Data from research firm PitchBook indicates that private financing for cryptocurrency startups fell to its lowest level since 2020 in the first quarter of this year. Global venture capital funding for the industry fell to $2.4 billion in the first quarter, down 80% from the all-time high of $12.3 billion in the same period last year.
Robert Le, a cryptocurrency analyst at PitchBook, said the decline was not surprising, as venture capital investment has fallen across the board this year. In addition to the Fed's rate hikes, the first quarter also saw the collapse of Silicon Valley Bank, a bank widely relied on by venture-backed companies. (Bloomberg)