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PitchBook: The total amount of cryptocurrency venture capital in 2024 will reach $10 billion, nearly flat compared to 2023

ChainCatcher news, according to Blockworks, PitchBook reveals in a new report that crypto venture capital spending will remain sluggish until the end of 2024. Specific data shows that the transaction value in Q4 2024 surged to $2.4 billion, a 13.6% increase from Q3, but the number of transactions decreased from 411 to 351.PitchBook's Robert Le pointed out: "Although there has been a return of funds, indicating ongoing support from investors for mature teams and differentiated technologies, the continuous decline in the number of transactions reflects an increased selectivity among investors, a trend that has been evident since Q3."Comparing the data from 2023 and 2024, the figures are quite similar. In 2023, the total amount of crypto venture capital reached $10.3 billion, involving 1,936 transactions; while last year, spending in this sector also amounted to $10 billion, covering 1,940 transactions.Additionally, the average transaction amount in the seed stage increased by 20%, jumping from $2.5 million to $3 million; early-stage financing grew by 26%, reaching $4.8 million. However, late-stage financing saw a slight decline, dropping from $6.4 million to $6.3 million. Le stated that this reflects "founders of more mature companies turning to smaller but strategically focused funding rounds, rather than pursuing the large financing rounds that were common in the past."

Musk describes the DOGE blueprint and attempts to boost market confidence in U.S. debt

ChainCatcher news, according to Jinshi reports, Elon Musk, who leads the U.S. government's efficiency department "DOGE," recently outlined a blueprint for significant cuts to U.S. spending and regulations, including the abolition of the U.S. Agency for International Development (USAID). Musk stated in an X Spaces audio conference that a thorough cleanup of U.S. regulations is needed, revealing that his team is pushing to close this foreign aid agency established by U.S. Congress, which would be the largest reduction plan to date.Additionally, Musk announced that he will have a dialogue with JPMorgan CEO Jamie Dimon this week, attempting to persuade the bond market that his "DOGE" cost-cutting plan can enhance market confidence in U.S. debt. Any signs of significant spending cuts and improvements in the fiscal deficit are good news for investors betting on a decline in U.S. Treasury yields. This nearly hour-long audio discussion was Musk's first detailed talk about the "DOGE plan" since Trump's election victory, with participation from Republican Senators Joni Ernst, Mike Lee, and former "DOGE" co-chair Vivek Ramaswamy in this free discussion.Analysts believe that Musk's intensive actions two weeks before Trump's administration indicate that the authority of "DOGE" has far exceeded the scope of the executive order that created the department—this order only required it to "improve government efficiency and productivity by upgrading federal technology software."
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