Bitcoin to 70K and Ripple wins SEC Lawsuit in 2023?
2022 was a bearish year for cryptocurrencies, but also for tech stocks and other investments. The macro developments are heading for a downward spiral. Now that the new year 2023 is upon us, investors need to understand how to position themselves in case the market turns bullish. Many analysts are already predicting that the year 2023 would be a turning point for cryptos. What to expect in the year 2023? Let’s lay out some crypto forecast ideas.
Crypto 2023: What is it?
Cryptocurrencies are digital or virtual currencies that use cryptography for secure financial transactions. These are decentralized systems that enable secure payments online without the need for a central authority, such as a bank or government. Bitcoin was the first and most famous cryptocurrency, but now there are thousands of different cryptocurrencies with various functions and features.
Cryptocurrencies use blockchain technology, which is a decentralized, digital ledger of transactions distributed across a network of computers. This allows for transparency and security in the financial transactions, as the data is stored on various computers and can be verified through the network. Transactions are recorded in blocks, which are then added to the blockchain in a linear, chronological order. This makes it difficult for transactions to be altered or tampered with, as any changes to previous blocks will be traceable and require the consensus of the network.
The metaverse is a virtual world or shared space created and maintained by a network of users, typically through the Internet. It is often depicted as a virtual reality or augmented reality world that can be accessed and interacted with through a variety of devices, including computers, smartphones, and virtual or augmented reality headsets.
Overall, the relationship between cryptocurrencies and the metaverse is an emerging and evolving area of technology and innovation, and it is likely that we will see more developments in this area in the future. Both industries are set to revolutionize the way we interact and transact with other users and businesses.
How Did Cryptos Do in 2022?
In 2022, the cryptocurrency market experienced one of its worst years. The average drop in cryptocurrency prices year to date is 70%. There are two main reasons for this decline:
- An overdue correction: The crypto market needed a break after two years of intense bullishness. As a result, prices fell.
- Bad fundamentals: In 2022, cryptocurrency exchanges, including FTX, collapsed. As a result, most investors sold their shares to lock in profits, leaving other investors in the dust. This has caused FUD in the cryptocurrency market.
Crypto Prediction: Bitcoin Price Hits 70K?
Once the market goes back to its uptrend, Bitcoin could then look back to its previous high price of around 70K. In previous crashes, it took Bitcoin about 6 months to break out of its consolidation and reach a new all-time high price.
Bitcoin’s worst case would be to reach the previous all-time high price of 70K instead of breaking an all-time high price. However, we are waiting for the downtrend to end first.
Crypto Prediction: Ripple Wins SEC Lawsuit?
Ripple was supposed to resolve its lawsuit with the SEC (or at least see a resolution in sight) buy Q4 of 2022. However, things dragged on causing the process to be extended to 2023.
Analysts now expect the lawsuit to be resolved around Q1 of 2023. If things go in Ripple’s favor, XRP could see a big price increase. On the other hand, the FTX findings stated that the FTT token was a security. This created fear among Ripple investors because it could be considered a precedent in the Ripple case.
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