When you look at the crypto market predictions for 2023, there are a lot of things to expect. The SEC will begin to look at the market more closely, and the price of crypto will be driven by real-world use cases and speculation. There are also several countries that have begun to adopt crypto-friendly regulations, and we can expect to see more of these in the coming years.
- Ethereum will enable withdrawals from the Beacon Chain
- Ripple will lose the SEC lawsuit over XRP
- Bitcoin’s price will be driven by real-world use cases and speculation
- SEC will look at crypto exchanges with more scrutiny than ever before
- Brazil and other South American countries will implement crypto-friendly regulations
Ethereum will enable withdrawals from the Beacon Chain
The Ethereum team has made it clear that it intends to enable ether withdrawals from the Beacon Chain as part of its next major upgrade. This upgrade is supposed to be delivered in March of 2023.
As of Thursday’s All Core Devs call, it was confirmed that there will be a hard fork, and that staked ETH will be able to be withdrawn. If the upgrade is successful, then users will be able to pull sharded ether from the Beacon Chain.
Previously, the Beacon Chain was slated to be implemented in early 2021. However, it was delayed and has now arrived a little later. There are currently 3.4 million stETH locked on the chain.
The Beacon Chain is the consensus layer of the Ethereum network, and it will be used to verify and validate new transactions. It also sets up the foundation for future sharding upgrades.
Ripple will lose the SEC lawsuit over XRP
Ripple is in a legal battle with the SEC over its native currency, XRP. A lawsuit filed by the SEC claims that the crypto powerhouse failed to register XRP as a security. If the ruling is upheld, it could set a new standard for other cryptocurrencies.
The SEC has taken its case to a federal judge. The lawsuit is a long-running fight, and if the agency prevails, it will have a significant impact on the crypto industry.
In recent months, the SEC has stepped up its efforts to regulate the industry. They announced record $6.4 billion in fines and monetary recoveries. Earlier this year, the agency won a favourable ruling in a federal lawsuit against LBRY Inc. This win might put the SEC in the clear against XRP.
Bitcoin’s price will be driven by real-world use cases and speculation
In the near future, the price of BTC will be driven by two factors: increasing usage by global firms and the Fed’s ability to accommodate the market. This could drive it up to $69,000 by the end of 2023.
Another factor is the growth of the layer 2 ecosystem. This includes generalized networks and industry-specific networks. These networks have been growing steadily over the last 18 months.
One of these uses is decentralized fundraising. This will take center stage in the coming years. For example, Twitter recently filed registration paperwork with the Treasury Department’s Financial Crimes Enforcement Network.
SEC will look at crypto exchanges with more scrutiny than ever before
Despite the SEC’s recent efforts to improve its oversight of the crypto asset sector, many are concerned that the agency is not yet equipped to effectively police the market. The SEC is currently conducting a case against Uniswap Labs, the developer of one of the largest decentralized cryptocurrency exchanges.
A number of other regulators around the world are also scrutinizing the industry. Some have even pushed for more regulatory authority. In South Korea, for example, they’re forcing registration of crypto exchanges.
Meanwhile, the European Parliament has released a landmark crypto asset bill. The bill, dubbed MiCA, is expected to provide legal certainty to digital asset firms.
Another major step in regulatory clarity is the New York State Department of Financial Services’ issuance of new stablecoin guidance. However, the CFTC’s suggestion that cryptocurrencies should be treated as commodities may have to wait.
Brazil and other South American countries will implement crypto-friendly regulations
There are many reasons to be optimistic about the crypto world in 2023. A recent Mastercard survey revealed that 51% of Latin American consumers have used a cryptocurrency transaction. This statistic indicates that the South American continent may be the next hotbed for crypto innovations.
Although not a single country is completely crypto friendly, Latin America’s diverse ecosystem represents a unique test bed for the emerging technology. The continent is teeming with unbanked populations, and is also home to a number of volatile currencies. As a result, the region may offer some insight into whether or not cryptocurrency has the potential to gain mainstream traction.
Despite the fact that the crypto industry is still in its infancy, some nations are taking steps to make it more appealing to consumers. For instance, Argentina has launched prepaid Binance cards.