2023 Ultimate Crypto RECAP 🥂

2 בינו׳

Hi Traders, Investors and Speculators of Charts📈📉

Welcome to 2024🥂🥳

Let's recap on the most noteworthy events from 2023 and reflect on how this may affect the markets in 2024:

👉 XRP is ruled NOT a security by USA judge. SEC drops lawsuits against Ripple executives. Coinbase relists XRP.
💭 The lawsuit against Ripple was the beginning of crypto regulations and setting the stage for further classification of digital assets. It's likely that other altcoins/companies, if ever sued by the SEC, will fall back on this ruling arguing that their assets/crytpocoins are not securities.

👉 BlackRock files for Bitcoin and Ethereum ETF. The CEO says crypto is digital gold and BTC is an international asset. FED Chair Jerome Powell says that cryptocurrency is here to stay as an asset class.
💭 Regulators and asset mangers will look to industry giants to set the stage for cryptocurrency funds. The above is a clear "green light" especially for bitcoin, and altcoins, indicating they are here to stay BUT the preferred method of crypto acquisition is clearly through registered asset management companies.

👉 Sam Bankman-Fried found guilty on all charges. Then some charges were dropped after a huge political donation from SBF. SafeMoon founders arrested in USA.
CZ resigns as Binance CEO after pleading guilty to fraud charges. Do Kwon, founder of Terra was arrested in Montenegro. Turkish crypto exchange Thodex CEO (Faruk Fatih Özer) sentenced to prison for defrauding customers.
💭 The governments are in the process of scrutinizing cryptocurrency exchanges. I'm expecting more of this in 2024. Many more exchanges will fall as founders will be scrutinized for their present- and past actions.

👉Grayscale wins lawsuit against SEC. SEC sues Binance, Coinbase and Kraken(twice). Coinbase sues SEC for refusing their case (they formally applied to the SEC to setout clear and defined rules and regulations for cryptocurrencies and exchanges)
💭 SEC incompetency is becoming more and more obvious. People are losing faith in the SEC and Garry Gensler (SEC chair) is becoming increasingly unpopular, largely because he failed to implement the promises he made whilst proclaiming to be pro-crypto and pro-decentralization prior to his appointment.

👉 UK Government reveals plans for crypto legislation to make the country a "crypto hub". Hong Kong court recognizes cryptocurrencies as "property". BRICS nations consider using Bitcoin.
💭 Governments across the world are aiming to work with crypto - but no doubt it will be on their own term. Perhaps 2024 can provide more clarity as to what those t's and c's may be.


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