Since the new year started, the crypto industry, as usual, has already made different headlines for different reasons. There is some good news, such as Bitcoin breaking the $17k barrier since the year started, and some bad news too. The FEDs and regulatory bodies still have a hawkish stance over the crypto industry.
For those interested in what is happening in the crypto industry, the first and second week of the new year has been a mix of pumps and the industry’s old regulations.
In this article, you will learn about the different highlights in the crypto industry within the first two weeks of 2023. Thankfully, there’s much more good news than the events that rocked the crypto industry in 2022.
1. Solana Starts Off with a Pump. Can it Keep Up?
The Solana token started the new year with a surprising pump after its bad year in 2022. With numerous FUD and making the news for the wrong reasons, Solana’s price went down in 2022 to almost 2-year lows.
However, a major highlight within the first two weeks of 2023 has been a price increase. In fact, its price shot up to more than 37% just within days. Thanks to the Bonk token, which has been bonkering the market, Solana surely started its new year in style.
While the good news is still in the air, the next question is whether Solana will keep up with the momentum. Surely the green candles won’t stay forever, but what happens next? That’s a question that only time can tell.
2. Workers in Limbo as Layoffs Continue, When will it end?
For many months, the crypto industry has now been familiarized with crypto stories of consistent layoffs. But when will layoffs end? That is a question that is yet to be answered.
Huobi is reportedly planning to lay off more than 20 per cent of its employees only within the first quarter of 2023. They are not the only crypto company announcing layoffs. The Block reported Genesis Trading would be starting a new round of layoffs involving about 30% of their workforce.
NFT platform SuperRare is the latest to say that they will announce the layoffs of about 30 per cent of their workforce. Most of the reasons for these layoffs were the bad bear market experienced in the crypto industry in 2022 and other regulatory issues.
3. Bitcoin Miners in Trouble
There’s almost no sector in the crypto industry that wasn’t affected by the bear market of 2022. Coupled with strict regulations, Bitcoin miners find it hard to keep up after the Bitcoin price dip and the FTX scandal.
However, it has been reported that the situation is now ending, as 2023 saw a good glimpse of hope for the crypto industry. William Clemente, the founder of the crypto research firm, Reflexivity, said that the situation among miners is now becoming stable.
Bitcoin price has also increased since the year started finding the $17k limit, and it might still increase this week. As predicted, many expect Bitcoin prices this year to be higher than what was seen last year.
4. Which Firm is the Next “FTX?”
One of the biggest crypto stories of 2022 was the FTX issue. FTX was the second-largest crypto exchange before its collapse, and it has generated a lot of controversy about regulation in the crypto industry.
This single event ruined the 2022 crypto market. Coins dipped, investors lost money, and the federal government immediately launched investigations against crypto firms. After the FTX scandal, investigations were reportedly launched against Binance after a massive FUD was created against them.
Apart from FUD, many crypto firms have shown signs of becoming dead. Solana almost blanked out after it suffered a massive FUD; fortunately, the Bonk token came to its rescue.
Right now, the question ringing in the head of many is which crypto firm will be the next FTX?
5. There’s Fear in the Market
The 2022 market and events shook even the most rugged investors. Of course, 2022 is a year that most traders and investors will have in their heads for a long time. The FTX scandal, the bear market, layoffs, and bankruptcy have created massive fear in the market.
People are now afraid to invest as they are unsure of what will happen next in the crypto market. Data from a crypto research firm Santiment shows that the total number of transactions in the crypto market is the lowest since mid-2020.
This shows that people are now becoming extremely afraid of the crypto market, which could be a roadblock in adoption. On the bright side, 2023 has started well, which could mean that investors and traders might have a chance to make massive profits this new year.