Crypto Market: Development in 2022 and Trends in 2023

People have never invested so much money in cryptocurrencies as in the last two years. Media hype, low lending rates, and a large number of speculators have driven the prices of virtual currencies to unprecedented heights. At one point, the situation began to resemble a gold rush. Investors bought billions of dollars worth of “crypto”, and miners from all over the world went shopping and bought video cards to mine cryptocurrency.

First of all, it is worth noting a sharp increase in the number of accounts opened by users on various cryptocurrency exchanges and wallets – such as the world-famous Binance, Bitfinex, OKX, Huobi, ByBit, etc. Thanks to them, users have the opportunity to buy cryptocurrencies, paying immediately in national currency, without the need for intermediate conversion. You can learn more about cryptocurrency in the video course, which can be downloaded from Pirates Bay. 

Interest in Stablecoins

The next trend, which was manifested in 2022, is the increased interest in stablecoins as a tool that allows not only to level the risks of cryptocurrency price fluctuations safely but also to transfer their funds at any distance. For this purpose, the tools of crypto exchanges and crypto wallets are used, and it is also possible, if necessary, to cash out or transfer funds in bank accounts.

Cryptocurrency exchanges have offered an excellent alternative tool for secure transfers between client accounts – the so-called “exchange codes”, with the help of which you can not only send any currency but also make an address transfer to a specific recipient.

Without Binding to the Exchange

In parallel with the development of cryptocurrency exchanges, which conduct a huge number of exchange operations between hundreds of different cryptocurrencies, autonomous multi-currency crypto wallets that are not tied to any particular exchange have also begun to be created.

Their goal is to ensure the safety of customers’ funds in an era of growing competition between crypto exchanges, the activation of hacker groups, and the growing danger of hacking and bankruptcy of the largest crypto exchanges. The recent fall of the FTX cryptocurrency exchange clearly showed the danger of storing all available funds in the accounts of the crypto exchange.

To service such wallets without using the exchange potential of crypto exchanges, you can use the capabilities of various crypto exchangers that perform the function of converting from fiat currencies to cryptocurrencies and vice versa. It is convenient to use multi-currency wallets organized based on the crypto exchangers themselves. We get “two in one” at once: no need to transfer funds from the wallet anywhere, the exchange takes place “inside”.

Cryptocurrencies and Telegram

Finally, in 2022, it became very popular to use a crypto wallet directly in the most popular messenger Telegram. Residents of different countries got this opportunity thanks to a chatbot from the same Any. Cash. After transferring the mobile phone number, unique wallets in several cryptocurrencies and conventional (fiat) currencies are automatically created.

Thanks to the built-in tools, it is now possible to make

• Instant transfers between Telegram users with 0% commission;
• Transfers funds in euros to IBAN accounts, helping relatives and friends who are abroad;
• Reliable storage of funds in the most secure messenger on the Internet.

The use of Telegram accounts allows you to maintain complete anonymity of operations and the use of modern methods of encrypting transactions – to protect funds from intruders. Two-factor authentication via email or Google Authenticator is also used to protect against hacking. 

Development of Digital Assets

The White House unveiled the first-ever comprehensive framework for responsible digital asset development. The document includes information on ways to develop financial services and methods to combat cryptocurrency fraud.

What trends will be relevant to the crypto market next year:

1. Development of a network of crypto exchangers as services offering the necessary services for the exchange of cryptocurrencies among themselves and for fiat currencies.
2. Development and wider use of multi-currency wallets, such as those offered by Any.Cash. The growth of the number of clients of this company will be due to convenient tools and zero commission for transfers between clients within the company. The availability of a profitable affiliate program also plays a significant role: this factor is quite important for building a customer base.
3. Further development of cryptocurrency payments in Telegram as a tool that allows you to preserve the anonymity of the client and, at the same time, provide him with all the necessary tools.
4. Growing interest in stablecoins and their use for storing funds, including deposits on cryptocurrency exchanges, just as it is now happening on WhiteBIT.

The digital asset market has grown significantly in recent years. Millions of people around the world, including 16% of American adults, have purchased digital assets, the market capitalization of which reached USD 3 trillion last November. Digital assets create potential opportunities to strengthen U.S. leadership in the global financial system and remain on the technological frontier. But they also pose real risks, as evidenced by recent developments in the cryptocurrency markets. The May collapse of the so-called stablecoin and the subsequent wave of bankruptcies destroyed more than $ 600 billion of investor and consumer funds.