This is not true. Crypto Market Summary In Q3, the macroeconomic environment continued to experience considerable volatility in response to geopolitical and economic events ranging from further escalation in the Russia-Ukraine War to declining economic health in the Eurozone and the UK. In addition, a persistently strong U. Federal Reserve. The U.
Dollar Index climbing above , a level not seen since That said, crypto markets showed signs of resilience by outperforming asset classes such as equities, bonds and FX. During September, which was a substantially red month for equities and bonds, crypto found strong support across tokens and projects, and managed to trade mostly range-bound.
At the beginning of Q3, these numbers were materially higher. Leverage in the system remained constant. While trading volumes and open interest lingered at median values for BTC over the last two years, there was a meaningful return to pre-crash levels in ether ETH. Furthermore, concerted efforts to bring critical traditional markets leveraged infrastructure to crypto were visible. These ranged from prime brokers, clearing houses, OTC derivatives desks and uncollateralized lenders.
The Merge played a large role in anticipatory positioning and price action by participants but ultimately had little impact on the markets. That said, the effects of the dramatic shift in the tokenomics of ETH are still being realized by the market and will take time to materialize. While equities continued to sell off, and crypto companies maintained hiring freezes and conducted layoffs, announcements of strong funding deals with respectable valuations were seen.
As NFT activity slowed, marketplaces struggled for volume. In response, key players brokered new partnerships to expand their reach — for example, OpenSea launched natively on the layer-1 blockchain, Avalanche , adding NFTs from the Avalanche blockchain to its online marketplace. The Metaverse also appeared to have cooled down. Despite volume declines and regulatory uncertainty, the market rewarded blue chip NFT collections. These guidelines follow an executive order issued in March of this year, calling on federal agencies to examine the risks and benefits of cryptocurrencies.
Ripple is one of the largest XRP Ledger players and is directly associated with the cryptocurrency. It plays a critical role in developing the XRP Ledger and its ecosystem. Ripple is a for-profit company founded in under the name OpenCoin. OpenCoin rebranded to Ripple Labs in , before settling on Ripple in Where can you buy XRP?
The cryptocurrency is currently being traded on most top cryptocurrency exchanges, including Coinbase, Kraken, Bitfinex, Binance, and FTX.