Crypto VCs Dabble In $2.6 Billion Worth Of Deals In Q1 2023
13 Mai 2023 - 11:50AM
NEWSBTC
Despite the prevailing bearish trend in the crypto market, venture
capital firms consummated several deals worth billions in the first
quarter of 2023. Data from PitchBook’s Crypto Report for Q1 2023
disclosed that crypto firms generated $2.6 billion through 353
investment rounds. Though the level of deals from the
companies indicated the viability of the crypto space, there’s
still evidence of its weakness. Report Highlights Declines In The
Number And Value Of Investment Deals According to the report, the
first quarter of 2023 had the lowest amount of capital invested in
the crypto space since 2020. Related Reading: Will Listing Of Floki
Inu On Brazil’s Largest Exchange Boost Meme Coin’s Price? The total
deals declined by 12.2% from the last quarter, while the
quarter-on-quarter deal value dropped by 11%. The report
highlighted that Q1 2023 marks the fourth consecutive quarter of
dipping investment activity for VCs. Notably, the number and
value of VCs deals decreased by 64.4% and 78.0%, respectively, from
the same quarter in 2022. Further, the report indicated a mix in
the valuation trends. Seed and late-stage rounds grew by 33.3% and
209.2%, respectively, compared with the full year of 2022. But
early-stage rounds plummeted by 16.7% during the same period. Also,
the report noted that the crypto bearish trend could continue. But
the space still has some positive outlooks currently. For
instance, layer 2 scaling solutions have been doing great,
maintaining their growth from last year. The data highlighted a
blockchain-based firm, Blockstream, that raised $125 million for
funding a Bitcoin mining infrastructure. Also, another
company committed to developing zero-knowledge Ethereum Virtual
Machine scaling solutions, Scroll, has done well. The firm raised
$50 million in a late-stage VC round. Overall Decline In The Crypto
Market The crypto market has continued to show red charts as prices
of most assets witness more losses. Subsequently, the cumulative
crypto market cap declined over the past 24 hours. Also, the total
crypto market volume plummeted 8.10% within the past 24 hours to
$42.75 billion. The primary crypto asset Bitcoin has been
struggling within the past few days. According to data from
CoinMarketCap, Bitcoin’s price has continuously declined for the
past week. Related Reading: Ethereum Loses Grip On $1,800: Will The
Bulls Barge In To Save The Day? The token dropped from the $29,000
region to the $26,000 level. The seven-day price action shows that
BTC plummeted by over 9%. At the time of writing, Bitcoin is
trading at $26,759 after losing minor gains over the past 24 hours.
Its market cap now sits at $511 billion, with a market dominance of
46.30%. The altcoins are also seeing a declining price trend.
Ethereum plummeted by 0.21% in the past 24 hours as the price moved
to $1,800. Its seven-day active price shows a dip of over 7.40%.
-Featured image from Pixabay and chart from TradingView.com
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