Revived Investor Confidence in November
November marked a significant resurgence in venture capital investment in crypto and web3 projects, with a notable 52% increase from October. This revival coincides with Bitcoin achieving another high in 2023, demonstrating renewed investor confidence in the sector.
Key Fundraising Achievements
Blockchain.com, a prominent crypto exchange and wallet provider, played a substantial role in this revival, securing $110 million in a Series E round, constituting a quarter of November’s total venture funding. Another significant achievement was by Fnality International, which raised $95 million in a Series B round, developing a blockchain-based wholesale payment system.
A Recovery from Market Lows
While November’s $467.6 million raised by web3 firms is still below bull market highs, it represents the most substantial venture funding in six months. This contrasts starkly with the lows experienced during the bear market, such as the $283 million in August.
More Than Just Crypto and Web3
CryptoCarp’s data suggests that the overall venture capital funding for the month could surpass $2 billion. However, this includes a broader range of fintech firms, not limited to strictly crypto or web3, and encompasses debt refinancing and community raises.
Observations from Dragonfly’s General Partner
Rob Hadick of Dragonfly commented on the recent uptick, noting similarities with previous bull markets in terms of deal-making and investment trends. This observation aligns with the industry’s renewed enthusiasm and rapid funding rounds.
Bitcoin’s Symbolic Price Surge
The crypto community celebrated as Bitcoin crossed the symbolically significant price of $42,069, a number resonant with internet culture and memes. This achievement is seen as a hopeful indicator of the potential end to the ongoing crypto winter and the ushering in of a bull market.
The Next Milestone: $69,420
Bitcoin enthusiasts are now eyeing the next significant milestone of $69,420, a number that has become a sort of holy grail in the crypto community. Despite coming close to this figure in late 2021, Bitcoin fell short, leaving many traders eagerly awaiting this achievement.
