Harvard Cryptographer Believes Cryptocurrency Is Honestly Useless

The crypto market still down by 82 percent since its all-time high at $813 billion due to the prolonged bear market that started last year in January. However, the crypto industry is seeing progress and in today’s crypto news we analyze how that is possible.

The value of the crypto market came down from its $813 billion position but with the help of some of the major financial institutions globally, the crypto industry has seen a lot of progress mainly in regulation, adoption and institutionalization. The reports show that Pantera Capital and XRP Capital which are among the major funds in the crypto market, managed to finalize a $175 million fund and a $100 million fund with some brand new capital.

The rule is, during a bear market, companies, projects and companies often crash along with the interest for the sector. Google Trends show that the general interest for cryptocurrencies dropped immensely over the past 12 months. When interest drops, the inflow of capital from investors and investment companies also decreases so many projects suffer and get shut down.

However, the larger number of projects in the crypto market, show that they were able to raise new capital and expanded during the worst crypto winter ever witnessed. The Inflow of capital did drop over the past 15 months but quality projects and investment companies are still raising enough capital to bring a functioning product.

Pantera Capital, for example, one of the first billion-dollar investment firms in the sector, raised millions of dollars during the bear market because investors were confident enough to believe the quality projects. An investor at the company wrote:

 “We have raised $160mm of the $175mm target for Venture Fund III. We’re wrapping up the final close this month.”

The team pointed out that in the following months, the company will urge investors to target businesses that emerge from the crypto market. Parts of the world such as Southeast Asia show a massive increase in crypto adoption in the recent years. For example, Philippines use the biggest crypto exchange Coins.ph and other bill payment platforms in the region.

During a bear market, investors are eager to invest in companies that have better structure and are more efficient in dealing with growth and regulation compliance.