Here’s What Happened To Bitcoin & Crypto Market In 2023

As 2023 draws to a close, the crypto market has witnessed a rollercoaster ride, with Bitcoin leading the charge, Binance facing turbulence, and unexpected comebacks like Solana’s resurgence. Kaiko Research, a prominent crypto analysis firm, has unveiled a comprehensive report encapsulating the top events that shaped the crypto landscape this year.

So, let’s take a look at the key events in the crypto market that have gained attention of the investors.

Bitcoin Takes The Lead With 160% Surge

Bitcoin has emerged as the star performer, closing the year with a remarkable 160% surge, outshining other traditional assets. Meanwhile, the journey unfolds in three acts: an early rally, a mid-year stall, and a year-end surge that hints at a potential new bull market. Despite a lackluster mid-year, Bitcoin’s Sharpe Ratio ranks among the best, second only to Nvidia, the Kaiko report showed.

Notably, Kaiko’s report highlights Bitcoin’s robustness, showcasing a notable surge from $28,000 to almost $45,000. Meanwhile, this upward momentum seems to be fueled by growing enthusiasm around the prospect of a Bitcoin Spot ETF approval, triggered by BlackRock’s filing and a misleading tweet erroneously suggesting ETF approval.

In addition, the upcoming Bitcoin halving event and other positive catalysts in the market have also helped gains in it. In other words, the largest crypto by market cap demonstrated remarkable resilience, overcoming market fluctuations and seizing opportunities for substantial gains during this period.

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What’s More?

The report also highlights the ongoing regulatory hurdles in the crypto space, that have weighed on the traders’ sentiment so far. Meanwhile, Senator Elizabeth Warren has put forth a legislative proposal aimed at addressing the perceived misuse of cryptocurrencies in illicit activities.

The bill she introduced outlines rigorous regulatory measures designed for the cryptocurrency industry. It suggests an expansion of the Bank Secrecy Act (BSA) to incorporate more thorough reporting obligations.

In addition, the Binance was in the limelight throughout the year due to the legal challenges the crypto exchange had faced. Once holding 70% of the spot volume market share, Binance faced a tough year, marked by legal challenges, the report showed.

The leading crypto exchange has recently faced a $4 billion fine for anti-money laundering violations, further denting Binance’s standing. However, despite setbacks, the market treated the settlement positively, allowing the exchange to continue operations.

Meanwhile, the crypto saga unfolds with liquidity gaps, concentrated markets, and surprising shifts. Bitcoin’s decreasing correlation with traditional assets, Solana’s unexpected resilience, and stablecoin depeggings add layers to a year of twists and turns.

It’s worth noting that the Solana crypto, which has struggled since the FTX collapse, has noted a significant surge in recent days. Currently, it has also traded near the $100 mark, reflecting the strong confidence of the investors towards the crypto.

Meanwhile, as the crypto industry navigates challenges, it’s clear that 2023 has been a pivotal chapter in the evolving narrative of digital assets.

Also Read: BONK Trading Debuts On Kraken & WazirX, How’s BONK Price Faring Now?

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.