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Top 10 Predictions For Crypto In 2023 – Here Is What You Need To Know

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Top 10 Predictions For Crypto In 2023 – Here Is What You Need To Know

The year 2022 has been a roller coaster ride in total with a lot of huge price crashes, many firms entering into bankruptcy along with scams and hacks. Well, now as the year 2023 began on a positive note, a new hope has sparkled among investors and traders. However, the question – is this a beginning of a new crypto leap or just another bubble, still hovers around.

2023 – A Year Of Crypto ?

However, it’s a known fact about crypto uncertainty, but a team from Bitwise Investment has come up with 10 predictions of what we can expect in 2023.

  1. Crypto Market In 2023 Will Be U-Shaped

The market began the year 2023 in a recovering phase. With Ethereum’s merger, benefits of Layer-2 solutions, Shibarium and other new upgrades being lined up, the report claims that 2023 will turn out to be bullish.

  1. Fast Crypto Transaction Will Be Real

Increasing Layer-2 solutions and Ethereum’s upgradation being scheduled for this year which will reduce transaction cost by 1000%. Through this process, the cost is expected to be below 1/10th of a cent and this will see a new era in the financial world led by the crypto market.

  1. 100% Rise On Coinbase Market Cap

Even though in 2022, Coinbase’s stock dropped by 86%, the firm’s revenue has increased from 2018’s $520M to $3.3B in 2022. As per the Bitwise team, Coinbase, with the largest installed user base will make a comeback when crypto recovers.

  1. Shanghai Upgrade To Spike ETH Staking

The Shanghai Upgrade which is expected to happen in 2023 will allow stakers to withdraw their staked ETH. However, the report claims that Ethereum will limit the ETH that can be withdrawn and this will in turn raise staking by 50%.

  1. A Slump In ETH

As Ethereum switched from proof-of-work to proof-of-stake, the new ETH that the Blockchain creates every day got reduced. Now as ETH has completely transitioned to PoS, the network will see increased demand.

  1. Crypto & Equity’s Correlation To Drop Below 0.5

Crypto is following stocks, the report claims that this correlation will drop below 0.5 in 2023. This is because, the team believes that crypto market will depend more on crypto related factors like regulations, upgradation and much more

  1. Crypto Regulation In US Congress

Pat McHenry (R-NC), who is a crypto proponent is leading the House Financial Services Committee and hence there might be at least one crypto regulation in 2023

  1. USDC To Overshine USDT

As per the reports, 2023 will see investors looking for transparency and clear regulations. Hence, with USDC being more transparent, regulated will surpass USDT in 2023

  1. One More Crypto Unicorn To Tumble

It is expected that 2023 will see one or more Crypto Unicorn collapsing

  1. Uniswap To Overlap Coinbase’s Trade Volume

In November 2022, Uniswap registered much more trade than Coinbase. Hence, in Q4 of 2023 it is expected that Uniswap will see more trade volume than Coinbase.

Overall even though the year will see many challenges, the Crypto market will rise and hold on to its bull market.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Analysis

Smaller exchanges see around $200M in Bitcoin withdrawn over past week

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Smaller exchanges see around $200M in Bitcoin withdrawn over past week

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Oluwapelumi Adejumo · 6 hours ago · 2 min read

Blockchain analytical firm Santiment said Bitcoin’s existing supply has been moving to self-custody since its value crossed $23,000.

2 min read

Updated: February 8, 2023 at 7:34 pm

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Cover art/illustration via CryptoSlate

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Around $200 million worth of Bitcoin (BTC) was withdrawn from smaller exchanges over the past week, according to Glassnode’s data as analyzed by CryptoSlate.

Gate.io recorded the highest withdrawals during this period — the exchange saw $120 million. It was followed by Bithumb, which saw $60 million in withdrawals, and Luno, with $45 million in withdrawals.

The charts below detail the extent of the withdrawals across these exchanges:

Source: Glassnode
Source: Glassnode
Source: Glassnode

Meanwhile, the withdrawals were not restricted to the smaller exchanges alone. Coinglass’s data showed that the amount of Bitcoin on exchanges plummeted over the previous seven days.

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According to the data, Binance’s balance reduced by 4,726 BTC in the last seven days, while Coinbase and Kraken dropped by 1,961 BTC and 1,384 BTC, respectively.

