It would not be an exaggeration to call 2023 the game-changing year for crypto! The momentum was evident with an enhanced regulatory landscape and growing global adoption. At the G-20 summit, nations showcased their commitment to the digital financial future, emphasizing the need for cohesive crypto regulations. Notably, Bitcoin reached a notable $40,000 mark as the year concluded. For crypto experts, 2023 validated their beliefs. Factors like institutional interest, market recovery, and the buzz around Bitcoin ETFs took center stage.
Let’s explore the key events that shaped 2023 in the crypto world.
Anything can happen in a year when it comes to crypto! The year began with a solid $1 trillion market cap, reflecting renewed investor optimism. The industry forged ahead amid challenges, including crypto setbacks, company closures, regulatory shifts, and product innovations. As 2023 wraps up, Bitcoin’s upward momentum stands out. Coinpedia’s ‘Top News of 2023’ offers a comprehensive overview of these critical developments, ensuring readers are well-informed.
Forecasts indicate the crypto market could grow by USD 1.81 billion from 2022 to 2027. Let’s delve into the contributions of various regions to this growth and spotlight notable developments that influenced their crypto landscapes.
Coinpedia report has a compiled version of the top five cryptocurrency trends in 2023. This is how it goes!
Trend | Deduction |
Bear Market Trends | The crypto market experienced a ‘Crypto Winter’ phase early in 2023.Bitcoin climbed back above the $22,000 mark in January.After steep falls, Bitcoin crossed the $40,000 mark as the year ended. |
NFTs and Blockchain Expansion | The interest in NFTs surged by over 1000% over the last five years.Gaming became the robust sector for NFTs.Web 3.0 became accessible and more clear as a concept. |
Regulatory Shifts | The G20 summit highlighted the need for crypto regulations with leaders committing to the swift implementation of a reporting framework for crypto assets.The pressing regulations by the U.S. Securities and Exchange Commission paved the way for a more regulated crypto environment. |
Fallout from FTX collapse continued | |
Ethereum 2.0 Launch | Ethereum transitioned from PoW to PoS, aiming for reduced energy consumption and improved scalability. |
Month | Top News |
January | Bitcoin traded at just above $23,000 after touching the eight-month high of $25,000 in February. Kraken exchange agreed to shut down its U.S. cryptocurrency staking service and pay $30 million as a penalty.Coinbase shares fell as SEC took down Kraken. |
February | Bitcoin traded at just above $23,000 after touching the eight-month high of $25,000 in February. Kraken exchange agreed to shut down its U.S. cryptocurrency staking service and pay $30 million as a penalty. Coinbase shares fell as SEC took down Kraken. |
March | Bitcoin soared to the highest mark of $26,000 since June 2022.Binance suspended UK customer withdrawals and deposits amid regulatory pressure.U.S. SEC threatens to sue Coinbase over a certain list of illegitimate crypto products.Silicon Valley Bank collapsed.Arbitrum launched its native token, ARB. |
April | Crypto Exchange Bittrex violated federal laws, SEC charged in lawsuitBitcoin rebounded above the US $30,000 mark after Gary Gensler was criticised in a congressional hearing.ARK Invest refiled Bitcoin ETF. |
May | Bittrex filed for bankruptcySEC faced legal challengesBloomberg reported the Department of Justice investigation of Binance for Russian sanctions. |
June | The SEC sued Binance and its CEO Changpeng Zhao for a U.S. Securities violation.SEC sued Coinbase Blackrock filed for the spot Bitcoin ETFBitcoin ETF was refiled by Fidelity, WisdomTree, VanEck, & more |
July | Crypto hacks and exploits cost traders $303 million in July, marking it as the worst month of 2023.US Committed approved pro-crypto billThe Crypto market showed sluggish sentiments leading to Bitcoin, and Ether dips.XRP ruled not a security!Sam Altman launched eyeball scanning crypto coin, Worldcoin. |
August | High market volatility led to low Bitcoin and Ether values.Crypto investments reached $660 million PayPal launched PYUSD stablecoin |
September | Nomura launched a Bitcoin fund.Bitcoin ended September with the first quarterly loss of 2023, down by 11% since June 2023. |
October | Bitcoin reached above the $35,000 mark.Crypto losses decreased by 85% in October.First Ethereum Futures ETF launched |
November | Sam Bankman-Fried found guilty on all seven criminal fraud counts.Blackrock filed for Spot Ethereum ETF.Binance settled for $3.4 billionBitcoin climbed above $36,000 for the first time in 2023. |
December | Bitcoin ends the year with a $40,000 mark for the first time since April 2022Ethereum emerged as a key blockchain for tokenized real-world assets.Bitcoin miners saw a rise of 400% in transaction revenue in 2023. |
Experts predict 2024 will witness a harmonious integration of AI and blockchain technologies. Notable progress was achieved in 2023, notably by the introduction of zero-knowledge (zk) rollups.
The total value locked (TVL) share of top blockchains in 2023 looked as mentioned above.
