Many significant crypto events are happening in 2023 as some big traditional entities entered in the crypto sphere. The crypto world is facing regulatory hurdles in many countries including the United States. So, it’s very interesting to learn what will happen and how things will unfold for crypto in 2023.
In this article, you will learn about Bitcoin’s future in 2023 based on the events happening in the crypto sphere.
You will get answers to the following questions:
Will Bitcoin Price Crash? Will Bitcoin Jump toward the Moon? Will Bitcoin touch $1 million? Will the US government make Bitcoin legal in the jurisdiction? Will the Securities and Exchange Commission (SEC) accept spot Bitcoin ETF applications submitted by top financial companies including BlackRock and Fidelity?
In 2022, Bitcoin price fluctuated many times which benefitted many investors but also caused troubles for many traders who got on the train at the wrong time. But what will happen to crypto prices in 2023? Know in this article:
Will Crypto Plummet or Climb Higher?
Bitcoin has not been performing well in the eyes of crypto enthusiasts since the start of 2023. But after recent ETF filings, the belief of investors in crypto has increased which leads to a BTC price jump.
Bitcoin was trading below $26,000 but altcoins and other trading products including NFTs were doing good.
After BlackRock’s filing, Bitcoin’s price went up and the flagship cryptocurrency touched the $30k mark. Currently, Bitcoin is trading above $30,000. If SEC approves spot Bitcoin ETFs submitted by BlackRock and Fidelity, then Bitcoin will go above $50k before the end of 2023.
If SEC rejects ETFs altogether and wins lawsuits against the largest crypto exchanges, Binance and Coinbase, then BTC price will plunge even below $10,000.
Will America Make Bitcoin Legal?
Currently, it seems that the government is trying to control Bitcoin’s dominance. Due to high inflation and unnatural interest rates, investors are considering Bitcoin as a hedge investment product, seeing it as equal to gold.
The government has started action against cryptocurrencies by initiating lawsuits against top crypto companies.
SEC first started a lawsuit against Ripple but the company behind XRP fought very well and got its position back in the crypto world. Then, the top regulatory watchdog made a strong case against the world’s largest crypto exchange Binance. Coinbase was the next in a row that faced the wrath of the SEC.
Recently, SEC rejected ETF filings and called them “inadequate” and asked companies to give more comprehensive details in their applications. So, keeping in mind the recent actions by SEC, it seems impossible that the US will make Bitcoin (BTC) legal in its jurisdiction.
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