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Home News Binance Q3 Report Describes Cryptocurrency Market as ‘Challenging’ Amidst Elevated Interest Rates

Binance Q3 Report Describes Cryptocurrency Market as ‘Challenging’ Amidst Elevated Interest Rates

by sun

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.

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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.

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