Plunging cryptocurrency prices are starting to throw a wrench into the plans of firms that deal in bitcoin and related areas, amplifying the impact of an already brutal market retreat.

Heading into 2022, crypto deal-making was hot as companies sought to stake positions in an evolving industry. So far this year, there have been 42 announced acquisitions of crypto-related companies, a pace that would exceed last year's 60 deals, according to Dealogic.