Crypto Markets Suffer Worst Month Since 2022 as Liquidations and VC Investments Decline
Summary:
August was the worst month for crypto markets since November 2022, with Bitcoin and Ether losing value due to liquidations on the derivatives market. Venture capital investments in the industry also declined by 42.7% in August. However, the report provides insights into various sectors of the digital asset space, including decentralized finance, mining, and regulation.
August witnessed the crypto markets experiencing their worst month since November 2022, when Bitcoin hit bottom. Initially dismissed as a summer lull, the market took a sharp downturn as liquidations increased in the derivatives market, resulting in a 7.3% decrease in BTC's value and a 6.9% decrease in ETH's value. Grayscale's court victory provided only temporary relief as prices returned to their starting levels, leading to one of the largest liquidation events in crypto, with over $1 billion lost when the price dropped to $26,000. Additionally, venture capital investment in the industry declined by 42.7% in August compared to July, bringing in only $401.9 million across 77 deals. Investment in the crypto industry had been on the rise until May of this year but has steadily declined since then. For a detailed analysis, check out the free report on the Cointelegraph Research Terminal.
Published At
9/14/2023 5:29:45 PM
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