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- Crypto trader Michael feels the market could grind to upper levels as the new year approaches.
- USDX is supposed to make big moves.
- Trading volume has been at its all-year low recently.
2022 has not been a good year for cryptocurrency; last year, by this time, the industry was basking under the glory of touching all-time highs, and BTC went around $68,000. People expected that BTC might touch the $100,000 mark sooner than expected. But recent events have almost crippled the pace of the crypto market, and right now, the market is barely walking where it was supposed to be galloping. Now the question arises, what does 2023 hold for the crypto industry?
As a positive sign, major coins can be seen trading in the green, as the current Global Crypto Market cap is up by 0.38% at $813.73 billion at the time of writing. At the same time, Bitcoin was trading at $16,871.81 with a 0.13% jump in 24 hours and a 0.41% jump in 7 days. Ethereum was trading at $1,222.21 with a jump of 0.14% and 1.08% in 24 hours and 7 days, respectively. DOGE was trading at $0.07503 and saw a dip of 0.73% in 24 hours and a jump of 1.23% in 7 days.
Crypto trader Michael van de Poppe feels the market could be grinding toward the upper levels as the new year approaches.
According to Justin Bennett, the US Dollar Index (USDX) is supposed to make a big move. USDX is a measure of the greenback’s strength against a basket of six powerful currencies: Swiss Franc, Canadian Dollar, Yen, Pound, Euro and Swedish Korner.
Risk assets and the Index are inversely proportional to each other. Justin pointed out that DXY has “carved a triangle pattern in December” and has resistance at 104.50 and support at 104. USDX is seen moving toward the apex of this terminal pattern. This indicates that it should make the northbound move soon.
Ali Martinez, a chartist, pointed out that major transactions amounting to $100,000 and above are at a yearly low of 8,040. Indicating that institutional investors and low whales activity around the Bitcoin network.
A winter storm has rattled North America causing BTC miners to shut their operations throughout the country. Also, the Bitcoin mining hash rate dropped by 100 exahashes per second to 156 EH/s, reporting a 40% decline.
What does 2023 hold for the Crypto industry?
The major factor that will be affected is the trial of Sam Bankman-Fried and Caroline Allison. Both have been accused of major financial deceit involving misusing users’ funds for personal gains. The trial would dictate the regulations and lawmakers’ decisions over the crypto industry.
Another bad news that, if proven true, could be more devastating than the FTX saga is that the world’s biggest crypto exchange and its CEO are under scanner for not providing concrete Proof-of-Reserves (PoR). This is too early to make assumptions, but recent events have made general users very skeptical and reactive over minor issues.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
