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[Delio] 2023 crypto market outlook and Bitcoin and Ethereum price prediction | <Virtual Talk> weekly crypto report; S2E9

The cryptocurrency ecosystem had developments in 2022 in the most unpredictable way.

Regardless of all the events that happened in 2022, the cryptocurrency sector is optimistic about its success in 2023, placing a lot of money on governmental regulations and raising public knowledge of its potential as a store of long-term value.

Will the current bear market continue, or will a bull market start to emerge? And what initiatives may cause a stir in 2023 is another topic for today’s debate.

<Virtual Talk> Season 2 Show guests

Adward Kim, Director of Delio (CSO)


Former CEO of Tiramisent

Ko Ran, CEO of Al Ko Ran, an economic-focused YouTube channel

Former reporter for the JoongAng Ilbo economy

Donghwan Kim, CEO of Wonder Frame

Former reporter at the CoinDesk Korea

1. Institutionalization of digital assets

2. Bitcoin · Ethereum price prediction

3. Crypto market challenges

Institutionalization of digital assets

Taking a positive side amidst all the negative news that came in 2022, the discussions on the possible solutions to the bearish market are up for debate.

Crypto assets have potential. Institutionalization is necessary, nonetheless, to actualize this potential. Institutionalization is the at-scale involvement of established and up-and-coming businesses from the global financial services ecosystem in the cryptocurrency industry. Therefore, governments across the globe take the crypto market regulations establishment first place in Korean and international markets, including the U.S. and Europe.

Aside from the volatility of cryptocurrency prices, compliance risks for banks are substantial and include worries about appropriateness, money laundering/terrorism funding, and concerns about these issues. Other crucial non-financial concerns are operational risks, such as fraud, cybersecurity, and technology resilience.

Banks are indirectly active in the sector by offering deposit and loan products to players in the digital asset market and serving as custodians on clients’ behalf. Certain institutions have embraced Stablecoins and blockchain technology as innovative payment methods. The development of distributed ledger technology (DLT, such as Blockchain) for settling securities trades is also being done by trust and processing institutions.

In the case of South Korea, National Assembly has prepared ten bills as of the moment of writing this review, including DeFi and CeFi exchange regulations. Moreover, the government aims to provide the local crypto landscape to build full transparency to oversee financial collapse.

Bitcoin · Ethereum price prediction

Despite 2022 being a rough year for Bitcoin, with a slump of more than 60%, investors’ interest in the world’s first successful decentralized cryptocurrency and payment system increased.

According to the prospects related to Bitcoin and Ethereum, the condition of the first in 2023 is more likely to remain positive and reach 85% of long-term holders and about 255,000 transactions per day. However, in the short term, Donghwan Kim, CEO of Wonder Frame, sees Bitcoin falling to $3,000 this year. At the same time, Standard Chartered listed Bitcoin falling to $5,000 as one o fits “surprise” scenarios for the coming year.

As for Ethereum, it may reach 1.13 million transactions per day, and the demand for DEX will increase. The minimum price of Ethereum in 2022 will be $1,656.85, according to a technical analysis of projected price trends. The highest point that the price of ETH may go to is $2,019.90, and the anticipated average trading price is $1,704.70.

Predictions for 2023 vary from pessimistic to optimistic.

Taking predictions with a grain of salt, Bitcoin to reach $3,000..? $30,000…? $33,000..?

Please remember that due to the unpredictable and volatile nature of the cryptocurrency market, all the price predictions do not constitute investment advice.

Crypto market challenges

As the crypto market is at an early stage of industrial development, making predictions of the digital assets market based on price prediction alone can be misleading. The reason is that most of the time, intrinsic value and the accurate price may have a big gap.

Many believe that Bitcoin will drive the price in the crypto market overall. However, there is a chance of competition because projects like Solana, which calls itself the “Ethereum killer,” are losing steam. Ethereum Layer 2-based projects are emerging quickly. Layer 1 and Layer 2 are also likely to face high competition.

Moreover, the blockchain infrastructure will see a lot of intriguing developments in 2023, including cloud services, DAOs, interoperability, and innovations entering the market.

Cathie Wood, chief executive officer and chief investment officer of Ark Invest, isn’t changing her positive stance on cryptocurrencies despite the fall of FTX and the protracted bear market for digital assets. The internet is split over Cathie Wood’s prediction that Bitcoin will hit $1 million by 2030. The newest failure from FTX and other crypto organizations, according to Wood in a television interview with Bloomberg, supports Bitcoin since it helps to “combat test” the “infrastructure and the thesis” of the virtual currency. Wood also emphasized that despite all the discussion around the cryptocurrency industry, Bitcoin has emerged from it “smelling like roses.”

Nevertheless, new emerging trends will help businesses and organizations make the most of technology to enhance and simplify operations, save costs, raise efficiency, and improve security.

Would like to have more details on the crypto market and its fate?

Watch the full episode to learn more about crypto news for the past week (KOR):

Read the previous <Virtual Talk> review to get details on the digital market future:

About <Virtual Talk>

<Virtual Talk> is a Korean online program held by a leading Korean Economic Broadcast channel. The program is dedicated to discussing the world’s recent trends in the blockchain, cryptocurrencies, DeFi, and NFTs, issues that occurred in the Korean and global digital asset market, and the direction of the industry development and new digital asset pledge bills and regulations.

To provide easy-to-understand and accurate information on the digital assets industry, Delio is weekly joining Season 2 of <Virtual Talk Virtual Asset>.

<Virtual Talk> Season 2 Schedule

Live Stream: every Monday 7 PM (KST)

Live Stream Platform: Korea Economy TV

Stay updated on the recent crypto news with <Virtual Talk> Season 2.

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