Unchained

2023 Crypto Year in Review: Is a Bull Market Around the Corner?- Ep. 586

Dec 26, 2023

2023 was a tumultuous year for crypto, highlighted by the dramatic trial of Sam Bankman-Fried and regulatory scrutiny from the SEC. Bitcoin Ordinals and Ethereum's Shanghai upgrade showcased innovation amidst the chaos. A looming bull market emerges with the potential approval of spot Bitcoin ETFs. The podcast discusses the troubling mismanagement unveiled in the Celsius bankruptcy and the impact of new regulations on the industry. The growing trend of point systems in crypto applications also garners attention, promising to shape user engagement.

49:44

Creator website

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

The crypto industry in 2023 faced regulatory challenges, financial troubles, and bankruptcy, emphasizing the need for regulatory clarity and compliance.

The trial and conviction of Benkwin Freed, the founder of FTX, shed light on the importance of transparency, compliance, and trust in the crypto industry.

Deep dives

Crypto Winter to Bull Market: A Recap of 2023

In 2023, the crypto market experienced a transition from a brutal crypto winter to a promising bull market. Despite the various bankruptcies, arrests, and trials that occurred, crypto continued to thrive. Genesis, Celsius, and Kraken were among the notable companies facing financial troubles and legal issues. Regulatory actions, such as Operation Choke Point 2.0, posed challenges for exchanges, while the introduction of ordinances and Bitcoin NFTs brought new opportunities. The year also witnessed bank failures that affected the crypto industry, such as the collapse of Silicon Valley Bank. Additionally, the trial and conviction of Benkwan Freed, the founder of FTX, shocked the community. Spot Bitcoin ETFs and the finance settlement with Binance were significant developments, indicating the growing acceptance and regulation of cryptocurrencies. The year ended with anticipation for the launch of spot Bitcoin ETFs and the potential impact they will have on the market.

Intro

3min

Navigating the Early 2023 Crypto Turmoil

2min

Examining Mismanagement and Manipulation in Celsius Bankruptcy

2min

Regulatory Waves and Crypto's Future

14min

Empathy in Crypto Regulation

6min

Crypto Legal Landscape: Trials and Triumphs

17min

Bitcoin ETFs and Financial Advisors' Dilemma

3min

The Impact of Point Systems on Crypto User Engagement

2min

Take the Unchained 2023 survey!

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

In 2023, the crypto industry began with post-FTX fallout such as Operation Chokepoint 2.0, the failures of banks serving the crypto industry and the SEC's Wells Notice against Coinbase.

Meanwhile, Bitcoin Ordinals brought innovation to the Bitcoin network, while Ethereum's Shanghai upgrade introduced new functionalities.

The criminal trial of Sam Bankman-Fried was the dramatic climax of the year, as lawmakers’ concerns about crypto being used for terrorist financing brought crypto into the mainstream conversation. The year ended with Binance's substantial settlement with the U.S. government and spot Bitcoin ETFs in the horizon, ushering in what looks like the beginnings of another bull market.