Alex Dovbnya
In 2023, the cryptocurrency world experienced a series of watershed moments, including major institutional efforts and legal battles that set new industry standards.
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As 2023 draws to a close, it’s time to look back at this year’s top cryptocurrency events, including high-profile arrests and regulatory victories. With its fair share of ups and downs, the crypto landscape is constantly evolving, bringing new challenges and opportunities. Let’s get into the holiday spirit and take a look at the most notable cryptocurrency events of 2023.
10. PayPal launches its own stable coin (August)
Starting our countdown at number ten, PayPal has launched its own stablecoin, PayPal USD (PYUSD), a significant step in its cryptocurrency journey since first joining the space in 2020. Pegged to the US dollar and issued by the Paxos Trust, PYUSD aims to increase the adoption of digital tokens for payments. The launch follows PayPal’s previous initiatives, which include enabling US customers to buy, sell and hold select cryptocurrencies and use them for payments at global merchants.
9. Bill Gates rejects Web3 (January)
At number nine, Bill Gates expressed skepticism about Web3 and crypto and argued that AI is a more significant technological change. Gates, known for his cautious stance on crypto, advised against investing heavily in trends like Web3 and the Metaverse. Recalling the dot-com bubble, he emphasized the potential long-term impact of new technologies, which may not be immediately apparent. Gates’ January comments are in line with his previous critical views on crypto and NFTs, which focused on issues such as Bitcoin’s high energy consumption.
8. Depegging of USDC (March)
The eighth-ranked USDC stablecoin dropped from a value of $1 to $1 in March, a significant event in the stablecoin sector that underlined the fragility of digital currencies amid the traditional banking turmoil. This decline was attributed to the fallout of Silicon Valley Bank, with values on Kraken falling by 94 cents. Concerns arose over an unknown portion of USDC’s cash reserves being held in the failed bank.
7. Do Kwon jailed (March)
In March, South Korean authorities confirmed the arrest of Terra founder Do Kwon in Montenegro. This was followed by the collapse of the TerraUSD stablecoin and Luna token. An arrest warrant was issued by Seoul prosecutors, and Kwon was on an Interpol red notice. Despite his claims not to hide, it was revealed that Kwon had fled to Serbia.
6. Opening of Shibarium (August)
At number six, the Shiba Inu ecosystem expanded in August with the launch of Shibarium, a development that demonstrated the potential of the Ethereum layer-2 network to increase transaction efficiency, despite early challenges.
Shibarium is an Ethereum layer-2 network supported by the SHIB token, which aims to facilitate faster, more affordable, and private transactions off-chain while leveraging the security of the Ethereum blockchain.
The launch of the network was initially hampered by software bugs. After a rocky start, the Shiberium network has seen remarkable improvements. The number of daily transactions and wallet addresses increased dramatically, with the total number of transactions exceeding 200 million in late 2023.
5. Sam Bankman-Fried convicted (November)
In the midst of our countdown, the conviction of Sam Bankman-Fried in November for multiple criminal charges, including securities fraud and money laundering, is an important moment of accountability in the crypto exchange sector.
Prosecutors demonstrated that he and his top lieutenants secretly transferred billions of dollars of client assets from FTX to Alameda Research, a private trading firm they also controlled. The trial revealed Bankman-Fried’s misappropriation of funds for personal and political gain, which contrasted sharply with her public persona. He has been in jail for decades.
4. BlackRock Files for Spot Bitcoin ETF (July)
Moving up to number four, BlackRock’s filing for a spot Bitcoin ETF sets a precedent in the asset management industry, indicating growing acceptance of the cryptocurrency among mainstream financial institutions.
This development of such an important firm creates a realistic possibility of the SEC approving such an ETF. This action has set a precedent, encouraging other companies to follow suit. The SEC is widely expected to approve a spot Bitcoin ETF in early January.
3. Bitcoin (BTC) price nears $45,000 (December)
One of the biggest events in the cryptocurrency world in 2023 has been the remarkable rise in the value of Bitcoin with a 157.06% increase in value. This rally was highlighted by Bitcoin crossing the important milestone of $44,000, marking a significant rally and drawing considerable attention from investors and analysts on the crypto market. This achievement not only underscores Bitcoin’s resilience and ongoing relevance in the digital currency sector.
2. Fall of CZ (November)
Number two, Changpeng Zhao’s decision to resign and plead guilty to violating US anti-money laundering laws marked the end of an entire era. The decision was part of a significant settlement to safeguard the cryptocurrency giant. Binance agreed to admit criminal misconduct and pay a $4.3 billion fine to settle both criminal and civil charges.
1. Ripple wins SEC lawsuit (July)
Ripple’s significant legal victory at the SEC in July tops our 2023 countdown. U.S. District Judge Analisa Torres decided that Ripple Labs Inc.’s sale of its XRP tokens on public exchanges did not violate federal securities law. This was an unprecedented win for Ripple and the broader cryptocurrency industry.
This legal victory by Ripple has had a significant impact, leading to the re-listing of XRP on various cryptocurrency exchanges.
The court not only rejected the regulator’s interim appeal motion but also dropped charges against Ripple executives Brad Garlinghouse and Chris Larsen.
Let’s look forward to 2024 with anticipation and the knowledge gained from the past year. Happy Holidays and a Prosperous New Year to the crypto community!
About the Author
Alex Dovbnya
Alex Dovbnya (aka Alex Morris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the growing industry – from price analysis to blockchain disruption. Alex wrote over 1,000 stories for U.Today, Cryptocomms and other fintech media outlets. He has a particular interest in regulatory trends around the world that are shaping the future of digital assets. He can be contacted at [email protected].
Source: u.today
