2022 was a tough year for crypto assets, and as the world welcomes 2023, the macroeconomic backdrop remains uncertain. Macroeconomic events will continue to shape the crypto economy and the economy as a whole. This editorial takes a look at the top three macroeconomic events to keep an eye on in 2023.
Examining the Top 3 Macroeconomic Events That Could Shape the Economy and Crypto Market in 2023
The new year has started and the upcoming 12 months sure look gloomy in terms of the global economy. In 2022, assets such as precious metals, stocks, and cryptocurrencies were impacted by macroeconomic events, leading to volatile asset prices. Macroeconomics, is a branch of economics that studies the behavior of an economy as a whole, and it considers any event that significantly impacts the overall economy of a country or region to be a macroeconomic event. The following is a look at three different events that could impact the global economy a great deal and affect the prices of stocks, precious metals, and crypto assets.
The Ukraine-Russia War
The Ukraine-Russia War is a macroeconomic event that can affect the global economy and the world’s assets in 2023. After Russian president Vladimir Putin delivered his New Year’s Eve address to the nation, people believe the war will continue at his discretion. Rather than his traditional appearance in front of the Kremlin, Putin was flanked by a handful of Russian servicemen and women wearing army fatigues. The speech indicates that Putin will continue the war in Europe, despite the West’s actions to stop Russia by imposing significant financial sanctions on the country. Like 2022, the ongoing war in Europe will affect the world’s assets in 2023, as the warfare and sanctions have caused energy prices to skyrocket and supply chains to break.
Covid-19 in China
Stocks, crypto assets, and precious metals have been dealing with the macroeconomic effects of Covid-19 for over three years now. According to multiple reports, Covid-19 is allegedly raging in China and the government has stopped releasing Covid case count numbers. Covid in China has worried global investors in 2022 and it has lapsed over into 2023. The reason for such worry would be global trade as the pandemic has caused specific supply chains to come to a grinding halt during the last few years. Covid has affected crypto prices as ‘Black Thursday’ in March 2020 shows that bitcoin (BTC) dropped below the $4K region after the United Nations’…
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