Bitcoin slides below $25,000, and the crypto venture capital outlook for 2023: CNBC Crypto World
- Bitcoin’s price falls below $25,000 after a weekend rally
- FTX Japan allows asset withdrawals, and Chinese crypto companies are returning to Hong Kong due to low-key support from Chinese officials
- Crypto scammers are using smart contracts to trick investors into buying fake tokens related to OpenAI’s Chat GPT
- Venture capital investment in the crypto space has declined since scandals and bankruptcies hit the industry hard in 2022, with deal activity dropping sharply in Q4
- VC Investments are expected to continue to drop in the coming months, and investors are being more selective with the companies they want to invest in.
Bitcoin’s price falls below $25,000 after a weekend rally
Bitcoin, the world’s biggest cryptocurrency, has slid below $25,000 after rallying over the weekend. At noon Eastern time, Bitcoin was trading above $24,000 while Ether was higher than $1,600 and Cardano fell three percent to 39 cents. Meanwhile, Hong Kong’s crypto hub ambitions are reportedly winning “under the radar” backing from Beijing, with Chinese crypto companies possibly returning to the territory. China’s liaison office and other officials have attended Hong Kong’s recent crypto events over the past few months, Bloomberg reported. The low-key support signals that Chinese officials are planning to use the city as a testing ground as they keep tight control on any activity related to digital assets on the mainland.
FTX Japan allows asset withdrawals, and Chinese crypto companies are returning to Hong Kong due to low-key support from Chinese officials
FTX Japan has announced that customers can withdraw deposits of crypto assets and fiat currency starting from today, three months after the crypto exchange filed for bankruptcy and those assets were frozen. FDX Japan said customers could now withdraw assets through a crypto exchange it bought one year ago called Liquid.
Crypto scammers are using smart contracts to trick investors into buying fake tokens related to OpenAI’s Chat GPT
Moreover, hundreds of fake tokens branded after the generative AI platform OpenAI’s chat GBT have launched in recent weeks, according to Coindesk. About 132 tokens were listed on the BNB chain and 25 were on Ethereum as of noon Eastern. The largest of these chat GBT-branded tokens had a market cap of $291 million, according to Dex tools.
Venture capital investment in the crypto space has declined since scandals and bankruptcies hit the industry hard in 2022
Venture capital investment in the crypto space kicked off 2022 at an all-time high but took a nosedive after scandals and bankruptcies hit the industry hard. Pitchbook’s latest research on crypto VC trends shows that deal activity in crypto dropped sharply in the last quarter of 2022 compared to the rest of the year, with the lowest amount of capital raised in November and December. The report points out that the third straight quarter-over-quarter decline to $2.5 billion is the lowest amount of capital invested since 2020. VC Investments began to decline in May after the Lunar Terror collapse, followed by Guerrero’s Capital and Celsius being blocked. Pitchbook’s Robert Lay expects VC investments to continue to drop in the coming months. January activity has already proved to be lower than December. People are being very selective now in terms of the companies that they want to follow, he added.
CNBC Crypto World is a daily program that features the latest news and updates from the digital currency markets. The show provides viewers with a look at what’s ahead in the ever-changing crypto industry, with high-profile interviews, explainers, and unique stories.
Chapters:
00:00 – CNBC Crypto World, Feb 21, 2023
0:21 – Bitcoin dips after weekend rally
0:35 – The headlines
3:00 – Crypto VC trends
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