Huobi, one of the world’s leading cryptocurrency exchanges, shared its market forecasts and forecasts for 2024. In the share made by the stock market, predictions were also made about the bottom levels of the crypto money market.
Cryptocurrencies will bottom in early 2023
As Cryptokoin.com also reported, the crypto money exchange Huobi, which has given importance to development and branding, has gained a new atmosphere with the entry of TRON founder Justin Sun to the advisory board. The stock market, which stands out with its breakthroughs and partnership agreements, announced that it has partnered with Poloniex and started a national currency issue for the Dominican Republic. Huobi is now on the agenda with its report on the 2023 cryptocurrency markets.
The report by the exchange stated that at the moment cryptos are in a major bear market and crypto winter is happening. According to the report, cryptos will bottom in early 2023. In addition, the report cited the bankruptcy of giant companies such as FTX and Terra as the biggest reason for the collapse in the markets. These negativities caused the exit of approximately $2.2 trillion from the markets. The following statements were included in the report:
As the bear market continues, we have offered some suggestions to avoid pitfalls and improve asset protection at the bottom of the market. Finally, we would like to make some predictions for the sector for 2023:
(1) Market will bottom out in early 2023
(2) Social businesses in the Web2 space, such as Twitter, will continue to advance the Web by introducing the new SocialFi model
(3) Ecological richness for Tier 2 projects will come in 2023
(4) Accelerated ZK network will be presented to us this year
(5) Decentralized application chains will grow rapidly
(6) The demand for on-chain custody services is increasing day by day and in this sense, besides seeing very important developments, organic growth will also be achieved.
(7) On-chain regulations will be developed and will be more with us. This may jeopardize the existence of some protocols.
(8) Cryptos will be accepted as a means of payment or fiat money by more countries
Vietnam is the leader in crypto usage rates
Huobi Research, a subsidiary of Huobi Global, revealed in its latest annual report that the United States accounts for 9.2 percent of global central exchange (CEX) volume. When it comes to DeFi, the figure seems even higher. About 31.8 percent of global volumes.
However, the percentage of the population using crypto in America is not as high as in other regions. The report noted that 13.7 percent of Americans use crypto, compared to 20.3% of Vietnam, the leader of the 15 countries surveyed.
