What can we expect from crypto this year?

As the cryptocurrency market gears up for another year, experts are weighing in on the trends and expectations for 2023. With regulation and the price of Bitcoin expected to take centre stage, the crypto market is poised for a busy and potentially profitable year.

One expert, Abhishek Sinha, a partner at EY Canada and the firm's national banking technology leader, predicts that the ongoing concerns about the global economy will prompt organizations to explore blockchain opportunities in pursuit of better returns. He believes that 2023 will see more serious and targeted investment aimed at solving real-world problems and scaling blockchain solutions.

Elliot Johnson, CIO and COO of Evolve ETFs, anticipates that 2023 will bring clarity on the rate of inflation, which will in turn make risk assets a more appealing option for investors. Gareth Soloway, chief market strategist at InTheMoneyStocks.com, sees the price of Bitcoin bottoming out at around $9,000 and then rising once regulation is clarified in the sector. Alex Tapscott, managing director of Ninepoint Partners' digital asset group, expects 2023 to be the year when bigger enterprises adopt Web3 opportunities.

Increased regulation is also a key expectation for 2023, as the industry seeks to avoid a repeat of the collapses seen in 2022. Clare Adelgren, global sales and operations leader for EY's blockchain division, believes that more checks and balances are needed for the industry to go mainstream, especially on the financial side. Regulatory clarity is seen as critical for the safekeeping of the digital asset class, with most experts in the industry welcoming good regulation that can wipe out fraudsters.

However, there are also concerns about overregulation, with some market participants worrying about the impact of heavy-handed approaches. Alex Tapscott believes that 2023 will bring regulatory clarity, but it remains to be seen how it will be received by the Web3 community.

Overall, 2023 is shaping up to be a pivotal year for the cryptocurrency market, with better prospects for Bitcoin prices, more regulation, and serious investors entering the space. The key will be striking a balance to avoid overregulation and promote growth and stability in the industry.