The data were further corroborated by the blockchain analytical firm Santiment. The firm said BTC’s existing supply has been moving to self-custody since the assets price crossed $23,000 in early February. It added that there are only 1.47 million Bitcoin on exchanges — the lowest amount since November 2018.

Source: Santiment

Santiment said:

“There is now $416.5 billion in BTC sitting away from exchanges, and $29.2 billion in BTC on exchanges.”

Crypto investors increasingly favored self-custody following the FTX collapse of last year.

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Bitcoin

Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch

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Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch

The crypto market has been quite fluctuating lately, especially Bitcoin which is hovering around $23,000 and $22,000 area. The King currency had opened the day on a brighter note, but ended on a bearish trend as the currency has once again dropped towards $22,000 level.

At the time of writing, Bitcoin is valued at $22,826 with a fall of 0.42% over the last 24hrs.

When looking at the other side of the coin, Bitcoin has started the year on a bullish cycle as in January alone the currency had gained more than 45% after hitting a high of $24,300. This momentum pushed Ethereum and other altcoins towards their recovery cycle.

Bitcoin On A Bull Ride Soon

However, while the crypto market is moving towards its recovery phase, traders and investors are not so confident about Crypto’s future and are predicting a correction ahead in Feb. Now, what’s interesting is that the on-chain data platform Santiment claims that the market usually leans where traders least expect. 

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This suggests that when most of the traders are showing a negative stance towards the future of crypto, it creates less selling pressure and more buyers. If this happens, the crypto market will witness and increased demand which will push the cryptocurrency prices towards their next bull run.

The similar claim has been made by a technical analyst, Adrian Zdunczyk aka Crypto Birb where he believes that the crypto market is currently in a disbelief mode.

From my observations, the market is in disbelief mode, still fighting cognitive dissonance and placing too little weight on the recent reversal. Take it with a grain of salt, however. I’ve been riding $BTC from $16920 with size, so I may be biased a little 🙂 pic.twitter.com/DiayBFpwJY

— Adrian Zduńczyk, CMT (@crypto_birb) February 1, 2023

As per the data, often disbelief is the result of fear of missing out on profits and also its a fear of being caught in market correction. However, looking at the broader picture and the increasing institutional interest in Crypto, the market is expected to see continued growth.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Analysis

Bitcoin, Ethereum Technical Analysis: ETH Nears $1,700, Fed Prepared To Maintain Rate Hikes

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Bitcoin, Ethereum Technical Analysis: ETH Nears $1,700, Fed Prepared To Maintain Rate Hikes

Ethereum closed in on the $1,700 level on Wednesday, as markets reacted to comments from U.S. Federal Reserve Chair Jerome Powell. Speaking after Tuesday’s session, Powell hinted that the Fed could continue to hike rates, should the data show the need for action. Bitcoin was also boosted by the news, climbing back into the $23,000 region.

Bitcoin

Bitcoin (BTC) moved higher on Wednesday, following comments from Federal Reserve Chair Jerome Powell.

Speaking yesterday, Powell stated, “The reality is we’re going to react to the data. So if we continue to get, for example, strong labor market reports or higher inflation reports, it may well be the case that we have to do more and raise rates more than is priced in.”

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BTC/USD rose to an intraday high of $23,367.96 earlier today, less than 24 hours after hitting a low of $22,781.95.

BTC/USD – Daily Chart

Looking at the chart, the move pushed bitcoin to its strongest point in four days, and came as the 14-day relative strength index (RSI) ran into a ceiling.

The index rose to a ceiling at 65.00, however momentum was not strong enough to break out of this point.

As of writing, the index is tracking at 62.92, with BTC falling from earlier highs, and currently trading at $23,195.36.

Ethereum

Ethereum (ETH) extended recent gains today, with prices breaking out of a key resistance point in the process.

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Following a low of $1,628.67 on Tuesday, ETH/USD jumped to a peak of $1,688.53 during the hump-day session.

As a result of today’s gains, the world’s second largest cryptocurrency climbed past a resistance level at $1,675.

ETH/USD – Daily Chart

Similar to bitcoin, this move pushed ETH to its highest point since Saturday, with the RSI also hitting a four-day peak.

At the time of writing, the index is at a reading of 62.97, which is slightly below a ceiling at 64.00.

ETH bulls will likely attempt to break this resistance in the coming days, which will inevitably mean prices move back above $1,700.

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Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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