PANews reported on November 13 that according to Bloomberg, venture capital in the cryptocurrency sector fell sharply in the third quarter before the election fever of US President-elect Trump revived industry sentiment. PitchBook data showed that cryptocurrency startups attracted $1.7 billion in investment in the three months ending September 30, down 31.3% from the previous quarter. The number of deals reached fell 25.3% to 392.

"We view this correction as a natural and necessary part of a healthy cryptocurrency market," PitchBook senior analyst Robert Le wrote in the report. Le attributed the decline in cryptocurrency venture capital deals to macroeconomic factors, including increased market volatility and concerns about a U.S. recession. As in the previous quarter, infrastructure projects such as new blockchains continued to be favored by venture investors in the third quarter. Le said he expects further consolidation between cryptocurrency exchanges, custodians and infrastructure companies in the future.