Crypto Winter 2022: What’s the right time to buy bitcoin 2023?
The year 2022 was a difficult one for the cryptocurrency market, as high-profile companies collapsed and digital currency prices plummeted. Many investors were surprised by the events of the year, making it challenging to predict Bitcoin’s price and buy bitcoin in Nigeria or Kenya.
The crypto market was filled with experts making predictions about where Bitcoin was headed next, with some correctly forecasting that the cryptocurrency would fall below $20,000. However, many market watchers were caught off guard by the tumultuous year for crypto, which saw high-profile company and project failures.
The economic situation leading into 2022 allowed crypto to shine, with record low-interest rates, an expanding money supply, and a strong economy set the stage for record growth in price and adoption in the crypto economy.
It is important to note that none of the failures seen in 2022 was caused by a failure of the underlying blockchain technology, which has continued to develop in the space. Ethereum underwent a successful upgrade, transitioning from a proof-of-work to a proof-of-stake blockchain, which is believed to benefit the future of the Ethereum ecosystem.
The failures and bankruptcies seen in 2022 have led many to call for further regulation in crypto to prevent fraud, theft, irresponsible lending and leveraged trading.
As we move into 2023, investors should be aware of the current macro environment, lack of regulation and confidence in crypto, and unclear regulatory frameworks that will continue to put pressure on crypto. Blockchain innovation and progress continue to grow, and all investors need to review their crypto portfolios and set a plan for proper crypto investment moving forward.
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