Bitcoin Resilient in Face of Turbulent Year, Trading Above $16,000.

• Bitcoin defied the odds today, trading above $16,630 at the close of a historically, massively, tragically bad year.
• Crypto markets are preparing for more rough times ahead in 2023.
• Craig Erlam of Oanda noted that Bitcoin is fluctuating in a range of around $16,000-$17,000, and is expected to remain that way barring any unexpected headlines.

The past year has been a tumultuous one for the cryptocurrency market, with some ups and downs that have tested the mettle of even the most loyal crypto believers. But today, on the third to last day of the year, Bitcoin remained defiant, trading just above $16,630, up a few fractions of a percentage point over the past 24 hours. This is a remarkable feat when considering the historic, massive, and tragic losses seen across the cryptocurrency market this year.

Mark Connors, head of research for digital asset manager 3iQ, is optimistic about the future of crypto, predicting a rebound by the third quarter of 2023. He believes that financial services firms and other players in the industry will take a more proactive role in the development of regulation.

Craig Erlam, senior markets editor for foreign exchange market maker Oanda, noted that Bitcoin is fluctuating in a range of around $16,000-$17,000 and is expected to remain that way barring any unexpected headlines. He also added that while other cryptos were mixed, Solana continued to tailspin before erasing losses late in the day.

Overall, the crypto market is in a precarious position right now, but Bitcoin has shown remarkable resilience in the face of a tumultuous year. While the future is still uncertain, many are hopeful that the market will pick up in 2023 and that cryptocurrencies will continue to gain traction in the financial sector.