After the collapse of FTX and the depegging of UST, along with a series of bankruptcies at the end of 2022, the entire year of 2023 was a unique one for cryptocurrencies, bringing many positive developments to the entire ecosystem, such as critical technological upgrades, the rise of the BTC inscription ecosystem, and more.
Cryptocurrencies and stocks both experienced surges in 2023, with many digital assets more than doubling in value, including Bitcoin (BTC), which rose by 150% during the year. The even hotter inscription ecosystem produced numerous coins that increased in value by multiples, making the whole crypto sphere become FOMO-driven.
Although the regulatory environment can be said to be the most challenging in history, especially in the United States, with lawsuits continuously filed from the summer, shocking the crypto world. However, a series of confrontations should force some pending issues to become clearer. Some expect the period of monetary tightening to end soon.
Such a tumultuous year, how can it not be exhilarating? As the year-end approaches, let’s review the major events that happened in the crypto sphere in 2023 and how they have shaped our industry.
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TL;DR:
The market entered a bear phase at the beginning of 2023, with the aftermath of FTX and increasing regulatory pressures impacting the crypto market.
The banking crisis in March, including the collapse of Signature Bank, Silicon Valley Bank, Silvergate, and Credit Suisse, brought a glimmer of hope to the crypto winter.
With Blackrock, Fidelity, and other traditional financial giants applying for Bitcoin spot ETFs, the price of Bitcoin accelerated its recovery.
The market returned to Bitcoin, with Ordinals reaching historic highs, driving Bitcoin’s on-chain transactions to new heights.
The U.S. SEC, after disputes with Binance, Kraken, Coinbase, and Ripple, began facing increased pressure to clarify cryptocurrency regulations, followed by over 40 countries announcing their regulatory frameworks.
Binance pleaded guilty and paid a $4.3 billion fine to the U.S. Department of Justice, with Changpeng Zhao stepping down as CEO.
Meme coins such as PEPE, SHIB, DOGE, and BONK made a comeback.
The BTC inscription ecosystem led the return of the bull market, with the inscription market booming and SuperEx at the forefront.
FTX’s bankruptcy and the U.S.’s stringent regulations brought a crypto winter.
At the beginning of 2023, under the shadow of the FTX collapse, the crypto market entered a period of continuous turbulence. Numerous trading platforms scrambled to protect themselves, with Bitcoin prices hovering around $16,000. The market was pessimistic, and the panic continued.
More seriously, the FTX event spawned a major theme throughout 2023: crypto regulation.
Affected by the FTX event, U.S. regulatory pressure continued to escalate. A series of enforcement actions in the first quarter drew the attention of the digital asset industry. For example, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to stablecoin operator Paxos regarding Binance’s stablecoin BUSD, leading to the cessation of BUSD issuance. BUSD’s supply plummeted from a peak of $16 billion to $1 billion over the year, with $4 billion disappearing in the week following the notice. The forced cessation of BUSD issuance marked the beginning of broader actions by U.S. regulators to curb the offshore exchange giant Binance. Even in March of this year, the U.S. Commodity Futures Trading Commission (CFTC) announced civil enforcement against Binance and its founder Changpeng Zhao (CZ) for multiple regulatory violations.
Onshore operators also had to face new regulatory scrutiny, with many facing increasing pressure from the first quarter. Banking regulators issued informal guidance documents, categorizing cryptocurrencies and their clients as risks to the banking system. Some industry insiders even called these actions “Operation Choke Point 2.0” — a coordinated effort led by the government to hinder the development of the U.S. digital asset industry.
- The unexpected banking crisis brought a glimmer of hope to the crypto industry.
Stocks, futures, savings, and crypto markets are major liquidity pools for global flowing assets. Any change in one of these sectors will drive capital flow to others. For instance, when the Federal Reserve raises interest rates, it causes funds to flow from stocks, futures, and crypto into savings. Remember, the volume of liquid capital is the foundation of all market development!
In March of this year, facing a crypto winter, the market saw a turning point. With rapidly rising interest rates, U.S. Treasury bonds depreciated, and the most affected was the tech-friendly Silicon Valley Bank (SVB). SVB declared bankruptcy after a bank run in March. Following its collapse, banks like Signature Bank, Silvergate, and Credit Suisse also fell.
This not only triggered concerns about the health of the U.S. banking sector but also tested the stability of the USDC stablecoin, as crypto banks like Silvergate Exchange Network and Signature Bank’s Signet were affected and shut down.
