Unchained

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

Dec 26, 2023

The podcast discusses the challenges of the crypto industry in 2023, including financial troubles, regulatory actions, and the impacts of Ethereum's Chappella upgrade. It also covers the criminal trial of Sam Bankman-Fried, concerns about crypto being used for terrorist financing, Binance's settlement with the U.S. government, and the potential rise of another bull market. Additionally, it explores the SEC's classification of crypto assets as securities and the potential inflows of money into Bitcoin with approved spot ETFs. The chapter on Bitcoin ETFs highlights competition, point systems in crypto, and unexpected outcomes.

49:44

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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.

Introduction

4min

Financial Troubles and Regulatory Actions in the Crypto Industry

15min

Ethereum's Chappella upgrade and the regulatory battle between the crypto industry and the SEC

8min

Crypto Assets as Securities and Potential Inflows of Money

7min

Testimony and Conviction

13min

Bitcoin ETFs and the Rise of Point Systems in Crypto

3min

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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.