Crypto Stories That Have Impressed the World in 2023

While 2023 was expected to bring a bullish market and thus, make cryptocurrencies grow in price, it was not an easy year. Along with marking the end of the harsh and long crypto winter, 2023 was a year of technological advancements, regulatory changes, and significant fluctuations in the market.

The Crypto Market Cap Surpassed $1 Trillion

January 2023 was marked by the total crypto market capitalization surpassing $1 trillion. It was a mark of market revival and the growth of investors’ interest in the crypto market.

Genesis Filing for Bankruptcy

Genesis, one of the major players in the crypto lending market, filed for bankruptcy after suffering major losses following the collapse of FTX and BlockFi. The company had more than 500,000 creditors with a debt of over $5bln.

Bitcoin Ordinals Introduction

For the first time in the history of crypto, the Bitcoin blockchain was used for something else than just transacting Bitcoin. Bitcoin Ordinals enabled the use of the Bitcoin blockchain for content recording and storing directly on Satoshis, the smallest Bitcoin unit.

Closure of Crypto-Friendly Banks

Regulatory pressure caused the closure of such crypto-friendly banks as Silvergate and Signature Bank. These events caused a drop in the USD value, and with it, a significant shift in the regulation was marked.

Market in Crypto-Assets (MiCA) Regulation Is Introduced in Europe

In April, the European Union introduced a new crypto regulation, the Market in Crypto-Assets (MiCA) regulation. It was a significant step towards crypto acceptance and with it, crypto acquired an official status in the European Union.

SEC Loses the Case Against Ripple

The Securities and Exchange Commission charged Ripple with violating the regulation by making XRP available to the public. The judge concluded that by providing XRP to exchanges for further token sales to retail investors, Ripple didn’t violate any legislation. However, such a violation was in the case when Ripple was selling XRP to institutional investors.

PayPal Launched an Own Stablecoin PYUSD

PayPal is one of the major payment processors, with over 350 mln active users. The launch of PYUSD by PayPal is a step towards mass crypto adoption, especially considering that the payment provider operates fully legally and is widely available in leading countries such as the USA and the countries of the European Union.

Sam Bankman-Fried Found Guilty of Fraud and Money Laundering

The founder of FTX, one of the most influential exchanges in the past, was found guilty of fraud and money laundering. Now, Sam Bankman-Fried faces decades in jail.

Changpeng Zhao Leaves the CEO Position at Binance

Binance reached an agreement with the SEC on how to regulate the charges of sanction violations and other claims from the side of the regulator. The company will pay $4.3 bln in fines, and the Binance CEO Changpeng Zhao left the CEO position. The company is also to leave the US market.

What 2024 Is Going to Bring?

2024 is expected to be a year full of accomplishments and events. So, the SEC is expected to approve BTC ETF - an event that would bring the crypto market to the new heights. The next Bitcoin halving is expected in April which normally ends up with BTC boosting in price. Finally, a new stable growth of the crypto market is forecasted.