If 2022 was the year that almost wrote off cryptos, can 2023 be termed as the year of their comeback? Despite a churn of technological innovation, market fluctuations, regulatory changes, and fall of titans (Both Sam Bankman-Fried of FTX, and Changpeng Zhao, CZ of Binance, pleaded guilty of violating money laundering rules), cryptos bounced back. The most popular cryptocurrency Bitcoin saw a whopping 154% surge. From around $17,000 at the start of the year, BTC went up to $44,000. Of this, much of the gains came later in the year. The overall crypto market cap also swelled to $1.62 trillion from $831.8 billion at the beginning of 2023.
Says Parth Chaturvedi, Investments Lead, CoinSwitch, "BTC has recorded a substantial price surge and has been breaking past crucial resistance levels with healthy volume. Various narratives have influenced this price action, with investor sentiment undeniably strengthening." According to Rahul Pagidipati, CEO, ZebPay, this growth can broadly be attributed to increasing interest in the crypto market by both retail and institutional investors. "Global macroeconomic factors have also contributed to this growth with countries coming together to decide the future roadmap of crypto assets through regulatory frameworks," says Pagidipati.
BITCOIN IN 2024
So what does 2024 look like for Bitcoin? Will it soar even higher? There are two main events that can drive the Bitcoin prices up: BTC's fourth halving event, and the US Security Exchange Commission's (SEC) decision for spot BTC ETFs in the US.
THE HALVING EVENT
This story is from the January 2024 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 2024 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How To Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
How To Ask Family For Money
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
Data Breach Drama: When Trust Turns Costly In A Digital Age
Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?
THE TERRAIN TAMER
Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.
THE INTELLIGENT READS
Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"
Give Yourself the Gift of Time
Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.
