There is no relief in sight for the crypto industry hit hard due to the market downturn and regulatory uncertainty.  Turmoil in the crypto industry continues with plunging deposits, layoffs, and lawsuits after the market crash of 2022.

The industry has noted a sharp decline in private funding for startups in the first quarter of this year. According to data from research firm PitchBook, venture capitalists (VC) are continuing to pull back from crypto.

With an 80% decline to US$2.4 billion as compared to US$12.3 billion during the same period last year, private funding has gone to its lowest since 2020 for crypto startups, reveals the data.

Rising interest rates and the collapse of Silicon Valley Bank can collectively be held responsible for dwindled venture investment in the crypto industry.

With the global economy still reeling from the pandemic and market uncertainties, many employees are feeling the pinch of the ongoing economic downturn. The crypto industry is no exception to this trend. As the industry continues to stay afloat amidst significant changes, companies are re-evaluating their business models and strategies to be ahead of the competition.