This is a weekly feature that will review your week in crypto, blockchain, and Web3, offering insights and analysis. Check out our previous column here.

Final funding figures for Web3’s startup from last year are in, and it doesn’t paint a rosy picture for founders in the space who may be looking to raise money this year.

Funding dropped significantly and fell like a rock in the fourth quarter.

That’s not a surprise considering the headlines surrounding cryptocurrencies and the general slowdown in venture capital right now. The FTX scandal alone would be enough to violently shake the crypto segment of the Web3 industry.

However, something strange is happening on the crypto front as well. Both ether and bitcoin are at prices they haven’t seen since before FTX filed for bankruptcy. Bitcoin is now above $2,100 and ether is above $1,500, prices not seen since early November.

While it is too early to call it a rally, it does speak to the resilience of cryptocurrencies. All the negative news about FTX and the fight between Genesis and Gemini has not been able to slow down cryptocurrency prices, which have been on the rise since the beginning of the year.

As we mentioned in the Web3 funding article, it’s hard to predict where funding will go this year, but a rising crypto market wouldn’t affect how investors view the market and the risks they might want to take on young startups. .

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Illustration: Dom Guzmán