For venture capitalists, the scars of bitcoin's disastrous 2022 run deep.
While breezy bitcoin has bounced back, leaping by about 55% this year, investments in crypto startups have dropped for the fifth straight quarter.
The number of deals that were sealed by the halfway mark of 2023 was 814, down by more than half of 1,862 from the same period in 2022, PitchBook data showed. Bitcoin, which fell 65% last year, jumped over 90% in the first six months of 2023 bitcoin and is now up about 55% year-to-date, at $25,881. Still, it is trading at a third of its 2021 peak of $69,000.There has also been a shift in the type of VC investment targets, according to the PitchBook data.
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