Huobi Research

Huobi Crypto Exchange Analysts’ Forecast

Huobi Research investigated the trends of the global crypto industry in 2022–2023.

According to the report, the total market capitalization of cryptocurrencies decreased by $2.2 trillion due to the crypto winter, and the size of the institutional business decreased by 71.4% in the field of centralized finance.

The formation of bearish sentiment was the result of the collapse of the Terra ecosystem, the bankruptcy and liquidation of the hedge fund Three Arrows Capital, the FTX crypto exchange, the BlockFi landing platform and the Genesis broker.

In 2022, approximately 320 million users own cryptocurrencies. More than 40% of them are accounted for by users from the Asian region. Compared to last year, the number of new users decreased from 194 to 25 million.

The largest number of visits to centralized exchanges (CEX) is in the USA. South Korea and Russia account for 22% of all visits. Cryptocurrency is also used for payments and value preservation in South America and Africa, with more than 1/3 of citizens using stablecoins daily.
In 2022, 42 countries in the world adopted legislation regulating the crypto industry.

As for forecasts, the bottom of the crypto industry will be reached in the first quarter of 2023.