Global Hive Buzz

Venture funds in the crypto space anticipate a rebound in 2024, yet the availability of capital remains constrained.

While the outlook for venture funds and startups seeking capital appears more favorable in the markets, insiders in the industry inform Cointelegraph that the availability of funds is still tighter compared to the previous bull cycle. Although public markets, including stocks, bonds, and securities, continue to attract investments, private markets such as venture capital funds might experience a decrease in accessible funding.

In 2023, BitKraft, for example, secured $220.6 million for its second token fund, falling short of its $240 million target, as per records from the United States Securities and Exchange Commission. Despite this, startups, particularly those in the early stages, could face additional challenges. Adam Struck, the founder of VC firm Struck Capital, notes that funds typically seek businesses with proven models ready for growth in the upcoming months.

Struck also anticipates a positive year for the gaming industry and the decentralized finance (DeFi) space, as there is a projection of increased institutional capital flowing into these areas. He expressed optimism about Web3 gaming, expecting it to thrive as numerous innovative games with seamless blockchain integrations go live.

Two unconventional presidential candidates are still championing the cause of cryptocurrency, along with an unexpected wildcard in the mix.

On January 21, DeSantis, the Republican opponent of central bank digital currency (CBDC) and a former supporter of Bitcoin, concluded his campaign as he acknowledged a lack of a clear path to victory. He threw his support behind the Republican Party frontrunner, Trump, in the process.

Six days prior, on January 16, Vivek Ramaswamy, a vocal pro-crypto GOP candidate, also withdrew from the presidential race and endorsed Trump.

With these departures, only two candidates with publicly known pro-crypto positions seem to remain — Democratic Party candidate Dean Phillips and independent Robert F. Kennedy Jr.

Phillips, a relatively lesser-known representative from Minnesota, expressed at a crypto-related forum in December 2023 that Trump and President Joe Biden are not the right leaders for crypto and emphasized the importance of not stifling innovation in the U.S.

On January 17, Trump declared his opposition to the creation of a CBDC, but despite this statement, Perianne Boring, the founder and CEO of the Chamber of Digital Commerce (a crypto advocacy group), mentioned to Cointelegraph that Trump's crypto stance "remains unclear at this time," and his previous administration did not have a "strong track record of being pro-crypto."

The Terra developer, Terraform Labs, initiates the Chapter 11 bankruptcy filing.

In documents submitted to the court on January 21, Singapore-based blockchain firm Terraform Labs revealed liabilities in the range of $100 million to $500 million. Noteworthy among the creditors holding significant unsecured claims are Alexander Svanevik, the CEO of Nansen at Standard Crypto, and Ashley Swaren, a commercial lead at TokenTerminal Rasmus Savander.

The filing is expected to enable the company to implement its business plan while navigating through ongoing legal proceedings, which include "representative litigation pending in Singapore and U.S. litigation" involving the U.S. Securities and Exchange Commission (SEC), as stated by Terraform Labs in a released statement cited by Reuters.

After this announcement, the price of LUNA experienced a decline of over 5%, reaching $0.62 according to CoinGecko data.

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