Binance Publishes Q3 Market Pulse Report Describing Quarter as Challenging for Crypto Market
The post Binance Publishes Q3 Market Pulse Report Describing Quarter as Challenging for Crypto Market appeared on BitcoinEthereumNews.com. According to the Binance report, the crypto market saw declines across the board in Q3, as fundraising and developer activities tanked. Binance has called the third quarter of 2023 “a challenging quarter” for crypto. In its Q3 “Market Pulse” report, Binance highlighted a few drawbacks the crypto industry faced, adding insights and shedding light on the general state of the industry. The report revealed declines in the industry across several points. For instance, Binance notes that the total market capitalization fell by 8.6% quarter-on-quarter (QoQ) despite a rally following Ripple and Grayscale’s court wins. Nevertheless, Binance stated that institutional adoption increased with Grab, PayPal, Sony, and Deutsche Bank. Binance also reported a decline in QoQ developer activity as the weekly active developer count has fallen. On the bright side, projects like Chainlink are recording increases. While Chainlink recorded a 363% rise in developer activity, Taiko and Zora saw 200% and 100%, respectively. Binance Report Notes Significant Reduction in Q3 Fundraising In addition, the crypto market saw a decrease in fundraising activity. Binance specifies that in Q3 2023, the industry recorded the lowest amount since Q4 2020. Specifically, total funds raised fell by 21.4%, while fundraising rounds dropped by 24.9%. The gaming and metaverse sectors got some action, with Futurewave receiving $54 million to create AI-focused consumer games. Hong Kong-based Animoca Brands also raised $20 million to develop its Mocaverse project. However, infrastructure was the sector that raised the most funds year-to-date (YTD), compared to NFT, DeFi, gaming, metaverse, and CeFi. Also, in Q3 2023, Binance reports that the Crypto Fear & Greed Index lost 9 points, falling below 50. The index analyzes the crypto market and generates a number between 0 and 100. A low number indicates that there is fear in the market and that investors are selling. When…
The post Binance Publishes Q3 Market Pulse Report Describing Quarter as Challenging for Crypto Market appeared on BitcoinEthereumNews.com.
According to the Binance report, the crypto market saw declines across the board in Q3, as fundraising and developer activities tanked. Binance has called the third quarter of 2023 “a challenging quarter” for crypto. In its Q3 “Market Pulse” report, Binance highlighted a few drawbacks the crypto industry faced, adding insights and shedding light on the general state of the industry. The report revealed declines in the industry across several points. For instance, Binance notes that the total market capitalization fell by 8.6% quarter-on-quarter (QoQ) despite a rally following Ripple and Grayscale’s court wins. Nevertheless, Binance stated that institutional adoption increased with Grab, PayPal, Sony, and Deutsche Bank. Binance also reported a decline in QoQ developer activity as the weekly active developer count has fallen. On the bright side, projects like Chainlink are recording increases. While Chainlink recorded a 363% rise in developer activity, Taiko and Zora saw 200% and 100%, respectively. Binance Report Notes Significant Reduction in Q3 Fundraising In addition, the crypto market saw a decrease in fundraising activity. Binance specifies that in Q3 2023, the industry recorded the lowest amount since Q4 2020. Specifically, total funds raised fell by 21.4%, while fundraising rounds dropped by 24.9%. The gaming and metaverse sectors got some action, with Futurewave receiving $54 million to create AI-focused consumer games. Hong Kong-based Animoca Brands also raised $20 million to develop its Mocaverse project. However, infrastructure was the sector that raised the most funds year-to-date (YTD), compared to NFT, DeFi, gaming, metaverse, and CeFi. Also, in Q3 2023, Binance reports that the Crypto Fear & Greed Index lost 9 points, falling below 50. The index analyzes the crypto market and generates a number between 0 and 100. A low number indicates that there is fear in the market and that investors are selling. When…
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