Although the cryptocurrency ecosystem started the third quarter of 2022 promisingly, global economic developments affected the markets. However, a recent report showed that cryptocurrencies remained resilient in the third quarter. On the other hand, it was observed that active blockchain users increased by 12% compared to the previous month.
Although the crypto money ecosystem started the third quarter of 2022 with hope, the persistent inflation that many countries had to struggle with and the monetary tightening policies that followed had a negative impact on cryptocurrencies. Although notable losses were observed in cryptocurrencies, especially Bitcoin, in the third quarter evaluation of DappRadar, which publishes blockchain-focused research, it was noted that cryptocurrencies remained resistant in the third quarter despite all the developments. The overall assessment of the report was that there were signs of recovery in cryptocurrencies in the third quarter.
Sonia Shaw, Business Director of the cryptocurrency exchange CoinW, shared her views on the subject, “This year we have also witnessed major developments in the cryptocurrency ecosystem, such as the software update in Ethereum, losses in Terra Luna. On the other hand, investor concerns caused by rising living costs and interest rate hikes by central banks all over the world were also reflected in cryptocurrencies. Despite all this, market-leading cryptocurrencies such as Bitcoin and Ethereum have remained in the same price range since the end of June.”
Meta lost more value than Bitcoin
Meta, the umbrella company of platforms such as Facebook, WhatsApp and Instagram, added a new one to its losses since the beginning of the year after announcing its 2022 third quarter results. Looking at the losses since the beginning of the year, it is seen that the value of Meta has decreased by 62%. Saying that Bitcoin outperforms a technology company such as Meta, which is considered among the most valuable companies in the world and has a high potential, Sonia Shaw said, “We can say that the main reason for the losses in cryptocurrencies is investor sentiment. If dollars or treasury bonds outperform all investment vehicles in the world, an investor will channel their savings into that instrument. Considering that the performance of investment instruments is also affected by macroeconomic data, the indicators for the future of cryptocurrencies and blockchain seem durable at a time when the possibility of recession is considered very serious.”
Active blockchain users increased by 12%
Reminding that the Unique Active Wallet data included in the aforementioned report, which defines the total blockchain users in general, increased by 12% in October compared to the previous month, CoinW Business Director Sonia Shaw said, “As a crypto money exchange used by crypto money investors from 120 countries and regions globally. We have been operating continuously for years. We have officially entered the Turkish market by establishing our office in Turkey in the past months. While we take an investor-oriented approach with our 5 transaction fee policy on all spot transactions, we list cryptocurrencies as a result of long research. We offer bank-level risk control so investors can trade with confidence, and we strictly adhere to global compliance requirements. On the other hand, thanks to our smart copytrading feature, which distinguishes us from competing exchanges, we offer beginners the opportunity to track and copy the trades of master investors. With this system we have developed, we build a bridge between professionals and beginners in the futures market and make the crypto money ecosystem more accessible. We make crypto investing fun with community events designed in accordance with seasonal themes. With our belief in the future of cryptocurrencies, we will continue to add new products and services that set standards in the industry, and to offer reliable investment opportunities to our users with global first listings.
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