What an Eventful Year for the Crypto Industry!
As 2023 comes to a close, the cryptocurrency space has experienced significant events that have shaped the industry. From bank collapses to regulatory lawsuits, here are some of the major headlines from this year.
Bank Collapses That Affected Crypto Companies
In March, Silicon Valley Bank, Signature Bank, and Silvergate, which served crypto businesses, collapsed within a week. This had a significant impact on crypto companies like Circle, Ripple, BlockFi, Coinbase, and Paxos.
The Inscriptions Craze
The trend of inscribing data files on the blockchain started with Bitcoin Ordinals and later expanded to Ethereum and other blockchains. However, this craze has caused network congestion and high fees.
Binance and Coinbase Slammed With SEC Lawsuit
In June, Binance and Coinbase were hit with lawsuits by the SEC for violating securities laws. Both exchanges denied the claims and sought to dismiss the lawsuits.
Ripple’s Victories Against the SEC
Ripple scored several victories in its legal battle against the SEC. In July, a judge ruled that XRP sales on public exchanges did not violate securities laws. The SEC also dropped charges against Ripple’s top executives.
BlackRock’s Spot Bitcoin ETF Filing
In June, BlackRock filed for a spot Bitcoin ETF with the SEC. This sparked hope for a possible approval of a spot BTC ETF in the US.
Worldcoin: The Crypto Iris-Scanning Project
Worldcoin faced regulatory scrutiny for its iris-scanning feature in countries like France, the UK, Germany, Argentina, and Kenya.
Grayscale’s Win Against the SEC
Grayscale won a legal case against the SEC after the regulator rejected its request to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF.
Sam Bankman-Fried: From Crypto Darling to Criminal
In November, Sam Bankman-Fried, CEO of FTX, was convicted on charges including fraud and conspiracy. He is scheduled to be sentenced in March 2024.
CZ Stepping Down and Binance’s $4 Billion Fine
In November, Binance paid a $4.3 billion fine and CEO Changpeng Zhao stepped down following regulatory issues. Richard Teng became the new CEO.
Major Hacks in 2023
While hacking incidents decreased compared to the previous year, notable hacks occurred, including attacks on Euler Finance, Poloniex, and Mixin Network.
Fingers Crossed for 2024
The industry is optimistic about a potential crypto bull run in 2024, with predictions of Bitcoin reaching new all-time highs. The approval of a spot Bitcoin ETF and the upcoming Bitcoin halving event are expected to drive market growth.
Hot Take: The Year That Shaped Crypto
2023 was a year filled with significant events that shaped the cryptocurrency industry. From regulatory battles to major collapses and victories for crypto companies, the industry has experienced both challenges and advancements. Looking ahead to 2024, there is optimism for further growth and potential milestones such as the approval of a spot Bitcoin ETF. As the market evolves, it will be interesting to see how these developments impact the future of cryptocurrencies.
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