As 2023 unfolded, remnants of the rotten apples from the 2022 bear market lingered, casting a shadow on the crypto industry’s outlook. On top of that, the United States Securities and Exchange Commission injected fear and uncertainty into the U.S. crypto industry amid calls for regulatory clarity. Nonetheless, the market began to shift as anticipation grew around the possible approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States.
Furthermore, not only did Bitcoin (BTC) reward long-term holders through geopolitical tensions that continue to devour traditional markets, but the cryptocurrency is also well-positioned for a bull market with a halving event closing in.
The Chinese philosophy of yin and yang defined 2023 as a place where two opposite forces collided to find a balance. In the crypto universe, the behavior of Bitcoin decides if the markets are leaning toward the light or the dark. So, how did 2023 behave? Is crypto in the light or the dark?
Happy New Year, Bitcoin!
As exploding fireworks marked the birth of 2023, Bitcoin surprised the depressed markets, indicating the good things to come. The first month of 2023 saw the price of Bitcoin rise almost 50% from $16,600 to nearly $24.000.
Bitcoin daily candle graph with volume indicators for January 2023. Source: TradingView
On-chain data seemed to detect the activity of whales purchasing collectively. The injection of demand pressure signaled the possible bottom for the price of BTC.
#Bitcoin has now surpassed $22.7k for the first time since August 18, 2022. The price rise has come as the large whale tier group of addresses holding 1,000 to 10,000 $BTC has collectively accumulated 64,638 ($1.46 billion) $BTC in the past 15 days. https://t.co/H6jCsZDgUR pic.twitter.com/RaN2I48ybg
— Santiment (@santimentfeed) January 20, 2023
To the disbelief of many crypto advocates, the excellent BTC price results drove Goldman Sachs to rank Bitcoin as the best-performing asset of 2023 in January.
Year-to-date market performance, January 2023. Source: Goldman Sachs
Days prior, the leading global investment bank declared gold a better asset…
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