Wednesday, February 28, 2024
Wednesday, February 28, 2024
Home » Global Investment Witnesses Significant Decline in Cryptocurrency Sector

Global Investment Witnesses Significant Decline in Cryptocurrency Sector

by Arnav Perez
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Private investment in the field of digital currencies has significantly dropped in 2023 due to the scandals, banking crisis and legal uncertainty of this sector.

Bloomberg News Network citing the data of PitchBook Research Institute on Sunday reported that the global investment has considerably decreased in the current year in 2023 because of scandals, banking crisis and legal uncertainty in this field.

Global Venture Investment Capital (VC) reached $2.4 billion in the first quarter of the current year in 2023 (January to March) for cryptocurrency startups, regarded an all time low level since 2020, PitchBook added.

These figures indicate 80 percent drop of Venture Capital (VC) of the private sector as compared to the same period of last year.

After the bankruptcy of FTX Cryptocurrency Exchange, crypto startups have faced tougher condition for attracting capital as well.

According to the report, the conversion of cryptocurrency transactions to capital has now become slower.

Source : Tasnim

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