Summary
Bitcoin and ether have experienced significant growth in 2023, with bitcoin expected to end the year 150% higher and ether up more than 80%. Some notable events in the crypto industry this year include the introduction of Bitcoin NFTs, concerns about crypto regulation in the US, the conviction of FTX founder Sam Bankman-Fried, and the anticipation of a bitcoin spot exchange-traded fund (ETF). Fake news also had an impact on the market, with a false rumor about a spot ETF approval causing a surge in bitcoin’s price.
Key Points
1. Bitcoin NFTs: Bitcoin Ordinals, a non-fungible token (NFT) project, was launched in January 2023, bringing NFTs to the Bitcoin blockchain. However, the demand for Ordinals has fluctuated, leading to increased transaction fees and congestion on the network.
2. Crypto Regulation: Congress introduced several bills related to crypto regulation, but none of them made it to a full vote. One bill co-sponsored by Sen. Elizabeth Warren focuses on crypto and money laundering, which has raised concerns about the future of crypto regulation in the US.
3. SBF’s Conviction: Sam Bankman-Fried, the founder of FTX exchange, was found guilty on fraud and conspiracy charges in November. This conviction has sparked discussions about the need for stricter regulations in the industry, while some see it as an opportunity for innovation and effective regulation.