Crypto Industry outlook in 2023
The year 2022 has passed with many fluctuations in the cryptocurrency market, especially the breakdown of FTX in November. The struggling exchange declared bankruptcy on November 11 due to a lack of money. FTX Group, which included its sister company Alameda Research and 130 related firms, filed for bankruptcy under the name of FTX. The worth billions of dollars platform went from crypto leader to collapse in a couple of days. Let's see what the crypto industry will look like in 2023.
Outlook in 2023
The cryptocurrency industry is optimistic about its success in 2023. Following a significant financial hit in 2022, the crypto sector anticipates a robust return this year as new rules become effective, making the cryptocurrency world safer.
Technology Improvement: including exchanges, wallets, and payment processors, will most likely develop and become more user-friendly. In March 2023, Ethereum Shanghai will receive a significant update. The Ethereum Shanghai upgrade is crucial because it removes ETH from the Beacon Chain network. Furthermore, this serves as a foundation for Ethereum to progress to more complex advancements in the future. A portion of the freed ETH will put pressure on the spot market. However, it also helps ETH (native token) liquidity improve compared to the period before the Shanghai Upgrade.
Regulations are more transparent: As the cryptocurrency industry matures, regulatory organizations worldwide will likely give more clarity and direction on how these assets should be treated. This could help boost market confidence and drive more adoption.
Progress Infrastructure: many projects will be completed and launched in 2023 as a new step in the crypto industry.
In 2023 with many predictions about the market's growth, many investors will quickly seize the opportunity. More adoption can be attributed to regulatory clarity and enhanced industry knowledge. Despite the volatility, it is evident that the crypto business has grown tremendously in recent years. Professionals in the industry believe this trend will continue into 2023, as the previous history of crypto markets indicates that this will be a strong year for virtual currencies. This is good news for experienced investors and those just getting started in the cryptocurrency markets.
Bitget has a registered entity in Seychelles this year and achieved new heights in Europe, South America, and Africa in 2022.
Transparency is always a top priority in every transaction, so users can feel more secure when transacting. Bitget has released its Proof of Reserves Page, which will show customers that we are a full-reserve exchange, as backed by its Proof of Reserves ("PoR"), which uses the cryptographic-audited Merkle tree approach, and that users' assets held on the platform are safe. The Proof of Reserves page contains a wealth of information on the subject, including several essential elements such as the "Merkle Validator," monthly snapshots presenting the balance of the reserve pools, user education on Proof of Reserves, and the importance of being fully reserved, and how the Merkle tree supports and proves the authenticity and consistency of the data presented by Bitget.
For the latest data about the Proof of Reserves, please check this page: https://www.bitget.com/en/reserveCertificate
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