A year ago, things were not looking particularly good for the cryptocurrency market.
A series of scandals in 2022 led to a direct decline in the value of the cryptocurrency, after a period of strong recovery during the pandemic.
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One of the largest cryptocurrency exchanges (FTX) turned out to be a giant scam. It happened after one of the largest cryptocurrencies – Terra USA – turned out to be just a pipe dream.
On the other hand, 2023 will go down in history as the year when cryptocurrencies made a comeback.
At the time of writing, Ethereum's value has risen by 100.2 percent in the past year, while Bitcoin's value has risen by a whopping 159 percent.
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2023 was the year of the comeback
2023 started on a very low note after the FTX scandal. After initially recovering from some declines at the beginning of the year, it began a long period where the cryptocurrency market was surprisingly stable.
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Between March and October, there were only minor fluctuations in cryptocurrency values. This was widely considered a sign of good health.
Then happened what could have been considered a scandal, but instead became a massive sell-off: the largest cryptocurrency exchange, Binance, said… Guilty of, among other things, money launderingIt accepted a multi-billion dollar fine.
The company's CEO also pleaded guilty and resigned. However, the company continues to do so.
In the past two months, the Department of Justice has successfully prosecuted senior managers of two of the world's largest cryptocurrency exchanges in two different criminal cases. The message must be clear: Using new technology to break the law does not make you a defiant, but a criminal, U.S. Attorney Merrick Garland said in a statement.
According to Coindesk, this is seen as a positive thing that builds trust in the system.
Strong rise
Figures released by CoinMarketCap show that the value of all cryptocurrencies in the world has risen from approximately $800 billion, to nearly $1,700 billion at the time of writing.
In the Norwegian krone, there is talk of growth from about 8,000 to 17,000 billion Norwegian krone.
In comparison, the oil fund at the time of writing is worth NOK 15.680 billion
At the same time, the market appears to be once again more focused on the two major cryptocurrencies Bitcoin and Ethereum, which now account for two-thirds of the total value of cryptocurrencies, while there has been less focus on the thousands of other cryptocurrencies out there. .
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