After a miserable end to 2022, ending in the collapse of exchange FTX and charges brought against its founder, some believe crypto may rise again. 9News
From fuelling a white-hot NFT market to rivalling gold as a "safe haven" asset during multiple COVID-19 pandemics, many believed that cryptocurrency had reached a level of legitimacy that would give it staying power.Even Bitcoin - with its infamous volatility - had a rough year in 2022.
Today that very same asset is worth just $AUD 25,000 - a value crash of almost 70 per cent. If the property market had the same decline, there would be riots. "This year was a torrid year for the cryptoasset market. Yet, the 'crypto winter' could give way to a 'crypto spring'," Peters said."A popular 'on-chain metric' to identify top and bottoms in the bitcoin price is the MVRV-Z score," Peters explains.
Regulation from financial bodies, while typically a brake on hot markets, may actually prove to be beneficial for cryptocurrency given its past links with those operating outside of legitimate financial markets. A key barrier in the way of Bitcoin - and consequently cryptocurrency as a whole - is not legitimacy or regulation, but the environment.
"The hashrate and difficulty continues to climb to all-time highs for bitcoin. Whilst this makes the Bitcoin network more secure, greater computational power is needed by mining operations to stay competitive, which could continue to increase the overall energy consumption of the network," Peters says.
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