Another eventful year in the cryptocurrency space comes to an end. Be it the crypto market cap falling below the $1 trillion USD mark or the Terra-Luna collapse, the industry has witnessed a lot of drama, some overnight rallies, massive dumps, and painful scams. Crypto Twitter remains the hotbed of discussion around everything crypto and blockchain. With influencers like Elon Musk and Michael Saylor enjoying a humongous following, it is an undeniable fact that the chatter on crypto Twitter has a major impact on the market’s happenings.
Twitter has emerged as one of the leading mediums for crypto-related conversations. Crypto companies use it for marketing and community management, influencers use it to hype up partner projects, whereas educators and traders use it to stay ahead of trends and share a piece of the necessary information. Tweets are apparently the most effective way to initiate a conversation or convey a message related to the industry. A few months down the line, these tweets on Crypto Twitter will serve as a window to the happenings of the past.
Here are 6 of the most memorable tweets from 2022
6 Tweets That Set Crypto Twitter Ablaze In 2022
The Terra-Luna Collapse: The Terra-Luna collapse undoubtedly was a massive blow to the crypto industry. Most of us learned about the event through crypto Twitter. TerraUSD (UST), the stablecoin associated with the project, lost its peg to the US dollar in May 2022, jeopardizing the entire project and triggering a collapse. The project’s head Do Kwon making announcing the collapse on Twitter through a thread has to be one of the stand-out moments from 2022. Here’s the tweet:
Elon Musk Freeing The ‘Bird’: When a crypto-friendly voice gets control of Twitter, it has to be one of the defining moments of the year. So when crypto maximalist Elon Must poured in $500M USD to buy Twitter and become the CEO of the micro-blogging platform, it was indeed a piece of massive news for the industry. The world knows that Musk backs Bitcoin and Dogecoin. In fact, his firm Tesla accepts payment in crypto as well. As Musk sits at the helm of Twitter, crypto investors see a bot-free Twitter with extremely strict rules regarding fake news.
The Ethereum Merge: Since Ethereum is the second-largest cryptocurrency by market capitalization, its much-anticipated update called ‘The Merge’ was bound to remain the talking point on Crypto Twitter for a considerable amount of time. The Merge marks the transition of the Ethereum network from the proof-of-work to the proof-of-stake consensus mechanism. Contrary to popular belief, the sole purpose of The Merge was to achieve improvements related to block production. Ethereum co-creator Vitalik Buterin took to Twitter on September 15 to announce the completion of the process. The tweet triggered a lot of excitement amongst users on Crypto Twitter amidst a prolonged bear period.
Three Arrows Capital Bites The Dust: One of the most popular hedge funds, Three Arrows Capital or 3AC filed for bankruptcy in July, following the Terra-Luna collapse. It was probably a ripple effect of the Terra-Luna collapse, that triggered hysteria in the crypto market, forcing both retail and institutional investors to pull out their money from the market. The collapse of 3AC is an outcome of all the aforementioned events. It was 3AC co-founder Zhu Su, who announced the news on Twitter.
FTX Sinks, Evaporating Billions: The misdoings in Alameda’s balance sheet took the crypto world by storm. It was already too late by the time the misdoings came to light. FTX’s former boss Sam Bankman-Fried (SBF) tried his best to ‘bail out’ his exchange through some ‘arrangements’ with Binance but the pullout by the world’s largest exchange shut all doors for FTX, leaving the future of thousands of investors in jeopardy. The tweet by SBF unleashed a massive wave of panic amongst users on Crypto Twitter. Fast forward to a few days, FTX filed for bankruptcy. SBF was later taken into custody, only to be released on a $250M bail package. Here’s the tweet that unleashed havoc on the industry.
Saylor Bats For Bitcoin, Again: Just when the market was turning boring due to the absence of any significant price action, Michael Saylor, one of the biggest crypto maximalists, took to Twitter, lending his support to Bitcoin, yet again. Microstrategy, the firm of Saylor, holds over 100,000 $BTC. Continuous hacks, collapses, and other negative events have failed to deter Saylor and his belief in Bitcoin. While his tweet from December failed to trigger a significant price rise, it must have played a key role in restoring the faith of retail investors on the world’s largest cryptocurrency by market cap.
Conclusion
2022 has been unlike any other year in the history of crypto. However, historic patterns tell us that a rally always follows a prolonged bear phase. The industry is eagerly waiting for a major rally. A few months down the line, the aforementioned tweets will help experts in analyzing the fundamentals of the market. It is an undeniable fact that Twitter leads the chatter on cryptocurrencies across the globe. That is why, these tweets are an integral part of vital discussions around crypto and will continue to remain so.