The year 2022 will be over in a few days and there are good things for the crypto industry. At the beginning of the year, the price of Bitcoin had already fallen to around $45,000 after investors celebrated a record high of around $69,000 in November 2021.
This, however, was only the beginning of a massive correction that continued throughout the year. In February, Russia launched its war of aggression against Ukraine. This had a major impact on the entire economy. Certain raw materials became scarce and product prices continued to rise after the corona pandemic saw sharp price increases since 2020. Energy in particular became more expensive for consumers. But companies were also grappling with inflation, and many businesses were laying off employees or hiring freezes. These include large technology companies such as the Facebook group Meta.
Price shock for Bitcoin buyers in 2022
Not only share buyers had to suffer a lot in 2022, but especially cryptocurrencies buyers. Not only did the war drive prices down, but there were several major crashes of hyped projects on the crypto market. The crash of the Altcoin Terra (Luna) had a big impact here. Although the platform was still one of the most popular in the crypto market in 2021 and the LUNA token was one of the top 5 coins by market capitalization, the price dropped completely to a few cents . Many investors also lost money with the Terra stablecoin UST, which could not maintain its parity with the dollar.
As a result, the price of Bitcoin fell to around $17,700 over the summer. However, this low for the year was cut short again in November 2022 when the crypto exchange FTX collapsed. Since then, BTC/USD has failed to recover and is still trading below $17,000 at the time of publication.
After this terrible year for Bitcoin, what can be expected of the key currency on the crypto market in 2023? Is the correction continuing or have we seen the bottom and could Bitcoin be ready for a major rally? Kryptoszene.de looks at possible price targets for Bitcoin in the new year.
Historically 2022 will be the second year in the entire history of the #Bitcoin when the annual minimum is lower than the previous year⚠️
I’m curious what 2023 will look like 👀🔥 pic.twitter.com/SLW7kfU5gx
— ✖️Evca Wolf (@evcawolfCZ) December 26, 2022
Brazil creates a reliable framework for the use of Bitcoin
A few short-term bullish news gives reason for optimism to the Bitcoin price. The President of Brazil has now signed a law intended to create a reliable regulatory framework for Bitcoin trading. According to analysts, this law could create the conditions for Bitcoin to become a recognized payment method in Brazil, although it will not be an official currency like El Salvador.
The text of the law says: A virtual asset is “a digital representation of value that can be negotiated or transmitted electronically and used for payments or as an investment.” Regulation could give Brazilians more confidence in buying Bitcoin because they are unable to buy Bitcoin. further in a legal gray area, but it is precisely defined how investments in Bitcoin can be made and what regulations apply, for example, regarding the taxation of Bitcoin purchases and profits.
So the regulation could be a catalyst for the spread of Bitcoin in Brazil. After all, the country has more than 214 million inhabitants and could be an important market for the global adoption of Bitcoin in the future.
Russia could be a crypto space
From Russia, the largest country in the world in terms of area, recently there have been much more positive voices about cryptocurrencies. The sanctions against the country related to the aggressive war against Ukraine will probably play a big role here. Due to the freezing of assets stored in international banks and sanctions against the country classic payment transactions, Russia could try to evade international access through transactions with cryptocurrencies.
At the same time, there seems to be a great interest in cryptocurrencies and especially Bitcoin within the population. According to a survey by Russian crypto exchange Bitbanker and researcher Cupli Surveys, eight out of 10 Russians consider Bitcoin to be the “most reliable” crypto-finance in circulation. And nearly a third said they’ve used crypto “at least once.” In particular, 26 percent of the respondents also said that they use cryptography to “pay for goods and services” – although the use of crypto as a payment method is still officially banned in Russia.
The crypto industry in Russia seems to have great potential, which the government also recognizes. According to media reports, a bill proposing the legalization of industrial mining could be passed before the end of the year.
Twitter launches new Bitcoin chart
Meanwhile, there is also positive news for Bitcoin from Twitter. For example, the news network of self-confessed Dogecoin fan Elon Musk has integrated a new feature that allows users to see the current price of Bitcoin and Ethereum directly from Twitter by typing the token name into the search tab. The user is then presented with a price chart obtained from the leading trading analysis platform TradingView.
According to Twitter boss Elon Musk, this should be “one of many” product improvements that will be available on Twitter in the future for business and finance. In this train also seems cooperation with the trading platform Robinhood. This is from a link embedded in the Bitcoin and Ethereum price chart. Users can then use the link to register directly on the platform to buy Bitcoin. However, there is further speculation as to whether Twitter will soon introduce its own cryptocurrency.
In any case, the current news seems to be positive for Bitcoin, even if there is no effect on the price at the moment. However, according to the price forecast at Digital Coin Price, BTC will have a strong rally in 2023. Accordingly, the Bitcoin course should rise to 43,500 dollars. If the estimate is correct, buying Bitcoin would yield more than 150 percent for the next year. However, the analysts do not expect a new record high. The record level should therefore not be exceeded until 2025.
Another option: Fight secure Token FGHT in advance
The new FGHT cryptocurrency could also be a profitable investment in 2023. This is the native sign of the new project Fight out. This has dedicated itself to the future Metaverse content and focuses on solving the virtual world with fitness applications. For this purpose, the developers are in collaboration with specialists in this industry. FGHT can currently be purchased in the presale for only 0.0166 dollars. The project has already raised about $2.5 million.
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