What crisis? Venture capitalists bet big on crypto

The data suggests a solid faith in the future of crypto and blockchain tech

A double whammy of macroeconomic headwinds and blow-ups at major projects this year have seen bitcoin plummet about 65% from its November record of $69,000, with the overall value of the crypto market tumbling by two-thirds to $1 trillion.

“This will get a lot worse - we’re a couple of months into this cycle. In the last cycle the pain for those looking for funding was about 12 months.” Rumi Morales, director of investments at Digital Currency Group, a major American VC, said the data reflected increasingly robust faith in the crypto and blockchain sector.

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