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Fundraising by Crypto Companies Accounts for $8.2B in Q3

by Miki 10/28/2021
by Miki 10/28/2021 0 comment

As cryptocurrencies continue gaining steam, crypto companies raised capital worth $8.2 billion in the third quarter of 2021.

Webp.net-resizeimage (54).jpg

Mason Nystrom, a research analyst at MessariCrypto, explained:

“Total Q3 crypto company fundraising surpassed over 300 funding rounds accounting for $8.2 billion dollars.”

Image

Centralized finance (CeFi), whose use cases include earning interest on savings, borrowing money, and spending with a crypto debit card, took the lion’s share with $4.1 billion, followed by infrastructure and non-fungible tokens (NFTs) at $2 billion and $1.4 billion, respectively.

Web 3 and decentralized finance (DeFi) took the fourth and fifth position with $410 million and $342 million, respectively.

This study shows that crypto adoption continues to gain traction as more companies seek to enter this space.

Furthermore, crypto users are upward because Coinbase has emerged as the most sought after iPhone app, surpassing social media applications like TikTok and Instagram. Coinbase is a leading American crypto exchange.

Image

Where is Bitcoin heading?

After surging from lows of $28K to highs of $66,900 in three months, Bitcoin (BTC) has shown how a paradigm shift can be witnessed in this market.

Bitcoin has been correcting since it hit a new all-time high (ATH) of $66,900 on October 20. The leading cryptocurrency has been down 9.13% in the last seven days to hit $60,493, according to CoinMarketCap.

Reportedly, this trend has been triggered by long-term BTC traders taking profits. 

Some analysts believe that it might drop to the $57K and $58K levels. Market analyst Michael van de Poppe noted:

“Bitcoin couldn’t break through $63.6K and tests the other side of the range. Might be dropping another time if $61.6K can’t break, and then I’m looking at $58K next.”

Image

On the other hand, crypto trader Joseph Young said:

“Bitcoin is at $59K~$60K but doesn’t feel like a blow off top at all. – Overall leverage is a bit high but not very high – Decent support – Strong fundamental news coming from Asia – Institutional catalysts continue to emerge. Eyes on $57K but not worried yet.”

As crypto adoption continues experiencing an uptick, it remains to be seen how the top cryptocurrency plays out in the short term. 

Image source: Shutterstock



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

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      Blockchain

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      Blockchain

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      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

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