The broader crypto market experienced a prolonged crypto winter after massive outbreaks.
Experts believe that strict crypto regulations will regain users' confidence in the market.
Experts also noted that DeFi and Bitcoin will experience massive adoption in 2023
However, experts are still optimistic about the future of the crypto market. Experts believe that this is not the end of crypto, but rather the beginning of a new chapter. With that said, here is what you need to know.
As CoinGabbar previously reported, strict crypto regulation is an urgent need of the hour, which experts believe will be enacted by respected governments in the initial months of 2023.
Meanwhile, several governments had already proposed a draft for discussion in their legislative assembly. And others are working on revising present crypto regulations. This implies that the crypto market will almost certainly undergo regulatory changes in 2023.
The members of the Russian parliament's lower chamber, the Duma, have been in discussions with market stakeholders about amending the country's existing crypto legislation "On digital financial assets." Russian lawmakers are planning to launch a national crypto exchange in 2023, to prevent such events.
Crypto Prediction #2: Bitcoin Adoption Will Increase
The FTX debacle has raised questions about the viability of centralized exchanges and products. In contrast, decentralized products have grown in popularity in the cryptocurrency market. As a result, experts believe that a decentralized product like Bitcoin will witness massive adoption in 2023.
It is also said that Bitcoin will become the first monopoly in the global decentralised economy because of its real-world applications. Recently, billionaire venture capitalist and serial blockchain investor, Tim Draper, stated that Bitcoin will undoubtedly reach $250,000 by 2023, which might spark a positive sentiment among crypto investors and lead to bitcoin adoption.
Decentralized finance (DeFi) protocols are gaining popularity, just as evidence rides that large centralized crypto exchanges are in a slump.
As per Nansen reports, most DeFi protocols have seen double-digit percentage growth in users and transactions in the past few weeks, indicating that they are still alive and well after the demise of FTX. This implies that DeFi products and services will witness widespread adoption in the future.
If we conclude the above three predictions, one thing is certain: the crypto market will rise again with better crypto regulations and offerings.
As Binance announced in an interview with Bloomberg on Nov 24 that it intends to invest in several crypto projects, and it has also launched an industry recovery fund to assist projects experiencing liquidity crises.
This indicates that prominent leaders are also assisting the broader crypto market to rebound once again.
What do you think, will the crypto market continue to fall or experience an exciting climb in the future? Share your views in the comment section below.