The popular Consensus 2023 festival wrapped up last week in Austin, Texas, bringing a massive record of attendance that exceeded expectations and breaking the previous year’s records. In the wake of this event and amid Bitcoin‘s flat opening in Asian markets, the future of the crypto industry is on everyone’s minds. Crypto developers, investors, and leaders remain confident in the industry’s prospects, despite the looming U.S. regulatory barriers. As the sector continues to become increasingly mainstream, regaining consumer trust in the industry will be necessary to push crypto to the next level.
Optimism vs regulatory uncertainty at Consensus 2023
To provide a better insight into the scene, members of the CoinDesk editorial team took to Twitter Spaces at the conclusion of Consensus 2023 to discuss their observations from the event.
They revealed that there is undoubtedly a high level of optimism among attendees, but the contrast between the uncertain regulatory environment and the enthusiasm for the sector is striking.
Their points were echoed by senior executives like Kate Brady, head of communications for Web3 at PepsiCo, who discussed the difficulty the industry is having due to a lack of guidance from Washington and resulting consumer confidence issues.
Crypto market experiences wild swings in 24 hours
The cryptocurrency market has seen wild swings over the past 24 hours, with Bitcoin (BTC) trading over $29,000, up 2.4% from the previous day. Ethereum and other major cryptos have also experienced volatility, while other Layer-1s remain relatively stable.
The introduction of new U.S. regulations has created uncertainty in the market, with BTC reaching a peak of $30,000 on Wednesday before suffering losses of around $310 million due to liquidations.
Despite the volatility, the cryptocurrency market continues to show resilience, with investors continuing to show confidence in the long-term potential of the asset class.
Crypto market resilient amidst potential events
There are still murky rumors flying around about major players like the U.S. government and Mt. Gox selling off crypto coins, though overall sentiment remains positive. Crypto’s resilience has been ever-present thanks to the market’s ability to quickly absorb losses from any potential events.
However, the situation is made more complicated by the fact that the crypto industry and its watchdogs seem to be using different languages when discussing regulation. U.S. regulators have said crypto fits in the existing regulations, while crypto providers have mostly advertised themselves as a square peg that doesn’t fit in this round hole.
Booming year for some crypto assets, promising future ahead
At Consensus 2023, the rebuilding process was head and center as participants discussed how to move forward with a more secure regulatory environment. Despite the challenges, many remain optimistic that the industry will continue to grow and evolve. Companies like PepsiCo are leading the way in exploring Web3 and proving that crypto can reach a large, global audience.
The scene is certainly changing and, though the obstacles ahead are plentiful, 2021 has already been a booming year for several crypto assets. With the rallying community at Consensus 2023, a focus on rebuilding consumer confidence, and a determination to push the boundaries of this disruptive technology, the future of crypto remains promising.
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