Crypto Winter Arrives: Funding Dries Up, Valuations Plummet, and Weaker Players Wipe Out After 2021 Peak
• Crypto industry saw major turmoil in 2022-2023 with institutions failing, valuations dropping, and investors fleeing
• Fundraising was difficult for crypto startups and VCs in 2023 due to valuation corrections and down rounds
• Weaker crypto businesses funded in 2021 hype cycle failed as climate got drier in 2023
• FTX blow up in Nov 2022 caused many funds to halt new crypto deals
• Early-stage crypto deals declined but competitive rounds still receiving high valuations in 2023