Happy Bitcoin New Year!
Happy New Year!
First things first. Happy New Year! It’s officially 2023. I’m alive after a responsible NYE with friends. If you’re reading this, congrats, you are too! I even woke up early to do some final research ahead of a fantasy football marathon Sunday where I have a shot at the championship. I’m sweating some football action today.
Something I’m not sweating… you might’ve guessed it. Bitcoin! 2022 was a down year in terms of price but I like to zoom out. Bitcoin opened the year at $46,311.74 and said goodbye to 2022 at $16,547.50. Looking back at everything that happened this year, it’s easy to get bogged down by the chaos and volatility. I recapped some of the big ticket items that rocked crypto markets this year in last week’s newsletter.
Including:
A LOT changed (for better or worse) within the crypto industry in 2022. Outside of crypto too, plenty happened that had a substantial impact on bitcoin.
“Inflation is a bit like toothpaste. Once you get it out of the tube, it’s hard to get it back in.”—Paul Tudor Jones
December
Stability cometh?
In bitcoin world, December stood out from the pack. It was a surprisingly stable month in terms of price. Bitcoin opened the month at $17,168.00 and closed down just 3.5%. All things considered, amid a tumultuous year, bitcoin found its footing in December.
Since the FTX blowout in the second week of November, bitcoin has largely traded within a tight price range and it looks as though a bottom could be in... Everyone is, however, still waiting for another major domino to fall as we continue to sift through the FTX fallout. “Contagion” remains a concern for crypto investors everywhere.
December was steady. That’s the takeaway from last month and it sets up bitcoin to enter 2023 with a relatively clean slate. IF, and it’s a big if, FTX is behind us and other top exchanges don’t suffer a similar fate in the new year, January could usher in a much needed calm start to a big year ahead.