Author: BitMEX Source: X, @BitMEX Translation: Shan Oppa, Golden Finance
2023 is really a year of ups and downs. It heralded the end of the crypto winter, with the total cryptocurrency market capitalization now reaching $1.7 trillion, Bitcoin hitting a new 12-month high, and the Federal Reserve announcing a halt to interest rate hikes.
From the banking crisis to Bitcoin spot ETFs and meme coins, the year has been an emotional rollercoaster.
The following are our top ten important moments for cryptocurrency in 2023
Markets enter the new year on a bearish note, leaving 2022 with heavy baggage. The economy is still grappling with the fallout from six Federal Reserve rate hikes, COVID-19, and the collapse of one of the largest exchanges in the cryptocurrency space, FTX.
As we enter 2023, everything is not looking good on the macro, micro, and crypto front.
Then came the crazy money printing in March. Inflation and interest rate risks are at their peak, and banks are struggling to pay interest on long-term debt amid higher costs of capital. The federal government's money-printing program was called the (Bank) Savings Protection Scheme, and customers began withdrawing cash at a rapid pace.
The result? Institutions such as Silicon Valley Bank, Silvergate, Signature Bank and Credit Suisse came crashing down within weeks.
Silvergate here is that this is good for cryptocurrencies. The failure of traditional financial institutions means that many people are starting to see Bitcoin as the best way to escape the inflationary fiat currency system. After the news broke, $BTC surged from the $20,000 range to over $30,000 within a month. Things are starting to look up.
Traditional financial giants like Blackrock and Fidelity began Apply for a Bitcoin spot ETF, which means institutional demand is returning. This is important because approval means the general public can easily gain exposure to crypto assets through ETFs.
Just the news of the application is reflected in the BTC price (not referring to fake news posted by interns on Twitter), BTC has risen steadily since January 180%.
Ordinals technology provides another round of boost to the Bitcoin ecosystem - the number of inscriptions reaches a record high of 48 million. This is a critical moment to validate network capabilities and expand potential application scenarios.
FTX incident Later, regulators initially adopted a "one size fits all" approach, fearing a similar situation would happen again, and launched attacks on multiple cryptocurrency companies (such as Kraken, Coinbase, Ripple). Over time, it became clear that this approach was unsustainable.
Regulators can no longer escape enacting separate cryptocurrency laws.
@coinbase and @Ripple make one point particularly clear: not all cryptocurrencies are equivalent to securities. Ripple’s victory in their lawsuit against the SEC is huge not just for themselves, but for the entire industry – now it’s clear to the SEC that they need to start clarifying the difference between securities and non-securities.
As Bitcoin rebounds, meme coins also Active again – $DOGE, $SHIB, $PEPE and more are all up. This means that the meme coin craze of 2021 is not a flash in the pan.
The most noteworthy in this category? $BONK – the first Dogecoin on the @Solana platform, has seen its market cap soar to $2 billion in just six weeks.
In November, the verdict of the #SBF trial further strengthened the Cryptocurrency confidence. SBF was found guilty of all seven counts, including money laundering, securities fraud, and could face up to 115 years in prison.
Why is this important? It shows that there are consequences for inappropriate behavior. It prompts companies to start prioritizing accountability and transparency. That’s why BitMEX prioritizes releasing #PoRL every two weeks.
Similar to meme coins, with the rise of Bitcoin Recovery, altcoins are also starting to reappear. $SOL stands out in particular, up more than 500% since Q1 – an impressive feat considering it was once closely tied to SBF.
This can be attributed to the Solana ecosystem’s ongoing commitment to building and launching projects such as @jito_sol , which reintroduced airdrops, mining, NFT minting, and more.
At the end of November, surprising news spread Come: Binance’s @cz_binance resigned as CEO due to anti-money laundering and unlicensed remittance issues. They were also forced to pay more than $4 billion in fines.
Compared to the FTX incident, the penalties against Binance are much less severe. This gives them enough space to turn over a new leaf, restructure compliance policies, and move forward. It also shows how far the industry has come since the setback in 2022.
Pre-IEO is a way for traders to list tokens A way to participate in token price discovery before official listing or anticipated airdrop. Eliminates the need to be an early investor in a project or participate in airdrop mining/farming.
As a result, this approach has gained popularity this year, providing traders with a new way to profit from token launches. BitMEX is at the forefront of the pre-IEO listing wave, launching more than 7 pre-IEO futures contracts in 2023 alone.
The cryptocurrency rally has only just begun. Looking back at previous market cycles in 2015 and 2019, it seems likely that the next green candle will occur in 2024 (see below).
Most importantly, the TradFi giant's interest in Bitcoin spot ETFs, real world assets (RWA) and blockchain technology shows that traditional and emerging technologies are converging . The recent surge in Bitcoin prices has set the cryptocurrency on an upward path, with 2024 poised to be a pivotal year for the industry.
At BitMEX, we believe 2023 is a time to build and prepare for the next bull market. This means more contracts, platform features and upgrades to bring the best trading experience to our users.
Coingecko's study suggests selling airdropped tokens within 14 days for maximum profit. Market dynamics show varied results based on market conditions, with bullish trends potentially returning in 2023 and 2024.
Huang BoGamefi, when the Web3 narrative winter comes, are games the "fire" in the winter? Golden finance, finance and games will be the first scenarios where blockchain will be implemented.
JinseFinanceOf the 50 largest airdrops, 23 (46%) recorded token price peaks within two weeks of the airdrop date. This suggests that the best time to sell airdrop tokens may be within 14 days of receiving the airdrop tokens for maximum profit.
JinseFinanceJinseFinance上一轮熊市里，币安的IEO（Launchpad） 是普通人对抗风险最好的选择之一。这轮熊市，是否还能再次重演？
Tech Flow由于加密寒冬，Solana在2022年的大部分时间里都处于下滑状态，但在2023年开始却迎来了一个积极的开端。Solana一直是加密货币市场好转的受益者，近期的加密市场走势也使其继续攀升至顶峰。
fx168newsCrypto data firm Arcane Research said that if listed bitcoin mining companies sell off a large portion of their supply, "this could push the price of bitcoin further down."
CointelegraphThe report seems to indicate that the turmoil in the crypto market has not interfered with the investment and development of some GameFi and Metaverse projects.
CointelegraphThe downturn in the crypto market has made it difficult for crypto companies to strike any new sponsorship deals with teams they spent hundreds of millions of dollars on sponsorship earlier this year.
CointelegraphAs a key technology that lays the foundation for the development of my country's digital economy, how does the blockchain industry perform in this epidemic? After the epidemic, what will its development trend be?
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