A new report from PwC shows that both M&A and fundraising activity for crypto-related companies dropped significantly in 2019. Released on Monday, the report found that the total number of mergers and acquisitions fell from 189 in 2018 to 114 in 2019, while the value of said deals fell 76% from $1.9 billion to $451 million. The amount of fundraising also fell, albeit to a lesser extent, with a decrease of 40%, down to $2.24 billion, with equity raises suffering less than other fundraising types, falling 18%. The report concludes that it expects these downwards trends to continue through 2020 due to the expected global recession. Beyond this, of the acquisitions that did occur, a greater share was executed by existing crypto companies, accounting for 56% of deals, up from 42% in 2018, with the report’s author commenting that larger companies acquired smaller ones where they saw them as complementary to their existing business, stating that he expects larger companies to become “horizontally bigger” rather than “vertically bigger”.