Alex Dovbnya
In 2023, the cryptocurrency world experienced a number of critical moments, including major institutional pushes and litigation that set new industry standards
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As 2023 comes to a close, it is time to remember this year's major cryptocurrency events, including high-profile arrests and regulatory triumphs. With a series of ups and downs, the crypto landscape has continued to evolve, bringing with it new challenges and opportunities. Let's get into the holiday spirit and take a stroll through the most notable cryptocurrency events of 2023.
10. PayPal launches its own stablecoin (August)
Starting our countdown at number ten, PayPal has launched its own stablecoin, PayPal USD (PYUSD). This marks a significant step in its cryptocurrency journey since first foraying into the space in 2020. PYUSD is pegged to the US dollar and is issued by Paxos Trust to increase acceptance of digital tokens for payments. This launch followed PayPal's previous initiatives, which, among other things, enabled 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 his skepticism about Web3 and crypto, arguing that AI is a more significant technological shift. Gates, who is known for his cautious stance on cryptocurrencies, advised against investing heavily in trends like Web3 and Metaverse. He recalled the dot-com bubble and highlighted the potential long-term impact of new technologies that may not be immediately apparent. Gates' comments in January are consistent with his previous critical views on crypto and NFTs, focusing on issues such as Bitcoin's high energy consumption.
8. The Unpegging of USDC (March)
Coming in at eighth place is the USDC stablecoin's departure from its 1:1 dollar value in March, a significant event in the stablecoin space that highlighted the fragility of digital currencies amid traditional banking upheaval. This de-pegging, which saw prices on Kraken fall by as much as 94 cents, was attributed to the fallout from the collapse of Silicon Valley Bank. There were concerns because an undisclosed portion of USDC's cash reserves was held at the insolvent bank.
7. Will Kwon go to prison? (March)
In March, South Korean officials confirmed the arrest of Terra founder Do Kwon in Montenegro. This followed the collapse of the TerraUSD stablecoin and the Luna token. The Seoul Prosecutor's Office issued an arrest warrant and Kwon was on Interpol's red list. Despite his claims that he was not hiding, it emerged that Kwon had fled to Serbia.
6. The launch of Shibarium (August)
At number six, the Shiba Inu ecosystem expanded with the launch of Shibarium in August, a development that, despite initial challenges, demonstrated the potential of Ethereum Layer 2 networks to improve transaction efficiency.
Shibarium, an Ethereum Layer 2 network powered by SHIB tokens, aims to enable faster, cheaper and more private off-chain transactions while leveraging the security of the Ethereum blockchain.
The network's launch was initially affected by software errors. After a rocky start, the Shibarium network experienced a remarkable recovery. The number of daily transactions and wallet addresses increased dramatically at the end of 2023, with the total number of transactions exceeding 200 million.
5. Sam Bankman-Fried is sentenced (November)
In the midst of our countdown, the conviction of Sam Bankman-Fried in November on multiple criminal charges, including securities fraud and money laundering, marks a significant moment of accountability in the crypto exchange sector.
Prosecutors have proven that he and his top lieutenants secretly diverted billions of dollars in client assets from FTX to Alameda Research, a private trading firm that he also controlled. The trial exposed Bankman-Fried's manipulation of funds for personal and political purposes, which contrasted sharply with his public persona. He faces decades in prison.
4. BlackRock files for a spot Bitcoin ETF (July)
BlackRock moved up to fourth place, setting a precedent in the asset management industry with its spot Bitcoin ETF application and signaling the growing acceptance of cryptocurrencies among mainstream financial institutions.
This development of such a significant company has created a realistic possibility that the SEC will approve such an ETF. The action set a precedent and encouraged other companies to follow suit. The SEC is widely expected to approve a spot Bitcoin ETF in early January.
3. Bitcoin (BTC) price approaches $45,000 (December)
One of the biggest events in the cryptocurrency world in 2023 was the remarkable 157.06% increase in the value of Bitcoin. This rally was highlighted by Bitcoin crossing the key milestone of $44,000, marking a significant bounce and attracting significant attention from investors and analysts in the crypto market. This success not only underlines the resilience and continued relevance of Bitcoin in the digital currency space.
2. The Fall of CZ (November)
Second, Changpeng Zhao's decision to resign and plead guilty to violations of U.S. anti-money laundering law marked the end of an era. This decision was part of a significant agreement to protect the cryptocurrency giant. Binance agreed to admit criminal wrongdoing and pay a $4.3 billion fine to resolve both criminal and civil charges.
1. Ripple wins SEC lawsuit (July)
Ripple’s significant legal victory over the SEC in July capped our countdown to 2023. U.S. District Judge Analisa Torres ruled that Ripple Labs Inc.'s sale of XRP tokens on public exchanges did not violate federal securities law. This was a groundbreaking victory for Ripple and the entire cryptocurrency industry.
This legal victory for Ripple had a significant impact and led to the re-listing of XRP on various cryptocurrency exchanges.
In addition to rejecting the regulator's request for an injunction, the court also dropped charges against Ripple executives Brad Garlinghouse and Chris Larsen.
Let's look forward to 2024 with anticipation and the wisdom of the past year. Happy holidays and a prosperous new year to the crypto community!
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience reporting on everything related to the emerging industry – from price analysis to blockchain disruption. Alex has written more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He is particularly interested in the regulatory trends around the globe that are shaping the future of digital assets. He can be contacted at [email protected].
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
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