The combination of tight regulations and rising interest rates in the US has led to a $417m outflow from the crypto industry in the past eight weeks, causing companies to rethink their business strategies. Crypto exchange Binance is launching a subscription-based cloud mining product for Bitcoin, while venture capital firm Andreessen Horowitz is opening its first office outside the US in London, citing a “predictable business environment” as one of the main factors behind the decision. Meanwhile, CoinShares’ latest weekly report revealed that cryptocurrency investment products experienced outflows of $88m last week, marking eight weeks of outflows totalling $417m.
