Ripple recently released its Q3 2023 XRP Markets Report as part of the company’s efforts to provide transparency and updates on “key industry developments and crypto markets movements.” The report also highlighted some of the impressive strides the company made in the third quarter of this year.
How The Crypto Market Fared in Q3 2023
The report noted that the crypto market was majorly unaffected by trends in the broader macro assets and, instead, reacted majorly to industry-specific news and flows of capital. To back this up, Ripple mentioned that Bitcoin decoupled from stocks as BTC’s correlation to the S&P hit historic lows at 0.23 throughout the third quarter of this year.
Meanwhile, certain market developments affected asset prices and liquidity in the market. Ripple highlighted how $686 million was lost to hacks, rug pulls, and scams in the crypto market. One notable occurrence was when there was a hot wallet security breach on the crypto exchange HTX, which resulted in a loss of $8 million (although the funds were later recovered).
Lack of liquidity in the market is said to be one of the factors that has contributed to the low trading volumes being experienced across all assets. Many believe that the approval of the pending Spot Bitcoin ETFs could help drive a new influx of new money into the market.
However, while…
