Digital currencies, public stocks and venture capital backing crypto startups have finally cooled down after massive growth due to the effects of an economic storm, according to Bloomberg.
Prior to the economic turmoil, cryptos' rising popularity helped set a record of $9.85 billion in venture funds raised in the first quarter. However, according to Bloomberg, that just indicated how long it would take for venture capital deals to finalize.
"Even though the crypto market started slowing down in November, December, those deals were already in discussion, so they closed in the first quarter," said Robert Le, fintech analyst at PitchBook.
The second quarter has provided a clearer picture of the effect of the economic turmoil on crypto companies. According to PitchBook, venture capitalists invested $6.76 billion into crypto companies in the period that ended in June, a 31% decline from the previous quarter.
"The crypto industry now mirrors the sluggish activity among tech and venture...
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