However, it’s undeniable that a large amount of capital flowed from savings into other sectors, bringing a glimmer of hope to the crypto industry’s winter.
- The arrival of $9 trillion spurred the rapid recovery of Bitcoin prices.
In June this year, BlackRock, the world’s largest asset management company managing over $9 trillion in assets, applied to establish the iShares Bitcoin Trust on June 15th. This move immediately injected new legitimacy into the efforts surrounding ETFs, with BlackRock’s CEO Larry Fink acknowledging Bitcoin as a global asset that can “transcend any currency.”
Following BlackRock’s bold move, previous applicants like Fidelity, WisdomTree, Bitwise, VanEck, Invesco, Valkyrie, and ARK re-entered the competition, reigniting the fervor for Bitcoin spot ETFs, driving the rapid recovery of Bitcoin prices, and laying the foundation for a crypto frenzy in the latter half of the year.
This was followed by the market returning to Bitcoin, with Ordinals reaching historic highs, driving Bitcoin’s on-chain transactions to new heights.
- Mid-year turmoil, regulatory storms sweeping across the crypto industry.
The U.S. SEC, after disputes with Binance, Kraken, Coinbase, and Ripple, began facing increased pressure to clarify cryptocurrency regulations, with over 40 countries subsequently announcing their regulatory frameworks.
SEC vs. Binance
The regulator accused Binance of not only offering unregistered securities but also commingling customer funds.
The lawsuit was filed in June, also targeting Binance CEO Changpeng Zhao, BAM Trading, and BAM Management — the latter two entities operating Binance U.S.
Ultimately, Binance pleaded guilty and paid a $4.3 billion fine to the U.S. Department of Justice, with Changpeng Zhao stepping down as CEO.
SEC vs. Coinbase
On June 6th, the SEC announced that it was charging Coinbase for operating as an unregistered exchange due to alleged securities violations. In this event, Coinbase argued that the regulatory body could not “seize power” in regulating cryptocurrencies, thus had no right to sue the exchange.
This move was Coinbase’s attempt to push the SEC to clarify the boundaries of cryptocurrency regulation, which was ultimately rejected by the SEC.
SEC vs. Kraken
On November 20th, the SEC sought a permanent injunction against Kraken for operating as an unregistered broker, clearing agency, and exchange while commingling customer and company funds, and operating unregistered broker, clearinghouse, and exchange services.
Kraken opposed this and stated its firm stance in defending itself.
- The crazy return of Meme coins
Meme coins have held a significant position in the crypto industry since being popularized by SHIB and Doge in 2021, becoming an important part of the crypto investment landscape.
This year, marked by the frenzy of Meme tokens, signifies the official start of a frenetic crypto spring, with some highly anticipated Meme coins like PEPE, SHIB, and BONE experiencing explosive growth.
6.The BTC inscription ecosystem led the return of the bull market, with the inscription market booming and SuperEx at the forefront.
The resurgence of BTC inscriptions, driven by the rise of Ordinals, provides users with a way to create NFTs and other digital assets on the Bitcoin blockchain. In just one year, the total number of Ordinals soared to 48 million, pushing Bitcoin’s daily transactions to new highs. This also means that everyone recognizes Bitcoin’s ability to grow far beyond its long-term static state.
To date, Bitcoin has grown an astonishing 180% since the beginning of the year.
It can be said that the explosive growth of inscription coins in the fourth quarter, such as ORDI, AIDIGE, PEPE, POGAI, etc., means million-level returns for those who can seize the opportunity.
· ORDI increased by tens of thousands of times;
· ETHS increased by thousands of times;
· ATOM increased by nearly a thousand times;
· PIPE increased by nearly a thousand times;
· SATS increased by 50 times…
This tremendous wealth effect is exciting and coveted. It can be said that the “wealth myth” brought about by the skyrocketing prices in the secondary market is a catalyst for Web3 players to engage in inscriptions.
And the inscription track has become one of the most bustling and wealth-effect-strong areas of the moment.
So, faced with such overwhelming wealth, how do we, as ordinary users, participate in this feast of riches? SuperEx is the best “shortcut” to participate in the inscription ecosystem.
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Currently, SuperEx has launched dozens of popular coins in the inscription track, including $ATOM and $ORDI, and offers the initial trading of various popular inscription tokens such as PIPE, ATOM, AVM, REALM, DMINT, ELECTRON, etc., bringing at least a 10,000% increase in value to these inscription coins.
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