2023 has been a turbulent year for the cryptocurrency market, with investors preparing for a more promising period after enduring sleepless nights and stressful mornings. As the year draws to a close, let’s reflect on the most significant events that shaped the crypto landscape over the past 12 months.
The year kicked off with Turkey announcing blockchain-based digital identity efforts, while the U.S. Federal banking regulators highlighted the risks associated with crypto assets. Coinbase ended a major legal battle with a $50 million fine, and the founder of Celsius Network faced fraud charges. Bitcoin‘s price saw fluctuations, influenced by various events, including positive PMI data and the diminishing impact of the FTX collapse, which helped it briefly surpass the $20,000 mark.
February saw the Fed’s optimistic comments boost Bitcoin’s price, and despite ongoing legal and regulatory challenges, the crypto market experienced significant partnerships and announcements. Notably, Avalanche’s collaboration with AWS sparked a rally, and the NBA’s “Top Shot” NFTs were deemed securities, foreshadowing regulatory scrutiny on similar assets.
March was marked by the onset of a banking crisis, with Coinbase transitioning prime customers away from Silvergate to Signature Bank. JPMorgan ended its banking relationship with crypto exchange Gemini, and the SEC warned the industry to operate within legal frameworks or not at all.
April’s highlights included Twitter adding the Dogecoin symbol and MicroStrategy’s continued Bitcoin accumulation. The Fed maintained its stance despite market expectations for interest rate cuts, and MicroStrategy’s strategic moves helped it avoid risks associated with bank failures and Bitcoin’s price volatility.
In May, rumors of PacWest Bank’s insolvency impacted Bitcoin’s price, and significant market makers withdrew from the crypto space, affecting trading volumes. SEC’s actions against File Coin and other regulatory developments continued to shape the industry.
June’s major news included SEC’s lawsuit against Binance and Coinbase for various violations. The month also saw Russia’s largest bank preparing to offer crypto trading services and the SEC charging Binance with 13 different irregularities.
The subsequent months brought a mix of regulatory actions, strategic partnerships, and market movements, with notable events such as BlackRock’s Bitcoin ETF application, the launch of Shibarium, and the investigation into Binance by the U.S. Department of Justice. The year concluded with significant updates, including BlackRock’s spot Bitcoin ETF filing and the appointment of a crypto-friendly Central Bank of Turkey committee member, signaling a potentially exciting future for the crypto industry.