• 2022 could potentially be the second-worst year for Bitcoin since 2011, with a YTD performance of -65%.
• Arcane Research predicts that the majority of 2023 will be less frantic and uneventful compared to the last three years, and Bitcoin will likely trade in a flat range but finish the year with a higher price than it started.
• BitStarz Player Lands $2,459,12.
2022 has been a tumultuous year for Bitcoin, with its YTD performance of -65%, making it the second-worst year for the digital currency since 2011. Physical gold (-1% YTD) has significantly outperformed digital gold, Bitcoin, in a period of high inflation. This crypto winter has been fueled by tightening macroeconomic conditions and crypto-specific leverage and miserable risk management by core market participants. BTC had followed the U.S. equity markets due to its high correlation, apart from two distinct events in 2022 – 3AC, Celsius etc. and FTX – which are responsible for the entire underperformance of BTC vs. the U.S. equities.
As the year 2023 approaches, Arcane Research has predicted that contagion effects will “probably” continue in early 2023, but the majority of the year should be less frantic and uneventful compared to the last three years. The firm expects Bitcoin to trade in a flat range throughout 2023, but to finish the year with a higher price than it did at the start. This prediction is based on the understanding that BTC has a high correlation with U.S. equities, with its outliers being responsible for its underperformance in 2022.
Finally, in a surprising turn of events, BitStarz player recently landed an incredible $2,459,12 win. This is a testament to the potential of Bitcoin and cryptocurrency, and the optimism in the industry for 2023 and the years to come.