Analysts Believe 2023 Will End Well

The cryptocurrency market has faced selling pressure this week after its high performance throughout January. The crypto’s decline this week was due to some unexpected developments. The SEC, the American Securities and Exchange Commission, made an unexpected move on Thursday. The government agency described Kraken’s staking service as “unregistered securities” and announced it would impose sanctions. Following this move by the SEC, Kraken had to suspend its staking services.

While the developments that affect crypto money prices in the short term are in this direction, experts made some predictions about where Bitcoin will go in the long run. Delphi Digital analysts believe that 2023 will end well for cryptocurrencies. Kevin Kelly and Jason Pagoulatos attributed the rise in January to “global liquidity relief” and stated that macroeconomic conditions will negatively affect Bitcoin until the third quarter of the year.

Market experts point out that the US Dollar Index DXY and Bitcoin have moved against each other in recent years. The US dollar has been losing blood since last November. However, this situation was reflected later in crypto due to the bankruptcy of FTX. Nowadays, DXY is making an attempt to break the downtrend. If the index breaks above 103,673 and rises again, the crypto market may have a hard time moving up.