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Unprecedented Bitcoin Rally Supported by Best-Performing Quarter for Crypto and DLT Startup Funding Totaling Over $700M in Q4 2020: Report
February 21, 2021 @ 9:40 pm By Omar Faridi
The current Bitcoin (BTC) bull market has been fueling another major boom in blockchain or distributed ledger tech (DLT) startup deals.
Coinbase Ventures had launched back in 2018, which was during the extended cryptocurrency bear market that lasted from early January of that year to well into 2019. After the BTC price had surged to nearly $20,000 in December 2017 from only around $1,000 in January 2017, the flagship cryptocurrency crashed to a low of below $4,000 in December 2018.
As a digital asset trading platform, that short-lived momentum was actually good for Coinbase’s business (in the long-term). However, the decision to establish a cryptocurrency-focused VC company had less to do with the BTC price than what the market fervor had meant for innovators.