60 Global venture capital investment in crypto companies increased to $2.4 billion in the first quarter of 2024, signaling a tentative return of investor interest, according to data released on Monday. This rise follows a significant decline, with investment flows peaking at $11.1 billion in the first quarter of 2022 before experiencing seven consecutive quarters of decreasing volumes, culminating in just $1.7 billion in the last quarter of 2023, as per PitchBook data. “The crypto industry is still in its early stages, and there is a lot of room for growth and innovation,” commented Robert Le, a senior analyst at PitchBook, in a report. “Barring any major market downturns, we expect the volume and pace of investments to continue increasing throughout the year,” he added. The explosive growth of the crypto industry in 2020 and 2021 was fueled by a combination of low interest rates and high risk appetite. However, a series of bankruptcies at major crypto firms in 2022 unnerved investors and led to a significant drop in bitcoin prices. Investors in the U.S. exchange FTX had to write down their investments to zero, and millions of users were affected as various crypto platforms halted withdrawals. Over the past year, investor confidence in crypto has been gradually restored, aided by U.S. regulators approving exchange-traded funds that track bitcoin’s spot price at the start of 2024. Bitcoin has steadily recovered from its 2022 lows, reaching a new all-time high of $73,803.25 in March, although it has since struggled to find a clear direction. You Might Be Interested In Goldman Sachs Surpasses Profit Expectations, Fueled by Investment Banking CS Ahorro y Crédito Pioneers Digital Transformation with Way4 Platform Ban on Praising North Korea in South Korea Deemed Ridiculous WeWork’s Chapter 11 Bankruptcy Plan Approved: Debt Elimination and Equity Transfer Toll Brothers Announces First Quarter Results for Fiscal Year 2024 Olam Group Denies Allegations of Forex Fraud Involving Its Nigeria Unit