Transferring Crypto From Robinhood To Coinbase

It’s been a rough journey for the cryptocurrency market through 2022. In November, the market had dipped by more than 70 percent from the previous high at the end of November. When things were looking down and down, the FTX crash turned things more dire. What is the likelihood that the crypto market be able to recover by 2023?

Crypto Market Dips are Cyclical

The cryptocurrency market, specifically Bitcoin has experienced its fair share of drops in the past. Every time, it has bounced back with a big increase.

In 2013, for instance, Bitcoin reached a peak of $1,160. It then plummeted for over a year before hitting a low of $150. However, in 2017, it broke the record and reached a new highest of $19,600. Then, in 2018, it was trading at $3,100. In 2020, the price broke that resistance and hit a new highest of $68,000 in November 2021. Just like that, we’ve had another dip. However, the past has proven that after each dip, there’s a bull run.

Every Dip is Followed by a Long Bull Run

Just like we’ve seen previously, dips are usually followed by a long bull run that finally breaks through the resistance created by the previous market’s highest price. This pattern is evident in more than Bitcoin but also in other cryptocurrency.

Growing Use of Crypto and Blockchain

Blockchain technology and cryptography have come a long way in recent years. With more and more companies and industries adopting the technology, its use and acceptance is rising. From finance to gaming the use of crypto is increasing in a myriad of ways. The growing popularity of crypto could lead to more people getting involved in the crypto market, which in turn could boost prices.

The rise in interest of institutions in crypto

In the last few years, we’ve seen a growing curiosity from institutions investing in crypto. From banks to hedge funds numerous large institutions are beginning to investigate the potential for crypto-based assets. This increased interest from institutions could provide more stability to the market for crypto and lead to greater prices.

Government regulations

As the crypto market grows as it matures, governments all over the world are beginning to establish more favorable rules for cryptocurrency. This is likely to attract more investors and increase the acceptance of crypto in general.

Blockchain has many more applications.

The underlying technology behind many cryptocurrencies, blockchain, offers a variety of possible applications beyond the realm of financial transactions. From supply chain management to voting systems, more and more industries are beginning to look at ways they can benefit from blockchain technology. This will increase investment and enthusiasm in cryptocurrency.

Technology advancements

Blockchain technology and cryptography are still in the beginning stages of development. As advances continue to be made in areas such as security and scalability, the potential of crypto assets will continue to expand. This could lead to more use and increase in prices.

Global economic uncertainty is growing

With the ongoing economic uncertainty caused due to the COVID-19 pandemic as well as other factors, more and more investors are beginning to look for safe haven assets such as cryptocurrency and gold. Since the economic outlook for the world remains uncertain, this could lead to increased demand for crypto and increased prices.

Retail investors are able to earn interest

Investors from institutions aren’t the only people who are interested in cryptocurrency. Retail investors, or individual investors, are also starting to get involved in the cryptocurrency market. As more and more people become aware of crypto and how to invest in it, this could lead to an increase in demand and consequently higher prices.

The growing awareness and acceptance of crypto

As the crypto market is maturing, more and more people are starting to learn about it and comprehend the concept. As awareness and acceptance of crypto grows it could result in more people buying or holding cryptocurrency, and this can increase prices.

transferring crypto from robinhood to coinbase

The Decentralized Finance (DeFi) is a rapidly growing area of the crypto market, which allows the provision of financial services developed on top of blockchain technology. As DeFi grows and more projects and platforms become available, this could result in increased use and higher prices for crypto.

Advances in crypto-based payment methods

As the crypto market grows as more and more businesses are starting to accept crypto as a form of payment. This could result in increased use of crypto in regular transactions, and a rise in prices.

More investment from sovereign wealth funds

Sovereign wealth funds, which are state-owned investments, are starting to explore cryptocurrency as a possible asset class. As more of these funds devote a percentage of their portfolio to crypto, this could lead to increased demand and higher prices.

Use of crypto for international payments

One of the main advantages of cryptocurrency is its ability to make fast and cheap cross-border payments. As more individuals and businesses start to utilize cryptocurrency for international transactions this could lead to increased the demand for it and a rise in prices.

An increasing number of crypto ATM’s

With the amount of ATMs for crypto continue to increase, it will become easier for consumers to purchase and store cryptocurrency, which can boost demand and increase prices.

Security tokens are developed for development

Security tokens, which are digital assets that signify ownership in an asset like stock or real estate is a fast-growing sector of the crypto market. Since more and more security tokens will be issued and traded, this can lead to a higher demand and consequently higher prices for crypto.

Merchants are more likely to adopt the concept.

As more and more businesses accept cryptocurrency as a method of payment, this will make it easier for customers to hold and use crypto, which can drive up demand and prices.

So, is crypto likely to increase in 2023? The only way to know is time. But with these factors being considered, it’s likely that the crypto market will be able to see a rebound in 2023. And for those who are committed to the long haul Being patient and disciplined is crucial.