The quantity of funds raised by cryptocurrency companies dropped to a three-year low of US$2.1 billion within the third quarter of 2023, in line with a brand new report printed by on-chain intelligence agency Messari.
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- Most investments have been targeted on early-stage funding rounds, with seed funding accounting for a complete of US$488 million raised over 98 rounds.
- Collection B and later-stage investments fell to a 1.4% deal share in Q3, down from 8% in This autumn 2020.
- “That is indicative of strategic bear market positioning as buyers try and fund initiatives with uneven upside that may return larger multiples when market sentiment ultimately shifts in a optimistic route,” Messari stated in its report.
- The worldwide crypto market capitalization is down 63% from its all-time excessive of US$3 trillion in November 2021.
- The bear market has brought on monetary difficulties for a number of notable crypto firms, resembling New York-based crypto intelligence agency Chainalysis, which reportedly reduce 150 workers this week.
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