Crypto Chronicle 2023: A Year in Review

Boluwatife Akande 08 Jan 2024

Greetings Busha Tribers,

As we bid farewell to 2023, let's take a retrospective journey through the highs and lows of the crypto world that unfolded month by month.

The Crypto Year 2023 in Review

January: A Roaring Start

The year kicked off with a resounding question—would crypto rise again in 2023? BTC answered with gusto, surging from 16K to 21K, marking its best January performance since 2013. Discussions on Ethereum's new testnet and the impending Shanghai upgrade added a layer of excitement.

February: Busha Commerce Unleashed

February witnessed the grand entrance of Busha Commerce, adding a fresh dimension to the crypto landscape. While cryptocurrencies showed minimal changes by month-end, Ethereum outpaced Bitcoin, rising by 1.6% compared to Bitcoin's modest 0.4% increase. Regulatory scrutiny took center stage with Paxos receiving a Wells notice from the SEC, setting off a chain of events affecting BUSD.

March: Financial Turbulence and Crypto Resilience

US banks, including Silicon Valley Bank (SVB), faced a seismic shift, marking the third-largest bank failure in US history. Surprisingly, the stablecoin sector weathered the storm, and BTC defied expectations by climbing 21% to reach 28K during the crisis, showcasing its resilience.

April: Russia Ascends, EU Legislates

Russia claimed the title of the second-largest cryptocurrency mining country, overtaking Kazakhstan with 1 gigawatt of mining capacity. Simultaneously, the European Union led the charge in pioneering comprehensive crypto laws. Sweden's decision to abolish tax incentives, however, sounded the death knell for Bitcoin mining in the region.

May: Nigeria Embraces Blockchain

Nigeria embraced blockchain, with the government approving a bill for its usage, signalling a commitment to technological advancement across various sectors, including tech, finance, health, and governmental budgets.

June: Legal Battles for Terraform Labs' Founder

Terraform Labs' founder, Do Kwon, faced legal battles and was sentenced to four months in jail for forging documents and other charges, marking a challenging period for this prominent figure in the crypto space.

July: Worldcoin's Token Launch and Threads by Zuckerberg

Worldcoin's token launch took center stage, with major exchanges listing WLD. Mark Zuckerberg launched Threads, garnering over 100 million organic users in the first five days, although daily users on Threads experienced a subsequent decline.

August: Ethereum's 8th Birthday Bash

Ethereum celebrated its 8th birthday, reflecting on its journey to becoming the second-largest cryptocurrency globally, with a market capitalization exceeding $204 billion.

September: Naira Surges in Crypto Interest

The Nigerian naira surged in crypto interest, experiencing a remarkable 9% YoY growth in total crypto transactions, reaching an all-time high of $56.7 billion. However, the sub-Saharan region remained the smallest global crypto market. Additionally, a hack targeted $200 million of Mixin, a Hong Kong-based crypto exchange.

October: Bitcoin Breaks 30K Barrier

Bitcoin crossed the 30K barrier for the first time in the year, settling around $34,000 after reaching a 17-month peak. Solana rebounded impressively from FTX's collapse, gaining over 260% YTD, with assets under management rising by 74.1% to $140 million. Busha transitioned to a new community within Circle.

November: Software Giant's Bitcoin Acquisition and Binance's Historic Penalty

The software giant Microstrategy made headlines by acquiring an additional 16,130 BTC for ~$593.3 million, increasing its total Bitcoin holdings to 174,530 BTC. Binance faced a historic $4.3 billion penalty, with founder CZ stepping down in a series of shocking tweets.

December: BTC Hits Two-Year Peak

The year culminated in BTC hitting a two-year peak of 47K, marking a significant milestone for the cryptocurrency.

As we reflect on this rollercoaster of a year, we eagerly anticipate what 2024 has in store for the dynamic world of cryptocurrency. THANK YOU FOR CHOOSING BUSHA.