Cryptocurrency In the wake of the COVID-19 pandemic, many industries have been disrupted, and the world of finance is no different. Since the beginning of April, the price of Bitcoin and other digital currencies have dropped by roughly seventy percent. What was originally touted as a medium of exchange became a way to park money during the pandemic, causing significant short-term volatility. As demand for cryptocurrency has declined, so has the value. Many industry watchers project the value of Bitcoin and other cryptocurrencies to drop to zero. Blockchain The blockchain is an immutable ledger that automatically records transactions and saves them to a public, shared record, creating a distributed digital ‘copy' of all financial activity. If you're unfamiliar, the blockchain was originally created as an open-source, distributed ledger for tracking cryptocurrency transactions. Although early adapters were quick to see the benefits of the technology in cryptocurrency, it wasn't until the late 2010s that the true potential of the blockchain for mainstream financial services became apparent. Thanks to technology companies like Ripple, which was acquired by financial services giant, SBI, nearly all major banks have now either adopted or are actively exploring the potential use of blockchain technology. Livestreaming In 2022, traditional media experienced a digital transformation, as more consumers turned to online video platforms like TikTok and Facebook to consume news and entertainment content. In response, traditional TV newsrooms were forced to adapt or be eclipsed by their digital counterparts. In the coming months, we'll see more traditional TV newsrooms merge with digital journalists, creating a new generation of truly hybrid journalists. Hybrid Reporting Now, more than ever, journalists are required to have an understanding of both traditional and digital newsroom processes in order to remain engaged and present a holistic view of news stories. With rapid advances in technology, the lines between the traditional and digital newsroom are becoming blurred, leading to a more integrated approach to news gathering and dissemination. This combination of traditional and digital approaches will be vital for journalists as they navigate a rapidly evolving media landscape and strive for objectivity, integrity, and transparency in the era of fake news and rampant clickbait. AI & ML No other industry has been impacted by the pandemic more than the AI and machine learning sectors. Companies ranging from Google, Facebook, and Baidu had to close down shop, or at least pause new product development while they reorganized and streamlined their operations. The combination of reduced personnel, closed offices, and slowed product launches resulted in a massive decrease in AI product development throughout the year. Although some industries like Search and Advertising are expected to see a bounceback in activity as users seek out content, others, like Healthcare and Banking, will likely continue to feel the effects of the pandemic for some time. Tokenomics The impact of the pandemic extends beyond the realms of finance and media. Due to the uncertain nature of the economic fallout from the pandemic, regulators around the world enacted strict measures to prevent a recurrence. As a result, we saw a near-complete freeze on token launches, and an even more pronounced decline in ICO activity. The combined effect of these two factors was an 80% decrease in the market price of most tokens, causing many investors to lose a significant amount of money. Crypto Trends in 2023 Acquisitions As the value of digital currencies dropped in the wake of the pandemic, speculators and investors shifted their focus to more stable assets. Many early adaptors turned to precious metals and other'safe haven' assets in search of a better return on their investments. The demand for such alternatives resulted in a significant uptick in the acquisition of cryptocurrencies and associated services. In the last half of 2022, we began to see a clear uptick in the number of companies that were acquired for their cryptocurrency holdings. To wit, in 2022 alone, we saw a 600% increase in the number of cryptocurrency acquisitions over that of the previous year. As investors and speculators seek stability in the wake of the pandemic, we can expect to see further consolidation in the near future. While the media, financial services, and even governmental sectors have been extremely disrupted by the pandemic, there is still a large potential for recovery in the crypto space. Since the beginning of the year, the overall cryptocurrency market cap has risen by more than 100 billion dollars, as the value of all cryptocurrencies and associated platforms and services increased by more than 3000%. (Source: Coinmarketcap.com) The crypto space isn't a single entity, and many industries are poised to make a comeback. As a result of the combined effects of increased demand for stability in the wake of the pandemic and a general resurgence of interest in cryptocurrency, we can confidently say that no other industry will feel the effects of the pandemic as much as the cryptocurrency industry.
Crypto Trends in 2023
