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Crypto's Biggest Backers May Be Priming the Pump

The spigot continues to flow for crypto startups.

The spigot continues to flow for crypto startups.

Photographer: Jake Schoellkopf/Bloomberg

Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Hannah Miller follows the money in crypto startups: 

Springtime for crypto? It doesn’t seem that way. The price of Bitcoin is down about 40% from its all-time high of $69,000 in November and the token remains stalled in a range. Hundreds of millions of dollars’ worth of digital-asset hacks are swamping headlines. Coinbase Global Inc.’s stock price is struggling even after the launch of its NFT marketplace. There’s also the looming specter of regulation. Taken together, it feels a lot more like a crypto-winter chill.