this post was submitted on 30 Jun 2023
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It still grew, just slower.
Interest rates went up.
With the collapse of crypto and Silicon Valley Bank (which was overleveraged in crypto), VC money isn't as free flowing. There really wasn't that much institutional money in crypto, but it's still a distablizing force and has had a ripple effect.
One correction,, SVB was not over-leveraged in crypto, they had too many government bonds when the interest rates went up, devaluing them.
That makes a lot more sense. Thank you.