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Gate.io Blog Weekly Web3 Research｜Ripple Achieved ‘In-Principle Approval’ from MAS, Assets from BRC-20 Ecosystem Saw Tremendous Upticks in Value, BTC Trading Pair Will Surge to $40k

Weekly Web3 Research｜Ripple Achieved ‘In-Principle Approval’ from MAS, Assets from BRC-20 Ecosystem Saw Tremendous Upticks in Value, BTC Trading Pair Will Surge to $40k

23 June 11:17

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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 notable upticks in valuation as a result of increasing positive market sentiment and institutional adoption, thus disrupting the negative market trend recently observed. These valuation fluctuations vary from 2.06%-45.7%. Currently, the global crypto market cap stands at $1.17T, a $130 million increase from the week prior.

![](https://gimg2.gateimg.com/image/article/16874905623841687490405_.pic.jpg)
(Data Courtesy Of CoinmarketCap)

## Crypto Market
🔥 <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> holders have been reported to have locked $537 million in profits, according to on-chain data, which acts as the second highest level seen in 2023. Bitcoin Entity-Adjusted Realized Profit has massively increased in line with the latest bullish rally.

🔥 CFTC has charged the Californian firm, Justby International Auctions, over a crypto ‘romance scam’ following complaints alleging that at least 29 customers had transferred $1.3 million to the firm.

🔥 Staked <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> has hit a 20 million token milestone, doubling since the start of the year, which can be attributed to the recent deployment of the Shanghai Upgrade and subsequent pivotal upgrades to the Ethereum network. As of now, $38 billion is being used to stake Ethereum.

## Regulatory Policies
🔥 Singapore: Ripple has announced that they have achieved ‘In-Principle Approval’ from the Monetary Authority of Singapore (MAS) for its subsidiary Ripple Markets APAC Pte Ltd. This is set to allow Ripple to present digital payment solutions, services, and products under regulation in Singapore.

🔥 USA: A recent bipartisan bid has emerged in the USA to establish a regulatory framework amid a global race to regulate and control the role AI has in society. As a result, a commission has been proposed to tackle the pressing issue.

🔥 France: The Bank of France Governor, Villeroy de Galhau, has called for a second iteration of the MiCA framework as a means of overseeing crypto conglomerates, as means of shedding light on the need for international cooperation in regulating huge crypto companies.

## Macro Economy
🔥 The Saudi Finance Minister, Mohammed Al-Jadaan, has stated that the volume of recent global economic challenges has substantially impacted the development of low-income countries. As a result, the Minister has stated that food insecurity and insufficient access to water and energy have been exacerbated by the global economic crisis.

🔥 With the dire economic crisis in Pakistan, Prime Minister Shehbaz Sharif, has appealed to the International Monetary Fund (IMF) to release the $1.1 billion tranche, pending since November 2022. According to Sharif, Pakistan has met all of the requirements asked for by the lender, and that the nation is “fully committed” to fulfilling its obligations.

## Crypto Market Highlights
⭐️Assets from across the BRC-20 ecosystem have seen tremendous upticks in value across the past week, leading the entire sector to increase by 27.8%, pushing the market capitalization to almost $270 million. The largest gainer of the entire sector was PEPE (Ordinals), which saw an increase of 7,289,158,311% in the past 24 hours, pushing its valuation to an impressive $0.054740. Trailing significantly behind PEPE (Ordinals) but still demonstrating impressive growth, was TRAC (Ordinals) which was privy to a 44% increase.

⭐️ Learn more: [What Spurred The Development Of BRC-20 And How Will It Affect The Future Of BTC?](https://www.gate.io/de/blog_detail/2598/what-spurred-the-development-of-brc-20-and-how-will-it-affect-the-future-of-btc "What Spurred The Development Of BRC-20 And How Will It Affect The Future Of BTC?")

![](https://gimg2.gateimg.com/image/article/16874906363861687490474_.pic.jpg)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16874906713871687490506_.pic.jpg)
(Data Courtesy Of TradingView)

As of today, Bitcoin has broken and closed above the 20-day exponential moving average (EMA) of $26,934 on June 17th, pushing it to a weekly high of $30,613, allowing it to pass through the $30k resistance zone and establish a bullish trading channel. This has led BTC to establish $25k as a new support level and surpass the 50-day moving average of $27k. Providing the bullish breakout ensues, Bitcoin could be swaddled in <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> from traders, which has the potential to push it further up in the medium term and lead it to test the next substantial resistance area situated around $38k.

On the flip side, bears are unlikely to give up so easily against the bulls, as it is forecasted they will attempt to halt the rally to $31k, yet, if the bulls do not falter in their aggressive latch on the current level, it could enhance the prospects of a rally above the overhead resistance. If it happens, that could push the BTC/USDT pair to surge to around $32,400, which the bears are expected to defend, yet if that fails, the pair could surge to $40k.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16874907343881687490527_.pic.jpg)
(Data Courtesy Of TradingView)

Ethereum’s price has shown resilience over the past few months, leading to a hover between $1-2k psychological levels, as it shows a tight consolidation on the three-day chart. As this rangebound movement nears a breakout, investors need to be extremely cautious of Bitcoin bears who are attempting to push the price back down, which could flip Ethereum’s potential to successfully squeeze through the triangle apex formation and experience a volatile breakout toward the target of $2,915.

## Web3 Project Trend
This week, there have been substantial valuation and volume incline across all of the major asset sectors, which coincides with the reignited optimistic market sentiment, which has pushed many assets into price rallies. As a result, the average increase across the major sectors totals around 10%, with many tokens in each sector increasing substantially.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  +17.1% |NEXA, BCH, KAS | The Layer-1 sector has seen substantial price increases across the past week, averaging around 25% per asset. |
| Layer 2  | +11.4% | OP, ARB, IMZ | There has been a major price increase across the layer-2 sector as it begins to strengthen. |
| DeFi  | +10.7%  | SRM, PENDLE, FLM | DeFi has seen significant strengthening, with many assets exhibiting notable price inclines.  |
| NFT  | +14.4%  | VEED, VEE, NTVRK | The NFT sector has broken its recent trend of stagnation and gained significant traction across the past week. |
| MEME  | +15.3%  | KABOSU, SHIBAKEN, SWOLE | Various meme coins have continued to accelerate in volume, thus reigniting interest in the sector. |
| LSD  | +16.5%  |DVT, SCNSOL, STOSMO |The LSD sector has been subject to substantial gains across almost every token in the ecosystem. |
| BRC-20  |  +27.7% | PEPE (Ordinals), OSHI, WHEE |  BRC-20 tokens have seen a huge uptick in interest following weeks of stagnation.  |

<div class="blog-details-info">
<div>Author:**Matthew Webster-Dowsing**, Gate.io Researcher
<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>

BTC/USDT -0.66%

ETH/USDT + 1.17%

GT/USDT -1.12%

Weekly Trend Overview

Crypto Market

Regulatory Policies

Macro Economy

Crypto Market Highlights

BTC & ETH Weekly Performance

Web3 Project Trend

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