Summary of most important things that happened in the cryptocurrency industry in 2023 | Report

The cryptocurrency community is looking forward to a new year free of crises, issues, bankruptcies, and collapses and filled with hope and innovation.
But before we put the proposals, possibilities, and expectations of the year at the door, let us recall the events, drama, and situations parked on the shelves of 2023!

In this article, we recall the year 2023, which was full of notable moments and decisive turning points for the cryptocurrency industry.
We bring to mind the most controversial issues that changed the face of the industry forever.

Some oxygen reaches the veins of the judicially targeted cryptocurrency companies!

After arduous crises at the end of 2022, the year 2023, which is about to unfold, has begun with little enthusiasm and a lot of caution.
If there are only winners, they are undoubtedly the law firms that defended the crypto companies that engage in conflicts with American regulators in the courtrooms now and then!

The Securities and Exchange Commission (SEC) has long used the protection of American investors as a pretext for all its campaigns against financial companies in the United States of America.
It appears that the regulatory body has directly targeted cryptocurrency companies in particular.
Of course, because of the quarrelsomeness of cryptocurrency exchanges with the traditional financial system controlled by the political system!

Since December 2020, the US authority has embarked on a fierce legal campaign against the XRP issuer, Ripple.
It was considering that the cryptocurrency XRP is a security. Then the trial extended year after year until it reached its end in the fall of 2023.

Ripple report
Ripple

However, at the beginning of the summer of 2023 (June 5, 2023), the SEC decided to launch a campaign described as “frenzied” on some crypto companies.
Class action lawsuits were filed against major cryptocurrency exchanges, demanding that they apply the 1946 law to an industry that emerged in 2008 and is still taking shape!

The regulatory body, led by the inimitable Gary Gensler, insists on patching the mantle of decentralization with centralized legislation.
While we are sometimes almost convinced that the SEC is carrying out more political purge campaigns than financial sector regulation campaigns!

Suing Binance and Coinbase

On June 6, several hours after the SEC announced that it had dragged the Binance and Coinbase exchanges into court, the total cryptocurrency market lost more than $70 billion in 24 hours!

Also, tokens and cryptocurrencies classified as securities by regulatory bodies like Solana (SOL), Cardano (ADA), Ripple (XRP), and Polygon (MATIC) saw a sharp decline in their prices.

But the decline in the market did not last long, as just over a month after the SEC’s lawsuits against Binance and Coinbase (July 13), Judge Analisa Torres’ decision was a huge blow to Gary Gessensler and the SEC.
Torres ruled that Ripple was not a security and that XRP sales did not constitute investment contracts.

Coinbase and SEC
Coinbase and SEC

Immediately after that ruling, the price of XRP rose by a staggering 73% in a single day. Which ignited the altcoin season.
Major assets, including Ms. Bitcoin, also made impressive gains.

Later on October 19, the SEC put itself in an embarrassing situation! So that you will not be exposed to many obvious embarrassments later.
So, she decided in her mind to drop the charges that she had brought against Ripple executives over three full years! They paid all those court costs for nothing.

Bitcoin dies 474 times and comes back to life 475 times!

After the cryptocurrency industry declined in 2022, Bitcoin in 2022 lost more than 60% of its value.
It touched the price level of $15,000 after a historic rally in 2021.
To understand the scale of the disaster, suffice it to say that the total market value of cryptocurrencies fell from $2.1 trillion to $700 billion, recording losses exceeding $1.4 trillion!

Then, as we mentioned, the Securities and Exchange Commission insisted on painting a dark picture regarding the future of the industry.
Suddenly uncertainty and doubt resurfaced and became a daily conversation and trending hashtag.

Bitcoin
Bitcoin

But Bitcoin, as it had done on 473 previous occasions, insisted on returning to the sky and the price exceeded $25,000.
Then $30,000, then $35,000, until it exceeded the crucial $42,000 in technical analyses!
Bitcoin has come back to embrace life strongly, and all indications point to a strong rise to come!
Amidst anticipation of approval of Spot Equity Exchange Traded Fund (ETF) and favorable macroeconomic trends.

At the end of 2023, Bitcoin rose to $45,000, recording a 170% gain for the year.
Also, the price of Ethereum rose to $2,400, a modest gain of 100%.
Despite fears of FTX selling its portfolio, Solana has gained over 945% this year.

Backdoor at FTX

Sam Bankman Fried’s trial reveals the truth about the backdoor at FTX.
The intertwining of personal and professional relationships in the bankrupt cryptocurrency exchange and the felony of premeditated fraud!

FTX exchange
FTX exchange

The end of FTX was terrifying and put the two moles in the industry at the forefront!

The losses were incredible and the amateurish management method was unbelievable.
What made matters worse and created anger was the intertwined relationships between the platform administrators and the agreed-upon fraud schemes.
Then during the famous trial, which lasted for a whole month, the real calamities were revealed and the confusion became clear.
But the only one who was insulted was Sam Bankman’s lawyer, who seemed more amateur than his client!

Sam Bankman Fried
Sam Bankman Fried

After the FTX legend ended, the cryptocurrency market tried to recover from the chaos caused by the fall of the Sam Bankman Fried (SBF) exchange throughout most of 2023.

Then finally, the time of reckoning came, as SBF faced the repercussions of his disgraceful leadership of an exchange that 5 million users had entrusted with their money.
It turned out that the thirty-year-old boy would spend the rest of his life behind bars. While his friends betrayed him at the first opportunity.

Sam Bankman Fried tried, as hard as he could, to evade prison, using a variety of tactics ranging from questioning his mental health to complaining about trivial details. He also claimed that he had the bankrupt stock exchange’s attorney approve of all his crimes and that he did not realize they were crimes.

However, the legendary trial revealed that SBF lied to customers about the security of their deposits while laundering the money itself.
Also, the main criminal collaborators who took a plea deal had exposed fraudulent and criminal practices at the stock exchange since its founding.

SBF now awaits in his cell, his final sentencing scheduled for March 28, 2024.
Experts suggest that the ousted CEO could face a long prison sentence of up to 115 years.

Attack on the digital industry: The shortcut to making headlines in major media outlets

In the traditional financial industry, those in power are wary of blockchain and the possibility of centralizing financial transactions.
Therefore, many of these central leaders do not hesitate to launch an attack on the cryptocurrency industry, and everything is decentralized!

For example, while his company BlackRock enthusiastically negotiated for a Bitcoin spot investment fund, BlackRock CEO Larry Fink described the cryptocurrency industry as a scam.

JP Morgan and Ethereum
JP Morgan

Fink is not the only one who contradicts his company about the innovative industry.

On the other hand, the CEO of JP Morgan does not hesitate to attack cryptocurrencies despite the bank he runs issuing a digital currency and rushing to contract with digital asset companies.

However, earlier this year, the cryptocurrency market saw a notable turn of events as major asset managers, including BlackRock and Fidelity, expressed interest in launching an exchange-traded fund (ETF) tied to spot Bitcoin.

As we leave 2023 behind us, let’s hope that 2024 will be cheerful.
Especially with the possibility of ETFs being approved at the beginning of January of the new year.

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