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The decision will limit the amount of engagement that crypto holders in the U.S. have with centralized platforms, hindering the ecosystem’s growth, but that could be a good thing for decentralized finance as hodlers are now more likely to utilize options available in DeFi that are out of the reach of U.S. regulators.
“The last time Bitcoin broke $20,000 materially was during the FTX implosion, and it would potentially take a similar risk off event for the downside to be broken, hence $19,000 appears relatively unlikely to be broken,” Thielen wrote. In 2022 rising inflation and decisions by central bankers had a negative impact on the crypto market, but so far in 2023, “the opposite is occurring,” the researcher said. “That’s why most have missed this strong rally this year.”
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