Who could have imagined, a year ago, the tumultuous events that crypto has witnessed in 2022?
From the collapse of the Terra network in May to the implosion of the crypto exchange FTX in November, the storm has also taken financial backer BlockFi and hedge fund Three Arrows with it and thrown them into courts.
But what does 2023 have in store for us? Is the contagion effect coming to an end, or should we expect further fallout? BeInCrypto’s international team has chosen to give you their opinion on what to expect.
Crypto regulation on the horizon?
Nicholas Pongratz, editor:
- 2023 could be a breakthrough year for decentralized exchanges (DEXs) as customers tire of centralized exchanges (CEX) scandals.
- As a result, more consumers will be aware of features of DEXs, such as smart contracts (smart contracts).
- Greater institutional integration of decentralized finance (DeFi) characteristics into traditional financial markets.
- DeFi will also play an increasing role in the creation of digital identities through non-fungible tokens (NFTs) and crypto wallets.
- The total value locked (TVL) on DeFi protocols will go back to at least $125 billion.
- Crypto scams, which have multiplied over the past year, are likely to continue.
- Just like last year, most stolen cryptocurrencies will be acquired through DeFi.
- An increase in crime on the metaverse could attract more attention from the authorities.
- The US Congress will finally pass a relatively comprehensive regulation of crypto.
- The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CTFC) will do a better job of regulating crypto.
NFTs that are used for something, finally!
Jay Speakman, Editor:
- Bitcoin will fall to $12,000, Michael Saylor will buy more BTC, and will be removed as MicroStrategy’s chairman by the board.
- Gemini crypto exchange goes bankrupt.
- Despite a continued bear market, non-fungible tokens (NFTs) (especially those with utility) will rise in 2023.
- Regulation is necessary for crypto to be adopted by the public: this is what will happen in 2023.
- Charles Hoskinson is stepping down and the Cardano Foundation will bring in someone with experience in sales and marketing. Cardano’s price will continue to fall.
- DCG (Digital Currency Group) will be sued by Gemini.
- What will be called the “Great Shakeout” will take place in 2023; hundreds of scam projects will eventually be exposed and give the whole crypto market a much needed boost. It will still be in bearish territory, but this event will be seen as a positive sign by retail and institutional investors.
- The National Football League will partner with Socios (Chilez) to build a series of NFT trading cards that will feature select NFL players as well as major moments in league history.
- Chainlink, the Web3 blockchain integrator, will see its stock price rise as blockchain adoption and the need for related services grow in 2023.
- Solana will collapse. The crypto price has fallen 95% from its all-time high, and projects are fleeing blockchain in favor of Polygon or Ethereum. Its constant fallout and fallout from FTX will be too much to bear.
AI tokens, the new hot trend in the market
Samuel Cange, Crypto Editor:
- Bitcoin will hit $30,000 in 2023.
- Crypto regulations will be strengthened during this year.
- One of the artificial intelligence tokens will enter the top 20 of the cryptocurrency market.
- A major stock market will collapse during the year.
- The Bitcoin/stock market correlation will decrease until next summer.
It’s not all over yet for Solana?
Harsh Notariya, News Editor:
- Bitcoin price will test the resistance at $30,000.
- Other capitulations will follow.
- Other altcoins will be classified as securities.
- A pilot regulatory framework for crypto will be discussed by some of the world’s largest economies.
- A new project with a strong use case will gain popularity.
- Sam Bankman-Fried will keep his freedom.
- Crypto hacks will surpass the $3 billion mark by 2022.
- More countries will hire blockchain experts for their cyber security.
- The total value locked in DeFi will exceed $100 billion.
- Solana will rise from its ashes (more projects, more TVL, more developers).
A long-term contagion effect?
Josh Adams, Features Writer:
- Bitcoin’s dominance over Ethereum will decline.
- The European Union will upend its plan to ban confidential cryptocurrencies.
- DeFi hacks will fall again in 2023.
- Sam Bankman-Fried will be sentenced to multiple life sentences for alleged crimes committed with FTX.
- The EU will again try to ban proof-of-work, but will fail.
- Solana’s price will exceed 70 dollars.
- The contagion effect within the crypto sector will continue, leading to the demise of other large funds and projects.
- The crypto hardware and cold wallet market will see significant growth as cryptocurrency holders remain wary of centralized exchanges.
- Overall, the crypto market will see improvements, but not record highs for its top 20 coins.
- Do Kwon, founder of Terraform Labs, will fail, be captured and extradited to South Korea.
Ripple will emerge victorious from the battle against the SEC
Martin Young, DeFi Reporter:
- Liquid betting will take off (mainly for Ethereum).
- Blockchain platforms and artificial intelligence tokens (AI tokens) will emerge.
- Blockchain games (GameFi) and their tokens will grow more and more.
- The metaverse will regain popularity, but NFTs may be slower to take off.
- The crypto market will remain relatively flat until the second half of the year (largely similar to 2019).
- The US will implement regulations.
- Institutions will slowly return to the market once the rules are established.
- There will be one or two more bankruptcies/contagion effects, but nothing as bad as FTX.
- Binance is coming out of this crisis relatively unscathed.
- Ripple wins against SEC.
Other countries will make Bitcoin legal tender
Rahul Nambiampurath, Journalist:
- Bitcoin will cross the $30,000 mark.
- Ethereum will cross the $5,000 mark in the second half of the year.
- XRP will rise above $1.50.
- Soulbound tokens will win when used.
- At least two other countries will adopt Bitcoin as legal tender.
- Web3-based social media platforms will become known.
- The US will work more on crypto regulations.
- One or more spot Bitcoin ETFs will be approved.
- The excitement for the metaverse will fade.
- More and more platforms will take human readable domain names. Alphanumeric wallet addresses are deprecated.
LUNA’s eternal failure
Valdrin Tahiri, Senior Technical Analyst:
- Bitcoin will hit $30,000 (but end the year at less).
- Ethereum will be on the verge of overtaking Bitcoin, but without achieving it.
- The FTT token will drop to less than a dollar.
- The LUNA token will also fall below $1.
- Bitcoin Dominant Rate (BTCD) will fall to a record low.
- NFTs will not manage to perform as well as in 2021/2022.
- Three DeFi cryptos finish in the top 10.
- Bored Apes will no longer be number one in NFTs.
- Axie Infinity will remain the best play-to-earn game.
- Do Kwon ends up in prison.
And you, what are your predictions for 2023? Discuss it with us on our French-speaking Telegram channel!
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