YEREVAN (CoinChapter.com) – The crypto market threw many curveballs at investors this year. Some influencers and proponents were on point in their predictions, others – not so much. As 2023 is on the doorstep, and the broader market’s influence on crypto is still significant, it is important to follow the right people and get properly informed.
Here are a few suggestions on who to turn to when you’re lost in the crypto sphere. Notably, we don’t claim anyone should follow their opinion. However, the goings-on with these ‘crypto celebs’ might shed more light on the general market direction and help investors navigate their bets.
#1 Changpeng Zhao (CZ), head of Binance
Binance exchange has an immeasurable influence on the crypto market. It takes first place by global spot trading volumes and crypto assets under custody. Moreover, in November, the exchange accounted for 75% of global spot trading volumes, earning the name of the ‘liquidity engine for the global crypto market.’
The ‘liquidity engine’ operates in somewhat of a ‘grey area’ when it comes to crypto regulation. However, its founder and CEO, Changpeng Zhao (CZ; @cz_binance), is a person worth following on social media. Not because his opinions are set in stone. But rather because his opinions have a way of influencing general market direction.
After the FTX collapse, the CEO got heat for allegedly pushing the already insolvent competitor into a FUD that triggered a bank run. Regardless of whether true or not, the rumors only underscored his influence in the field.
#2 Brian Armstrong, CEO of Coinbase
Brian Armstrong (@brian_armstrong) is the founder and chief executive of Coinbase, the largest crypto exchange in the US and second-largest globally. Armstrong is worth watching in 2023 for the same reason as CZ. As the CEO of an influential exchange, his personal decisions trickle down to retail investors and their funds.
While the FTX debacle shook investor trust in centralized exchanges, many investors still hold their funds with Coinbase. The exchange’s revenue was cut in 2022, along with Coinbase’s stock (NASDAQ: COIN) price per share. But Armstrong’s influence in the field did not.
#3 Patrick McHenry, North Carolina Rep
The first two contestants were directly involved in the crypto market, while Patrick McHenry (@PatrickMcHenry) is a North Caroline Representative. The politician does not play an integral role in the digital asset market as of Dec 2022. However, he is a crypto proponent who is about to head the House Financial Services committee.
Needless to say, McHenry will have influence over the policy. In detail, the lawmakers have yet to define the crypto assets and build a regulatory framework around that definition. Are digital assets commodities or securities? The law can’t seem to decide.
Following McHenry might prove instrumental in making sense of the policy or its upcoming direction.
#4 Gary Gensler, Chairman of the Securities and Exchange Commission (SEC)
While we’re striking the regulatory note, SEC chairman Gary Gensler(@GaryGensler) is another crypto celeb to watch in 2023. He has infuriated many in the crypto community, as some think he dropped the ball on FTX’s Sam Bankman-Fried and lacked consistency in his statements.
While that might be well true, Chairman Gensler remains an important regulatory figure. Thus, his decisions, policies, and intentions influence the whole crypto community. Moreover, the watchdog commented that his crackdown on crypto is far from over and that the FTX collapse was only a start. The statement does ring hollow, as SBF allegedly complied with all of SEC’s requirements.
But Gensler added that “patience is wearing thin for digital-asset exchanges and other firms that shirk its regulations.” Who will be the next target? Crypto investors should stay in the loop and keep up!
#5 Ryan Selkis, founder of Messari
Ryan Selkis (@twobitidiot), the founder and CEO of crypto analytical platform Messari, could give any investor more information on the market as a whole. Messari does extensive research in the sector, and Selkis often provides insight into the WHYs and HOWs of events in the crypto sphere.
Additionally, the platform has over 250,000 active daily readers and is the “leading provider of crypto market intelligence products,” according to its Twitter page.
In his latest Crypto Theses 2023, Selkis discussed the upcoming trends in the industry and the possible implications of the broader market events.
#6 Vitalik Buterin, co-founder of Ethereum
Needless to say, Ethereum co-founder Vitalik Buterin (@VitalikButerin) is a big fish in the crypto sea. Ethereum has lost nearly 80% of its total value locked (TVL) year-to-date. However, its market dominance managed to grow from 57% in January 2022 to 59% in December.
Additionally, Ethereum’s Ether remains the second largest cryptocurrency, with a market cap of $148 billion. Ethereum’s recent Merge and shift to a full proof-of-stake Network could bring more gains in 2023.
The Merge was a watershed moment for developers and investors in the Ethereum ecosystem. The
said Selkis in his 2023 Theses.
Ethereum Virtual Machine (EVM) is likely entrenched as a foundational piece of industry infrastructure,
the only L1 that seems certain to be a long-term fixture in the industry.
#7 Digital Currency Group officials (DCG)
Digital Currency Group (DCG) officials are by no means crypto celebs. However, it is hard to overestimate the importance of DCG for the crypto sphere. The financial giant owns companies like crypto lender Genesis and Grayscale, the ‘treasury’ holding approximately $10.5 billion in assets under management, and the largest Bitcoin fund in the industry.
In November, Grayscale faced a FUD about its alleged insolvency, which could destroy the BTC price. DCG officials denied any possibility for Grayscale Bitcoin Fund to crash. They also asserted that in case of a collapse would prefer to hold onto Grayscale over Genesis. The fund is DCG’s “flagship business and its cash cow,” generating around $300 million in yearly fees.
Meanwhile, DCG CEO Barry Silbert (@BarrySilbert) and Gemini founders Cameron (@Cameron) and Tyler Winklevoss (@tyler) are worth following to get a better picture of what’s about to happen in the crypto market.
#8 Jerome Powell, Federal Reserve Chairman
The Federal Reserve does not control the crypto market directly. However, given Bitcoin’s correlation with the stock market and other risk-on assets, any digital asset investor should keep their hand on the macro-pulse.
The Fed is the Central Bank of the United States. It was created by Congress to provide the nation with a “safer, more flexible, and more stable monetary and financial system.” The Fed and its Chair Jerome Powell also influenced the markets with hawkish policies to curb the growing inflation. Thus, the crypto market experienced a proxy downturn, which could continue in 2023.
Should the bias turn bullish on the stock market, crypto asset ‘winter’ might be over as well. Albeit dependent on other macro factors, the Fed and Powell personally are key figures in forecasting the upcoming direction of the crypto market.
#9 Elon Musk, the CEO of Twitter, Tesla, and SpaceX
Elon Musk needs no introduction at this point. However, his influence on the crypto market might be underrated. The billionaire holds a considerable amount of Bitcoin to skew the price. Moreover, he is known to favor meme coins, which rise and fall in response to his tweets.
Will Musk continue to be the meme coin king for long? Who knows. However, his fascination with Dogecoin brought his the title of the ‘Dogefather’ and power over its price. Given Musk’s growing portfolio, he remains an interesting person to watch for in 2023, despite many eccentricities.
#10 Stani Kulechov, the founder of lending protocol Aave
Stani Kulechov (@StaniKulechov) is one of the innovators in the industry and the founder of lending protocol Aave. Additionally, according to Selkis, Aave performed “exceptionally well” during moments of peak fear in the centralized crypto markets this year.
The expert also stressed the importance of insolvent lender Celsius paying down its Aave loans to avoid programmatic liquidation during its bankruptcy preparations.
In November, Aave users were able to earn 73% on their Gemini USD deposits amidst the fear surrounding Gemini’s delayed Earn withdrawals, a risk-adjusted return that acted as an open prediction market when a centralized service was offline.
said Selkis.
“If I had to bet on a “last man standing” in DeFi, it would be Stani,” added the expert.
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