What Bear Market? Crypto Startups Raised $115M Last Week
More than $115 million was raised last week alone across a number of crypto startups.
The largest raise of the week was blockchain game studio Proof of Play which netted $33 million in a round led by Andreessen Horowitz.
The firm will use the funding to fuel the growth of its invite-only, on-chain pirate role-playing game, Pirate Nation. Its ambition is to create a decentralized “Forever Game” that does not rely on creator intervention or external servers to continue to operate.
Crypto VC Still Healthy
Bastion, an enterprise-focused crypto custody, wallet management, and digital asset trading firm, raised $25 million. The Web3 startup was launched by two former executives from a16z’s crypto division.
The aim is to enable companies to integrate Web3 infrastructure into their existing enterprise technologies.
Jiritsu raised $10.2 million to further its mission of revolutionizing blockchain solutions with the firm’s groundbreaking Unlimited Verifiable Compute (UVC) technology. It also unveiled its flagship product, a revolutionary asset tokenization platform called Tomei RWA.
Crypto Startups raised $115 million across various verticals last week :
Proof of Playan, an on-chain game studio, raised $33 million.
— Hercules | DeFi (@Hercules_Defi) September 24, 2023
Fuse Finance raised $14 million last week for a service to allow financial institutions the ability to offer regulated digital asset products to customers.
Briya secured $11.5 million for a blockchain-based healthcare data exchange platform. Furthermore, CoinScan raised $6.3 million for a crypto data and analytics platform,
Other notable funding rounds over the past week include Orb, Essential, BeWater, Freatic, GRVT, and Bubblemaps.
The total raised so far in September is $277 million, according to DeFiLlama. However, it should be noted that the overall trend for crypto venture funding is down, having been in decline since late 2021 at the peak of the last bull market.
Crypto Market Outlook
Venture firms are still on the hunt for lucrative investments in the crypto sector, but that bullishness is not being reflected in markets.
Total capitalization has declined around $10 billion over the weekend. As a result, it had fallen to $1.04 trillion by Monday morning in Asia.
Bitcoin had slid 2% on the day in a fall to a 12-day low of $26,000, while Ethereum was down 1% to $1,580 earlier today.
Moreover, crypto social media had grown increasingly bearish, with plenty of predictions of a big October flush-out.
October, the most feared month of the year with the Bank Panic of 1907, Stock Market Crash of 1929, and Black Monday 1987 all during October
Economic data
Currency crisis
Russia / Ukraine escalation
China economy
FSB report proposing global rules on crypto
SEC LBRY case decision https://t.co/uxK8byrlgy pic.twitter.com/LYg0TMx9su— Seq (@CryptoSeq) September 25, 2022
The post What Bear Market? Crypto Startups Raised $115M Last Week appeared first on CryptoPotato.
Cardano: Factors That Could Drive ADA Price As High As $12
The Cardano community has been one of the fastest-growing in the crypto space and this has shone a heavy spotlight on the ADA price. With expectations mounting already even amid the crypto winter, there are key factors that stakeholders believe could drive the altcoin’s price as high as $12.
ADA Price Could Reach $12
In the last bull market, the ADA price went on a tremendous rally that saw the coin rise from as low as $0.03 to as high as $3.10 at its peak. This price action cemented the token as one of the winners of the bull, and some investors believe that the coin could be poised for another repeat of this price action. One X (formerly Twitter) user has given some points as to why this could be the case.
In the post, the user points to the current state of interaction and sentiment in the crypto market right now, which they refer to as brutal. However, they do not believe that this will always be the way things will be. According to the user, a quick change in the interaction and sentiment would lead to a rapid price increase.
At this point, they believe that most investors will end up entering the asset at a much higher price of $3 and above. This would put it at its previous all-time high. However, it doesn’t end there. They put forward that at the end of the next bull market, the ADA price would be between $8 and $12.
$ADA will be a top mover in the bull mrkt once again
But most will be jumping in above $3
Interaction & sentiment out here in #crypto is brutal at this point
But this will change very quickly – and when it does there will be drastic price movements that most won’t be able…
— ADA WON’T BE UNDERVALUED FOREVER (@ADA_ONEVETCOTI) September 23, 2023
As with any forecast, a timeframe is often asked and they responded that they expect this to happen in the second quarter of 2025. This would coincide with the current 4-year cycle that usually sees prices of cryptocurrencies topping out by Q2 and Q3.
Cardano Is In Better Shape
A prominent Cardano influencer has also painted a bullish picture for the digital asset. @cardano_whale, an account that boasts over 137,000 followers on X, said in a tweet that the Cardano network is currently in better shape than it has ever been.
They urged investors who have been increasingly critical of the network to think if they are that way because they are projecting their emotions from the ADA price action onto the network itself. “If you’ve noticed yourself become increasingly negative about it over the last year or so, consider that you might just be projecting emotions from price action onto it,” the post read.
Although ADA has not seen the most impressive performance, it has not deterred bullish predictions from analysts. One analyst explained that ADA at $0.25 was a prime accumulation price and that the price of the digital asset could climb as high as $5.
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