Investments in crypto startups have fallen for the fifth consecutive quarter, while bitcoin has rebounded by around 55% this year.

During the first half of 2023, investments fell by almost three quarters compared to the previous year to reach $5 billion. According to data firm PitchBook, cryptocurrency venture capitalists totaled just under $2.3 billion between April and July this year, the lowest quarterly level in over three years

PitchBook data indicates that the number of deals reached in mid-2023 was 814, a decrease of more than half of 1,862 compared to the same period in 2022. Bitcoin, which fell by 65% last year, jumped by more than 90% in the first six months of 2023 bitcoin and is now up about 55% since the start of the year, at $25,881. However, it is trading at a third of its 2021 peak of $69,000