As per broader claims, cryptocurrencies’ growth and surging adoption are indirectly backed by the growing injection of funds for startups and other digital assets-related projects.   

In the past 30 days, the total number of funding rounds decreased by 16.11%, falling to 125 rounds, down from 149 rounds 30 days ago.

Source: Rootdata

According to Rootdata, a crypto funding data aggregator, the average funding amount raised in the past 30 days decreased by 10.41%, falling to $9.34 million from $10.42 million.

The total amount raised in the 125 funding rounds was $1.17 billion, down from $1.22 billion in 149 rounds 30 days earlier. 

By the end of August 2024, the total amount raised in 111 funding rounds was $785,308,465, a decrease of $225,315,511 from the $1,010,623,976 raised in the same number of funding rounds (111) in July 2024. 

Source: Rootdata

Although the number of funding rounds decreased from 468 in Q1 2024 to 432 in Q2 2024, the total amount raised increased from $2,549,198,647 to $2,831,934,112, indicating an 11.1% growth in funding despite a 7.7% decrease in the number of rounds.

Story Protocol has secured the largest funding in the past 30 days, raising $80 million in a Series B funding round. The round was led by prominent investors Andreessen Horowitz and Polychain, with additional participation from Adrian Cheng, Scott Trowbridge, and other notable investors.

Other Market News Updates

In a recent report, the Finance Ministry of Indonesia asserts that it has gathered a surge in taxes from the digital economy from 2022 to August 2024. 

In this period, the Indonesian government collected around  Rp27.85 trillion in taxes from the digital economy, including e-commerce, cryptocurrency taxes, peer-to-peer lending or online loan taxes, and other related sectors. 

Singapore, the claimed evolving cryptocurrency hub, has recorded a milestone in the region’s payment and adoption of stablecoins. In Q2, 2024, payments in stablecoins grew by over 95%, reaching $1 billion. 

Experts claim that the surge in stablecoin adoption and transaction is fueled by the improved efficiency and low transaction cost offered by leading stablecoins in the market, including USDT, USDC, and DAI. 

Legalizing cryptocurrencies and related products has been a debatable topic in the United Kingdom in the past few days. But as of September 13, 2024, a UK court classified Tether (USDT) as property under the law.

The court concluded that Tether (USDT) can be regarded as property under English Law. After a full trial, this is the first time a court has held that a cryptocurrency is a property.

In a September 12, 2024 news article, Todayq reported that Banco Bilbao Vizcaya Argentaria(BBVA), a giant Spanish multinational banking group, has further opened up its crypto services in Switzerland by listing USDC. 

The report further states that the move to list USDC reflects the banks’ intention to explore cryptocurrencies’ potential, including stablecoins and other related products. 

Crypto Market Price Update

As of writing, the fear and greed index powered by CoinMarketCap was at 33, reflecting a fear sentiment in the market; at the same time, the cryptocurrency market capitalization was $2.04 trillion with an intraday decline of 0.81%. 

Worldcoin (WLD) prices have surged over 5.50% in the past 24 hours, reaching $1.50;  as per speculation, the spike in price is supported by the recent agreement of OpenAI in the artificial intelligence industry. 

Bitcoin lost 4.67% of its trading price monthly, reaching below the mark of $60k; until publishing, it was trading at $58,082 with a decline of 20% in trading volume. The ongoing U.S election is regarded for the surging volatility in the broader market. 

However, some analysts claim that the massive sell-off and funds outflow have directed the decline.