Although cryptocurrencies are going through a big bear market, fund-raising activity in the blockchain industry is showing little sign of slowing, even in the Asian financial hubs of Hong Kong and Singapore. Top cryptocurrencies such as Bitcoin and Ether are down by nearly 70 percent from their peak, the latter having lost nearly half of its value in the past two months alone, with regulators and economists who had been dismissing the claim, put forward by many die-hard believers of Bitcoin, that the virtual currencies will soon replace dollar and yen as main currencies a pipe-dream, feeling vindicated.