Huobi has published its 2022-2023 annual report, providing an overview of the industry’s performance in 2022 while giving suggestions on things that can be done differently in the coming year.
Performance of the Crypto Industry in 2022
In its latest report on the happenings in the crypto market and industry in 2022, Huobi has identified the United States and Vietnam as the most mature markets, with 13.7% and 20.3% of their population using crypto, respectively.
It identifies Singapore as the best location for startups owing to regulation. Speaking on the multiple disasters this year, it ranks FTX’s demise as third, behind the Three Arrows Capital and Terra ecosystem collapses.
Despite the downtrend, Huobi notes significant interest in Web3, with investments set to exceed $27 billion. Projects built on Layer-1, zero-knowledge roll-ups, and middleware received the most funds.
Huobi Provides Suggestions for 2023
According to Huobi, the current market downtrend caused by the fall of FTX will form a bottom for the crypto industry in March 2023. Huobi also foresees more regulation in the industry next year.
Huobi Research has suggested that the industry embraces regulations to survive in 2023. It adds that DeFi’s success will likely come from protocols securing a stable revenue stream instead of relying on users’ liquidity.
On the Flipside
- Analysts at banking giant Standard Chartered have provided a different crypto bottom price for Bitcoin, saying the asset will fall to $5,000 in 2023.
Why You Should Care
The report from Huobi provides insight into how the crypto industry fared in 2022 and changes that can be made to thrive in 2023.
Find more predictions for 2023 in:
Bitcoin Analysts Predict 2023 Rally Whilst Central Banks Tout Fears of 70% Price Drop
Read about the Huobi merger in:
Huobi and Poloniex mulling merger, Poloniex suspends BEP20 function