What Were the 4 Biggest Crypto Stories of 2023?
This past year was a pivotal one in terms of the crypto industry’s relationship with regulators and financial markets. U.S. authorities cracked down on major players and financial titans threw their hats in the ring as mainstream finance took steps to accept, if not embrace, crypto.
Here are four stories that sum up the year in crypto.
Bitcoin's price has recovered significantly from the lows seen in late 2022, and much of the renewed interest in the crypto asset has to do with the potential for at least one spot Bitcoin ETF to be approved by early next year. While futures-based Bitcoin ETFs already exist, several applications for spot Bitcoin ETFs in the past have been declined. The entrance of BlackRock in the spot bitcoin ETF arena changed everything in June.
BlackRock's ETF application was seen as a major step forward for crypto. The firm is one of the world's largest asset managers and could confer a greater level of credibility to the crypto market. Once BlackRock entered the race, other industry giants, such as Fidelity, renewed pushes for their own spot ETF offerings.
The approval of a spot Bitcoin ETF would be a pivotal moment for the crypto asset in terms of regulation and trust. Experts estimate a spot Bitcoin ETF could bring tens of billions of dollars in new money into the Bitcoin market in a matter of years. For now, the Securities and Exchange Commission (SEC) has until Jan. 10 to decide on Ark Invest's ARK 21Shares Bitcoin ETF.
Just last year, FTX CEO Sam Bankman-Fried was seen by his supporters as the wunderkind of the crypto industry and potentially the world’s first trillionaire.Now, he’s awaiting sentencing after being found guilty of fraud and conspiracy for the role he played in the misuse of
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