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Home»Technology»During the third quarter, there were several anomalies surfaced in the crypto market but the market cap increased
Technology

During the third quarter, there were several anomalies surfaced in the crypto market but the market cap increased

adminsideBy adminsideDecember 29, 2022Updated:September 5, 2023No Comments2 Mins Read
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According to Q3 2022 crypto report by CoinGecko, a cryptocurrency data collector, during the third quarter, there were several anomalies surfaced in cryptocurrency markets, but the market cap increased by around $100 billion compared to Q2. Earlier this year, the digital asset industry witnessed heavy sell-offs.

In Q2, the crypto bear markets have largely decoupled from stock performance, but in Q3, cryptocurrency and tokens traded almost in exact tandem with the U.S. S&P 500 index. As the performance of the cryptocurrencies versus the S&P 500 index stood at 0.85 in the said period. 

Although Bitcoin’s value saw a 1% drop during Q3, it outperformed each asset class aside from the U.S. dollar Index. The U.S. dollar measures the exchange rate of a basket of foreign currencies compared to the U.S. dollar. 

When the economy goes in an uncertain condition, then the worldwide investors move to safe-haven assets such as the U.S. dollar and the Swiss franc. As the stablecoins are mostly pegged to the U.S. dollar, because of this, stablecoins saw their circulation plummet by $4.7 billion in Q3.

The main factor behind this plunge seems to be the OFAC’s sanctions on Tornado Cash, a cryptocurrency mixer. These sanctions made it a criminal offense for U.S.-based stablecoin issuers and users to interact with Tornado Cash. 

Moreover, in Q3, the total market capitalization in DeFi applications increased by 31.3%, and there was a system-wide rebound across all verticals. The only one not in this rebound was the realm of asset management.

In Q3, the trading volume of NFTs saw a 77.4% quarterly plunge from Q2, and the number of wallets that owned an NFT increased by 1 million. Recently, some of the players from the crypto community have started to call the bottom of the market turmoil.

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