Token | Opening value | Closing value | News |
DOGE | $0.07022 | $0.09315 | The price of Dogecoin has increased by 32.52% since 2022.Dogecoin is not as influential as it was. However, it remains a prominent name in crypto! |
AVAX (Avalanche) | $10.87 | $45.72 | Avalanche remained a positive blockchain in 2023 despite all the fluctuations.They are the second highest gainer of 2023 with 313.58% for the year.Avalanche attracts interest from developers and investors alike. |
ADA (Cardano) | $0.2498 | $0.6056 | Battled accusations from US’ SEC of being a security.ADA boasts an impressive 145% year-to-date increase.Cardano network’s serious validators foster its growth despite the challenges. |
USD Coin (USDC) | $0.9999 | $1 | USDC market cap shrunk by over half in comparison to 2022.Regulatory environment contributed to USDC’s decline. |
XRP (Ripple) | $0.3388 | $0.6189 | XRP gained significant momentum in 2023.A U.S judge ruled that Ripple Labs’ sales of XRP didn’t breach security laws.The SEC lawsuit against Ripple Labs and the executives is still on!The cross-border payments have driven XRP’s growth in 2023. |
BNB | $244.14 | $270.65 | BNB underperformed in comparison to all major crypto tokens in 2023.Negative press surrounding Binance led to the downfall in BNB’s price. |
SOL (Solana) | $9.9822 | $102.88 | SOL emerged as a top performer in 2023.Solana became the highest gainer in the top 10 currenciesSolana’s success is wholly because of its thriving community, cheaper transactions and quicker speed. |
USDT (Tether) | $0.9997 | $1 | USDT emerged as number 1 stablecoin in 2023.Tether holds a market cap of over $91.26 billion.Tether has demonstrated the highest level of utility among all cryptocurrencies |
ETH (Ethereum) | $1,200.96 | $2,291.59 | ETH continued to be a top contender in the crypto space in 2023.Ethereum 2.0 made a noise in 2023. |
BTC (Bitcoin) | $16,625.08 | $44,186.1800 | Bitcoin has a market capitalization of $857.5 billion in 2023Bitcoin halving is due in 2024.Bitcoin closes the year with 164.69% increase! |
Highest value: $44,186.1800 on December 8, 2023
Lowest value: $16,528.2000 on January 1,2023
Month | Closing Value |
January | $23,139.28 |
February | $23,147.35 |
March | $28,478.48 |
April | $29,268.81 |
May | $27,219.66 |
June | $30,477.25 |
July | $29,230.11 |
August | $25,931.47 |
September | $26,967.92 |
October | $34.667.78 |
November | $37,712.75 |
December | $43,016.12 |
Did You Know? Bitcoin remains the most Googled currency in 2023!
Name | 2023 NewsFlash |
Sam Bankman-Fried,Founder and former CEO, FTX | During the FTX collapse, SBF gained a lot of followers on social media. |
Elon Musk,CEO, Tesla | Alpha crypto investorLed to Dogecoin’s exponential growth |
Changpeng Zhao,CEO, Binance | Emerged as an undisputed leader of the packHas a following of nearly 9.1 million on platforms like X. |
Vitalik Buterin,Co-founder, Ethereum | One of the most influential personalities on social mediaContributed to the development of Ethereum, continues to shape the future of decentralised applications. |
Jack Dorsey,Co-founder, X | Dorsey played a dual role on social media and blockchain technology. |
Michael Saylor,Co-founder, MicroStrategy Inc | His vocal support for Bitcoin as a treasury reserve asset got him into the limelight |
Cathie Wood,Founder of ARK | Wood’s investment strategies and forward-thinking approach have earned her a spot among top influential figures in the crypto space in 2023 |
Top influential crypto people in 2023 on social media
Here is a list of top crypto influencers to follow in 2023:
Hack | Amount | Date | Indices |
Mixin Network | $200 million | September 23,2023 | Hack targeted platform’s cloud service provider’s database |
Euler Finance | $197 million | March 13,2023 | Flash loan attackThe liquidity issue within euler’s eToken function let to the exploitation by the attackerAttacker manipulated token conversionsCaused a decline in several currencies and 45% drop in EUL token valueLater, hacker named Jacob, returned 54,000 ETH and $10 million in DAI via encrypted messages |
Multichain | $126 million | July 6,2023 | Hack seemed like rug pullOver $125 million in crypto was withdrawn leading to losses from Fantom,dogecoin, Moon River Bridges, affecting assets like wETH, wBTC etc |
BonqDAO | $120 million | February 1, 2023 | Oracle breach caused the exploitExploiter tampered with an oracle in a smart contract, manipulating the AllianceBlock token prices |
Atomic Wallet | $100 million | June 3,2023 | The incident was tied to Lazarus group |
CoinEx Hack | $70 million | September 12,2023 | Hackers compromised private keys on CoinEx |
Curve Finance | $60 million | July 30,2023 | The platform initiated recovery, successfully regaining portions attributing to 73% recovery The hack targeted liquidity pools, the ones containing users’ stablecoins |
Kyber Networks | $54.7 million | November 22 | Attack capitalized on double liquidity counting within the protocol. It is counted as DeFi’s most sophisticated hacks |
