Crypto VC deals continue drop as activity follows bearish market prices

Venture capital deal flow into cryptocurrency startups is going in the same direction as the cryptocurrency market cap: down.
The total crypto market cap has fallen almost 59% from about $2.25 trillion at the beginning of the year to $923 billion at the time of publication, according to CoinMarketCap data.
“Deal activity tracks very closely to the crypto market cap,” Robert Le, fintech analyst at PitchBook, said to TechCrunch. “It’s a little bit of a lag, but if you overlay the crypto market cap to the amount of venture capital going into the space by quarter or month, it tracks closely.”
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