The Future of The Cryptocurrency Market

Even before the FTX fallout, crypto market trends were downwards, with bitcoin at times falling by over 70% since December 2021 but in 2022, it is going up

The Future of The Cryptocurrency Market
The Future of The Cryptocurrency Market - Photo by Kanchanara / Unsplash

After a long downward trend, the Cryptocurrency market is now going upwards, but it is still below the peak it achieved two years ago, so what is expected in this market in 2023?

Even before the FTX fallout, crypto market trends were downwards, with bitcoin at times falling by over 70% since December 2021.

When the FTX collapsed, over a million people lost their money, drastically impacting the whole market. Commenting on that, OctaFX's expert Saeed Ahmed Shaikh says he would go so far as to claim that the collapse of FTX itself was an opportunity for the traders to see the other side of the picture and sell FT tokens as the news of the collapse broke out.

Cryptocurrency for smart traders

"Smart traders should not miss any global events. Remember, ours is a recession-free career; we buy the booms and short the busts," he says

Speaking of the cryptocurrencies in general, Gero Azrul, a full-time trader from Malaysia with over fourteen years of experience, says he does not think cryptocurrencies will ever replace any physical asset that we have now.

"They are a new opportunity, which, I believe, will continue to be relevant for most investors," he adds.

Things traders should be aware of in 2023

While experts predict 2023 to be full of events heavily affecting the markets, Gero Azrul recommends traders to focus on their risk management techniques and develop the right mindset for trading in the highly volatile environment.

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Nevertheless, Saeed Ahmed Shaikh urges traders to remember the positive aspects of high volatility:

'A simple fact to remember as a trader is that volatility is your friend. The more volatile the markets become, the more trading opportunities they offer. If there is a storm in the markets, it's time to establish short positions. If there is a bull run, it's time to buy your way in. There is no such thing as fear of recession for traders. Sometimes, a recession might turn out to be their best friend.'