The most important cryptocurrency story in 2023 was not the cohort of Wall Street players like BlackRock, FIdelity, VanEck, and others applying for SEC approval to offer a Bitcoin spot ETF, which would track the market price.
It wasn’t Bitcoin Ordinals, digital assets inscribed onto a satoshi, breathing life into a hibernating NFT phenomenon and causing controversy in the Bitcoin industry.
It wasn’t Silvergate Capital winding down operations. Nor Signature Bank being shut down by regulations. Not even Silicon Valley Bank (SVB) going bankrupt.
Rather, the biggest cryptocurrency story was the Bitcoin price itself.
Bitcoin rose from more than $5,000 during the onset of the pandemic to nearly $68,000 in November 2021, which stands as Bitcoin’s record high price. Until the start of 2023, the Federal Reserve’s series of rate hikes had dampened Bitcoin’s price action. Throughout 2022, the asset endured a bear market, falling more than 65% as higher Federal Reserve rates hu
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