Crypto companies raised a total of US$21.3 billion in funding in 2022, down 42.5% from the previous year, according to research from CoinGecko.
The study recorded a worse decline in funding during the previous crypto winter in 2019. The total amount of investments that year landed at US$4.5 billion, down 72.3% from 2018.
The total raised for 2020 was also relatively low at US$4.4 billion. It soared to US$37 billion in 2021 when the market was on a bull run.
CoinGecko noted that the amount raised by crypto firms gradually lessened as the year went on. The industry saw US$8.7 billion worth of funding in the first quarter of 2022, with the figure eventually shrinking to US$3 billion by Q4.
The crypto industry is still reeling from a brutal 2022, having lost over US$2 trillion of its value throughout the year.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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