In its recently released Q3 “Market Pulse” report, Binance has officially characterized the past quarter as a challenging period for the cryptocurrency landscape. The report has identified notable declines across various sectors within the market, even though the entrance of institutional players like Deutsche Bank, Sony (NYSE: SONY), and PayPal (NASDAQ: PYPL) served as a mitigating factor during this challenging period.
The global cryptocurrency market capitalization witnessed an 8.6% quarter-on-quarter (QoQ) decrease, with the backdrop of a persisting ‘higher for longer’ interest rate narrative. Fundraising activities in the cryptocurrency domain hit their lowest point since Q4 2020, marking a substantial 21.4% QoQ decline. Notably, the infrastructure segment displayed greater resilience compared to other sectors.
