Binance Research: Activity on L1 generally declined across the board in Q3 Binance Research released the Q3 State of Cryptocurrency. The report noted that Q3 was a challenging quarter, with the total market value of cryptocurrencies falling 8.6% month-on-month in a challenging market environment. Despite this, institutional adoption continues to gain traction. Layer1 and Layer2: Activity on L1 generally declined across the board. Ethereum L2 showed signs of a revival as the launch of Base boosted trading activity; DeFi: DeFi total value locked (TVL) fell 13.1% month-on-month to $38.5 billion due to low DeFi yields, a risk-off environment, and falling ETH prices; NFT: Q3 was the worst quarter for NFT sales in nearly three years, with sales of $299 million. This can be attributed to the decline in the reserve price of most collections and the price of ETH; Games: The gaming sector is led by BNB Chain, Ethereum, and Polygon, accounting for approximately 66% of the market share (by number of games). EY: People buy Bitcoin as an asset rather than a payment tool Paul Brody, EY Global Blockchain Leader, discussed the prospects for cryptocurrency adoption. Brody said that people buy Bitcoin as an asset rather than a payment tool. Skybridge Capital founder predicts Bitcoin valuation could increase 11-fold if BlackRock Bitcoin ETF is approved
Skybridge Capital founder Anthony Scaramucci predicts that Bitcoin’s valuation could increase 11-fold if BlackRock’s spot Bitcoin ETF is approved.
The probability of the Federal Reserve keeping interest rates unchanged in November is 96.1%.
According to CME's "Fed Watch": the probability of the Fed keeping interest rates unchanged in the range of 5.25%-5.50% in November is 96.1%, and the probability of cutting interest rates by 25 basis points to the range of 5.00%-5.25% is 3.9%. The probability of keeping interest rates unchanged in December is 73.0%, the probability of cumulative interest rate hikes of 25 basis points is 24.1%, and the probability of cumulative interest rate cuts of 25 basis points is 2.9%.
The average number of Bitcoin transactions per day has dropped 46% since mid-September. Dune data shows that since mid-September, the number of Ordinal inscriptions minted has dropped significantly, resulting in a decrease in the number of Bitcoin transactions confirmed daily. The number of inscriptions minted plummeted on September 24, 2023, and has not rebounded since then. As of block height 813,333, the number of inscriptions minted was 35,377,327. From September 1 to September 15, 2023, the average number of Bitcoin transactions per day was 528,503. This month's situation is completely different: from October 1 to October 21, 2023, the average number of daily transactions was 284,704. This means that the average number of daily transactions in the first half of September was 46.13% higher than in the first three weeks of October. In September 2023, the average number of confirmed Bitcoin transactions per day was about 489,165. In August, the average number of confirmed transactions per day was 464,969; in July, it was 455,893; and in June, it was 404,906. So far in 2023, the average number of daily transactions is about 392,170; in 2022, the number was 255,085. Although the average number of Bitcoin transactions per day in October was down 46% from September, it was up 53% from the same period of the previous year. Bitcoin's dominance in the crypto market has increased to more than 49%, hitting a two-year high. According to The Block, Bitcoin's dominance in the cryptocurrency market has increased to more than 49%, hitting its highest point in more than two years. Bitcoin's dominance has steadily increased, from about 38% at the beginning of the year to 48.85% on October 21, the highest level since April 2021. This surge in dominance can be attributed to the year-long rally that has seen Bitcoin's price surge 81% since the beginning of the year. $BTC