According to industry projections, the cryptocurrency market in 2022 would be impacted by variables such as global monetary policy written by central banks, the Ukraine-Russia crisis, and the China-Taiwan dispute.
With 2022 coming to an end, investors appear to be wondering what the cryptocurrency market would look like in 2023. Market analysts predict that 2023 will accelerate global adoption of Web3.0, cryptocurrencies, and other underlying technologies.
According to Shufti Pro, a software business, important events affecting the cryptocurrency market in 2022 include Bitcoin and Ethereum losing over 50% of their value, FTX collapsing, resulting in a $8 billion accounting loss, and Terra Luna losing 95% of its worth, resulting in a $60 billion drain. Analysts expect that 2023 will be more focused on building a cryptocurrency-oriented framework and improving central bank digital currency (CBDC) use cases.
“I predict that global regulatory and taxation harmonisation will be two major topics in 2023. The demise of Terra Luna aims to improve the framework and speed up the establishment of more stablecoins and CBDCs throughout the world. While several pilots have begun this year, broad deployment is likely in late 2023,” Anurag Dixit, founder of Kunji, a bitcoin asset management service, told FE Blockchain.
According to industry projections, the cryptocurrency market in 2022 would be impacted by issues such as global monetary policy established by central banks, the Ukraine-Russia crisis, and the China-Taiwan dispute, among others.
According to the Institute of Entrepreneurship Development (IED), a research organisation, 2022 led to a three billion dollar loss experienced owing to crypto breaches and smart contract-based exploitations.
“I think 2022 has destroyed a big amount of money, taking off more than two trillion dollars of national capital from investors. The year 2023 is projected to be one of consolidation and growth. New initiatives are projected to materialise, and emotions may appear to improve by the end of the year.
However, how the year unfolds remains to be seen.” MuffinPay, a cryptocurrency-based firm founded and led by Dileep Seinberg, stated