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Crypto firms raised a record $30 billion in venture capital (VC) last year, accounting for 7 percent of total global venture capital, Morgan Stanley said in a report on Tuesday. Despite the recent drop in the cryptocurrency market, the industry still has a high number of transactions. However, deal activity is likely to decline, mirroring trends in other venture capital categories, the report said. The number of VC cryptocurrency investments peaked in December. The bank said that if the crypto industry matches other industries, the total amount of venture capital in the crypto industry could fall by as much as 50% by the end of the year.
According to DefiLlama, the total value locked of the entire DeFi market has dropped from the highest point of $189.51 billion on April 19, 2022 to $113.77 billion today, a drop of 39.9%. Bitcoin price is almost flat over the past 24 hours. The largest cryptocurrency is experiencing a relief rally after several weeks of decline, and the relative strength index (RSI) has risen above the 50 nurture level. For now, the bulls are attempting to sustain the price above the 20-day exponential moving average (EMA) ($30,838). If bulls manage to do so, the relief rally could take the price to $33,000.
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