A First Semester 2023 Full of Surprises and Shakeups

Bitcoin’s Race and Fall: A Tale of Two Quarters

Bitcoin started the year on a high note, shooting up by approximately 80% in the first quarter of 2023, only to experience its first monthly loss later on. 

The market seemed unstoppable, defying gravity and surprising enthusiasts and skeptics alike. But then, like Icarus flying too close to the sun, it started a downward journey. It wasn’t a crash per se, more of a correction, a reality check perhaps. But it certainly gave the crypto enthusiasts a jolt​.

The Nasdaq Soars: Tech Stocks to the Rescue

In stark contrast to Bitcoin’s recent performance, the Nasdaq has been on a tear. With a year-to-date increase of 27%, the Nasdaq 100 recouped about half of its past losses by mid-May 2023. Moreover, this upswing was primarily propelled by tech stocks, constituting about 60% of the Nasdaq 100’s value. And among these tech stocks, NVIDIA was the star performer, with its shares rocketing by a staggering 159% so far in the year.

NFTs: The Phoenix Rising from the Ashes

NFTs, after their late-2022 slump, seemed to have found a new lease on life in the early months of 2023. The value of NFT sales in January 2023 was nearly $1 billion, a significant rise of over 40% compared to December 2022. This was a clear sign of a comeback, a positive trend hinting at the resilience and adaptability of the NFT market​.

Biden’s Administration Targets Crypto: A Storm on the Horizon?

President Biden’s administration is preparing a cryptocurrency crackdown in the US. The administration believes that the crypto market has grown too large to avoid regulation and is particularly concerned about the risks cryptocurrencies pose to the economy and national security. While the specifics of the proposed regulations remain unclear, this development could significantly impact the crypto market in the coming months.

Looking Back and Ahead: The State of the Global Economy

The first semester of 2023 has been a rollercoaster for Bitcoin, a success story for the Nasdaq and Nvidia, and a comeback tale for NFTs. The looming crackdown on crypto by the Biden administration adds another layer of uncertainty to an already volatile market. How will these different trends play out in the second half of the year? Only time will tell. But one thing is clear: 2023 is shaping up to be a fascinating year in the world of finance.

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Mario Estrella

Mario Estrella

Mario Estrella is a seasoned journalist and digital marketing professional at exxeo.report, specializing in technology-related news. With over two decades of experience in the field, he brings a rich history of working in diverse media outlets and advertising agencies. Notably, he has been instrumental in driving significant growth in online presence and readership in his past roles​. At exxeo.report, Mario leverages his extensive experience and deep understanding of the digital landscape to deliver engaging and insightful technology news to the audience.
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