroll taxes against Alameda Research in a single claim.

🔥 Estonia has revoked nearly 400 crypto enterprise licenses, leaving only 100 valid authorizations. The Estonian financial intelligence department has stated that it will continue to review authorization and conduct continuous supervision to prevent money laundering and terrorist financing in the cryptocurrency sector.

## Macro Economy
🔥 IMF stated that the US debt default prompted by the failure to raise the country’s debt ceiling will have ‘very serious repercussions’ for the US economy, as well as the global economy, including likely higher borrowing costs.

🔥 G7 finance ministers are set to meet in Japan as a standoff over the US debt ceiling as potential default looms as one of the biggest threats to the global economy.

## Crypto Market Highlights
⭐️ Assets from across the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ecosystem have been privy to major gains across the past week following the surge in popularity of BRC tokens. BRC denotes tokens that use ordinals and in_script_ions to create and manage token contracts, minting, and transfer, all while storing it on the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> blockchain. As a result, some assets such as ordinex, have seen gains of up to, and in some cases beyond, 185%
![](https://gimg2.gateimg.com/image/article/168385668901.png)
(Data Courtesy Of CoinMarketCap)

⭐️ In light of these impressive gains seen across the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ecosystem, the likes of ordinex have witnessed unparalleled levels of growth within this sphere. Accruing over 185% in value has led the market cap to break through $500k. The recent craze associated with the PEPE coin and other low-market-cap assets has resulted in investors showing interest in low-market cap projects, which has in turn bolstered their value and led to significant price gains.
![](https://gimg2.gateimg.com/image/article/168385671802.png)
(Data Courtesy Of CoinMarketCap)

⭐️ **[Learn more: Exploring Ordinals and BRC-20: A Revolution in Bitcoin and the Crypto Market](https://www.gate.io/blog_detail/2602/exploring-ordinals-and-brc-20-a-revolution-in-bitcoin-and-the-crypto-market "Learn more: Exploring Ordinals and BRC-20: A Revolution in Bitcoin and the Crypto Market")**
## BTC&ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16838567481.png)
(Data Courtesy Of TradingView)

Recently, BTC’s price has been consolidating below the $30k resistance zone following the failed breakout in April, which has led the 50-day moving average to break into the downside around the $28k mark as a result of bearish pressure seen in the past few days. As a result, it is possible that the $25k support area could be the next target, followed closely by the critical 200-day moving average located at the $22k threshold. With both having significance, a break below either threshold could be disastrous for bulls seeking an upward trend. However, a break above the 50-day moving average coils sabotage the bearish scenario and potentially push BTC above $30k. 

With the price oscillating between $27.5k and $30k for the past few weeks, the former now acts as a significant support zone that has upheld the market on several occasions, yet it is under fire due to resistance. This fire could result in an inferno that would cause a price breakdown toward the $25k range in the short term. The RSI also shows values below 50%, which alludes to the bearish momentum in the short term, which points to a high probability of a lower bearish continuation in the coming weeks. 
### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16838568092.png)
(Data Courtesy Of IntoTheBlock)

ETH bears have taken control as the $1.8k support is next to be tested amidst the current consolidation period, characterized by fluctuations that have yet to provide a clear directional bias for market participants. As of now, ETH faces two critical support levels, the 100 and 200- day moving averages.
## Web3 Project Trend
This week, there have been moderate losses across all of the seven major categories, with the BTC ecosystem trailing behind and shedding over 10% in market cap, despite BRC-20 tokens witnessing some of the biggest value surges seen this past week. However, the DeFi and NFT markets have both seen moderate price increases across some assets, which shows that investor interest currently lies with an alternative technology to mainstream cryptocurrencies and that formerly low market cap projects are becoming much more lucrative as interest in these sectors booms. As this demographic of asset grows in volume and attracts more investors, it is likely that funds will continue to pour into these projects and prop up these sectors.

![](https://gimg2.gateimg.com/image/article/1683883983en.png)

<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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Across the past week, a majority of the top 100 cryptocurrencies have seen a notable decline in valuation, which ranges from lows of 5% to highs of up to 25%. As of now, the global crypto market cap stands at $1.12T.

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Weekly Web3 Research｜Banking Crisis Fails To Trigger BTC Price Increase, Investor Interest Lies With Alternative Technology To Mainstream Cryptos