2023 Crypto Summary
As we come to the end of 2023, let's take a look at what happened in the crypto world in 2023.
US Banking Crisis and Crypto Demand: In March, a minor banking crisis in the US highlighted cryptocurrencies as a safe haven, leading to a more than 20% increase in their value.
European Union's Crypto Law (MiCA): The European Union approved MiCA, the most comprehensive cryptocurrency law globally, boosting confidence in the sector.
SEC's Intervention in Crypto Markets: The US Securities and Exchange Commission (SEC) caused panic selling in the market by filing lawsuits against major players such as Binance and Coinbase.
BlackRock's Spot Bitcoin ETF Application: BlackRock, one of the world's largest asset managers, applied for a spot Bitcoin ETF issuance, creating a positive impact on the market.
Ripple's Victory Against the SEC: Ripple achieved a significant legal victory against the SEC, with XRP not being classified as a security.
FTX Founder's Legal Case: Sam Bankman-Fried, responsible for FTX's collapse, was found guilty in the US, with the sentencing expected to be determined in 2024.
Investigation and Settlement with Binance: The US Department of Justice initiated an investigation against Binance, resulting in Binance accepting the charges and paying a substantial penalty.
General Trend in Crypto Markets: As of the end of 2023, the anticipation of the approval of a spot Bitcoin ETF and expectations of the Federal Reserve abandoning its tight monetary policy are contributing to a hopeful outlook for the crypto markets entering 2024.