Stake.com | $41 million | September 4, 2023 | Attack targeted Ethereum, BNB smart chain, and Polygon networks |
Kronos Research | $26 million | November 19, 2023 | Unauthorised access to API keys led to the hack. |
Crypto hack volumes shrunk by 50% in comparison to 2022
Deductions:
Crypto used for: Accepting tokens from:
AMC | Movie tickets | Bitcoin, Bitcoin Cash, Ethereum, Litecoin | 2021 |
AT&T | Online bills | Bitcoin, Ethereum, Dogecoin + more | 2019 |
CheapAir | Flight tickets and hotels | Bitcoin, Ethereum, Dogecoin + more | 2013 |
Dish | Online bills Pay-per-view | Bitcoin, Bitcoin Cash | 2014 |
ExpressVPN | Pay your ExpressVPN subscription | Bitcoin, Ethereum, XRP, USDC, BUSD, PAX, GUSD | 2014 |
Microsoft | Digital products from the Microsoft Store | Bitcoin, Ethereum, Dogecoin + more | 2014 |
Newegg.com | Purchases made on Newegg.com | Bitcoin, Ethereum, Dogecoin + more | 2014 |
Overstock.com | Goods purchased on Overtock.com | Bitcoin, Ethereum, Litecoin, Ripple | 2014 |
PayPal | Pay with crypto at any merchant that enables crypto checkout through PayPal | Bitcoin, Litecoin, Bitcoin Cash, Ethereum | 2014 |
Rakuten | Pay with crypto at Rakuten services like Rakuten Travel and Rakuten Mobile and load your Rakuten wallet for use at participating retailers | Bitcoin, Ethereum, Bitcoin Cash | 2019 |
Starbucks | Coffee and anything else in the store | Bitcoin, Ethereum | 2021 |
Tesla | Select items from the Tesla online shop | Dogecoin | 2021 |
Time Magazine | Time Magazine subscription | Bitcoin | 2021 |
Twitch | Buy Twitch “bits” | Bitcoin, Ethereum, Dogecoin + more | 2014 |
Here is a list of brands accepting crypto in 2023. Ferrari is new to the list, which has started accepting cryptocurrency payments for its luxury sports cars in the U.S. in October 2023.
Pointers | Date | |
SEC’s staking crackdown | U.S. SEC started taking a keen interest in staking.The news reached its peak when Coinbase CEO Brian Armstrong marked concerns on social media, hinting at the SEC’s desire to eliminate staking for U.S. retail customers.It got confirmed with the SEC announcing a $30 million settlement with Kraken over its U.S. staking program.Kraken was compelled to stop its U.S. staking operations. Signaling a clear message from regulators that staking activities would face heightened scrutiny. This crackdown raised questions about the future of staking in the U.S. and prompted the industry to reevaluate its compliance strategies. | February 2023 |
SEC against Stablecoins | The SEC took legal action against two issuers, with Paxos being ordered to cease issuing Binance’s BUSD.This move, initiated by the New York Department of Financial Services (NYDFS) and a Wells Notice from the SEC, powered regulatory measures against stablecoins.The regulatory scrutiny raised concerns about the future of stablecoin projects and the need for a clear regulatory framework to ensure their stability and compliance with existing laws. | June 2023 |
CFTC vs. DeFi | In September 2023, the Commodity Futures Trading Commission (CFTC) made its presence felt. The CFTC’s enforcement actions focused on decentralized finance (DeFi) protocols in the U.S. This generates a shadow over the decentralized space.Charges were levied against three protocols for illegally facilitating leveraged and margined retail commodity transactions.Deridex and Opyn faced additional charges for failure to register with the CFTC and implement customer identification programs. This move by the CFTC raised crucial questions about the regulatory future of DeFi in the U.S | September 2023 |
SEC vs Binance and Coinbase | It was huge on the whole industryThe biggest exchanges were targeted by the SECThey and were rendered as unauthorized security exchanges. | June 2023 |
Binance and CZ case | It was huge on the whole industry. The biggest exchanges were targeted by the SEC and were rendered as unauthorized security exchanges. | November 2023 |
2023 was a defining year for cryptocurrency. With clear regulations coming into play, we now better understand the industry’s direction. It’s encouraging to see more countries embracing digital assets. Coinpedia’s report offers a detailed look at 2023’s key moments and developments. As we move into 2024, optimism prevails, and we look forward to continued growth in the crypto world.
UNI, Uniswap's native token, appears bullish and is poised for massive upside momentum after a…
The crypto market is always shifting based on global money trends, but a new debate…
XRP holders are finding themselves at a crossroads as recent market trends raise questions about…
Bitcoin, the flagship cryptocurrency, has taken a hit with a 5% drop in its price.…
Amid market uncertainty, Dogecoin (DOGE), a popular and the world’s largest crypto meme coin, appears…
According to historical footprints in the global crypto market, festive seasons are always important for…