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There can be no denying 2022 was a tough year for the cryptocurrency sector. As the value of crypto fell, some businesses were forced to close their virtual doors, and this led to many questions about the crypto industry. However, there were many positive stories to come out of 2022, including the continued acceptance of cryptocurrency as a payment method. As we look ahead to the upcoming year, will 2023 be another big year for the crypto sector?
Recovery
The overriding aim of the crypto sector in 2023 will be to make a recovery from the disappointments of the previous year. It is difficult to predict the full extent of the recovery and it is hard to imagine the crypto market is going to return to its peak, but the overall signs are good as we enter 2023. Industry leaders believe the worst of the bear market will be over and the first quarter of the year could be a great time for investors. Many cryptocurrencies could be at an all-time low in terms of value and that could lead to people buying. The more people buying, the quicker the price will begin to rise. The situation regarding interest rates will have a say on the performance of crypto in the early stages of 2023 and it is important to keep an eye on the stock market, which is closely linked to the crypto industry.
Crypto Adoption
As highlighted at the top of the page, cryptocurrency continues to be adopted by more people and businesses and that is something which will continue in 2023. The online casino industry is a good example, and we now have many casinos that accept various cryptocurrencies as a deposit method. There are some top online casinos that are yet to fully embrace crypto, with Casumo casino being a good example. Will hugely popular casinos, like Casumo, make the step into crypto in 2023? Other online platforms and land-based stores will continue to integrate crypto features. Starbucks have been working on introducing crypto and the world of social media is one to follow closely as Instagram has been testing NFTs. The new owner of Twitter will be one to watch and we could see the introduction of crypto features on the social media platform in 2023, which will be big news for the sector.
NFTs
Some social media companies have been testing NFTs and the industry has enjoyed some tremendous financial backing from Web2 companies in recent years. With so many big-name brands getting involved in NFTs, which have a close link to crypto, investment could be set to continue in 2023. Many forecasters predict NFTs will be one of the first sectors to recover in 2023, leading to further investment and innovation.
2023 is going to be an exciting year for the crypto sector. Cryptocurrency was in the mainstream news more than ever before in 2022 and will have piqued the interest of a curious population. Continued adoption and further investment in NFTs are two aspects to keep an eye on throughout the year.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
