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A chart is worth a thousand words: the collapse of cryptocurrencies in 2023 total 3 comments

The crypto boom is dead. If record investments were made in this sector in 2022, 2023 paints a completely different picture. And heartbreaking. Regulatory uncertainty and problems with companies like FTX have destroyed all trust in this technology. And this is reflected in the stunning graphic illustrating this article.

Investment in crypto fades from one year to the next. Fortune’s analysis of Pitchbook data is very clear. All investors are fleeing the crypto industry, and few dare put money on the table to help them in 2023. Even the most bettors on crypto already believe in investing in them.

The image is incomplete, as the 2023 column only represents data up to May, but the start of the year was disastrous. Cryptocurrency companies have raised just $500 million worldwide.

98% less. The contrast in the shapes is huge. About $21,600 million was invested in such companies in 2022, but they only have $500 million in 2023. 98% less. It’s a complete collapse, showing the enormous doubts that exist in this industry.

Start again. The drop in investment brings the crypto industry to a moment equivalent to that before the Bitcoin boom in 2018. Interest seems to have passed, and this technology is now facing a new phase. With less ‘hoax’ but also with more stability as Europe currently offers with its new legislation.

The latest data from PitchBook isn’t all that catastrophic, but the disaster is obvious. According to data from the same analyst firm for the first quarter of 2023, crypto companies raised a total of $2.6 billion, which is 11% less than the previous quarter and 80% less than the same period last quarter.

In total, there would be 353 funding rounds for this first quarter of 2023. The numbers are far from the nearly 1,000 operations per quarter at the start of 2022, with more than $12,000 million invested each quarter worldwide.

Pessimism about the widespread adoption of crypto. As the report states: “Wide adoption of cryptocurrencies is unlikely until better regulations and guidelines come into effect. The lack of clear regulation is seen as a major concern and limiting factor for the industry.”

on Xataka | Bitcoin needs help: its future is in the hands of four programmers, and they are burning more and more

Source: Xataka

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