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Today’s Cryptocurrency Headline

According to Blockdata statistics, disclosed crypto company financing reached $6.586 billion during the third quarter of 2021, containing about 339 deals, while the second quarter continued to hit a record high. The first and second quarter figures were $3.83 billion and $5.131 billion, compared to just $3.802 billion raised in 2020. Venture capital has invested more than $10 billion in crypto companies this year, up more than 160% from 2018, the previous peak year, according to PitchBook. 

Axie Infinity developer Sky Mavis raised $150 million at a $3 billion valuation, led by A16Z. ConsenSys, an Ethereum technology company, raised $65 million in April from investors including JPMorgan Chase, Mastercard, UBS and others. ConsenSys expects its incubated MetaMask could grow to $1 billion in annual revenue next year. It was also revealed that MetaMask already has more than 10 million monthly users.

Bingbon’s Bitcoin Chart

Bitcoin is now less volatile, trading sideways in the $54,500 – $56,000 range. The narrow range indicates that Bitcoin price is likely to face larger gains or declines in the short term. Near-term pressure is around $58,000. Once BTC breaks through this position, it will continue towards the $60,000 target. Conversely, if BTC falls below $54,500, it will have to seek further support around $51,500. Any positive or negative news will further magnify price volatility.