the main events of the crypto world in the first quarter of 2023

In the coming weeks, the digital currency market will host many major events. The main ones are in the material of Garantex and RBC-Crypto

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This material is for informational purposes only and does not contain financial advice or recommendations.

In the first quarter of 2023, it is planned to launch crypto services, marketplaces, update networks of various cryptocurrencies, as well as other events. The experts of the Garantex cryptocurrency exchange analyzed the upcoming events and told how they could affect the quotes.

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To begin with, let’s mention the most important events and processes that are not tied to specific dates. Back in the middle of last year, experts started talking about the possible approach of a grandiose financial crisis in the United States, comparable in scale to the events of 2008-2009.

In an effort to cope with inflation, US regulators are increasing the cost of borrowed money at an unprecedented pace, thereby holding back business activity and economic growth. The worst case scenario could be the transition of a recession into a depression, accompanied by a sharp increase in unemployment and social upheavals. These processes will inevitably affect the markets around the world, including cryptocurrency.

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Further actions of US regulators to streamline the industry can also have a serious impact on the global crypto industry. The House Financial Services Committee plans to pass a law this year to regulate the issuance and circulation of stablecoins, and the US Securities Commission intends to extend to crypto exchanges the same requirements that apply to stock exchanges today.

According to the media, the US Department of Justice has not yet decided whether to file money laundering charges against Changpeng Zhao’s company. A law enforcement attack on the world’s largest crypto exchange would have a huge impact on the entire industry. New information on this case may appear in the near future.

Finally, in 2023, the Lotus Special Economic Zone in Astrakhan is expected to start accepting cargo from Iran as part of the development of the North-South international transport corridor.

Release of corporate reports for the fourth quarter of 2022

This week, the leading US companies from the S&P 500 began reporting earnings for the last quarter of last year. A week earlier, the largest banks published their financial results, and in the coming days, such giants as Microsoft, Tesla, Boeing, IBM and Intel will do so.

Next week will be the turn of Apple, Exxon Mobil, General Motors, Ford, Alibaba and others. At the same time, the reporting season for Russian companies also kicks off, starting with the “week of metallurgists”: Norilsk Nickel, NLMK will present their operating results this week, “ Polymetal, Raspadskaya and X5 Group.

How can it affect:

The profitability of the largest companies is one of the important indicators of the state of the American economy. In addition, there is a certain correlation between the situation on the stock market and the dynamics of the cryptocurrency market – a decrease in stock indices, as a rule, entails a decrease in cryptocurrency rates.

Polkadot Hackathon

The Polkadot project, which develops technology to increase the compatibility and scalability of various blockchains, is holding another hackathon – a forum for developers dedicated to the collective solution of certain problems. The three-week virtual hackathon will cover challenges from DeFi to NFT.

How can it affect:

Hackathons have virtually no effect on cryptocurrency quotes. However, in the event of some bright event during the hackathon, the publicity of Polkadot may increase, which will positively affect the DOT project token.

It is this body that determines the size of the key rate, and at the next meeting a decision should be made to continue or correct the current monetary policy. Based on the latest statements by commission members, it is expected that the regulator will continue to increase the cost of borrowed money, but at a slower pace, reducing the “step” of increase from the current 75 to 25 basis points. And on March 21-22, the commission will meet again to discuss a summary of economic forecasts.

How can it affect

The decisions made in early February will determine the outlook for the US economy this year. So far, the Fed has announced plans to continue tightening its policy until the end of 2023, but in the event of a sharp deterioration in macroeconomic indicators, the regulator could theoretically freeze the rate at the current level or even move to lower the key rate. Whatever his decision, it will inevitably affect the dynamics of the stock, currency and other markets, and with them the prospects of the crypto industry.

Launch of the Syntropy Network

The blockchain of the Syntropy project will become public on February 6th. The project claims to be creating a new, more secure internet using decentralized technologies.

How can it affect:

After the launch, a short-term increase in the rate is possible, and then a decrease as a result of profit taking by investors.

Primal mainnet launch

In addition to the launch of the main network of the Primal sports project, a mobile application is also expected to be released. This is part of the project’s global marketing campaign for 2023, which includes promotions featuring famous athletes.

How can it affect:

The successful launch of the main network and application can have a positive impact on altcoin quotes in the long term. In this case, immediately after the event, increased volatility can be expected.

Bounce network launch

Bounce is a Web3 marketplace covering all types of marketplaces, from direct buying and selling to contract management for custom work and decentralized auctions. Early access to the V3 version of the project will be open from February 7, general – February 20.

How can it affect:

The successful launch of the main network and application can have a positive impact on altcoin quotes in the long term. In this case, immediately after the event, increased volatility can be expected.