Crypto has a significant place on Twitter. With each passing year, the connection between digital assets and the social media giant has clearly grown stronger. Looking back at this year, the majority of the market-altering developments were brought to light on Twitter before any other forum.
These are the top tweets that moved the crypto market in 2022
Do Kwon’s tweet after the failure of UST and LUNA
Back in May, the de-pegging of Terra’s algorithmic stablecoin created quite the buzz. The entire market suffered the repercussions of Do Kwon’s game. As soon as TerraUSD [UST] lost its peg, the native crypto asset Terra [LUNA] began crumbling. Before this, LUNA was touted as one of the most popular assets and even resided in the top 10 cryptos by market cap.
The entire market was enraged and was seeking answers. After staying silent for over 72 hours, Kwon tweeted,
Following this, the Terra contagion caused a seismic impact on the collective market.
Celsius abruptly Pauses withdrawals
The bears were breathing down the crypto-verse’s neck. The community had just been hit by the de-pegging of Terra’s stablecoin. In the midst of this, Celsius suddenly decided to pause withdrawals, swaps, as well as transfers between accounts. A single tweet shared by Celsius caused a commotion in the crypto market.
Additionally, within a period of one month, the firm filed for voluntary Chapter 11 bankruptcy in New York. The crypto lending firm was investing its clients’ money at risk assets because it lacked the liquidity to meet withdrawal demands.
Three Arrows Capital and its controversial bankruptcy
Crypto hedge fund manager Three Arrows Capital or 3AC was deeply affected by the fall of Terra. Formerly a $10 billion worth hedge fund, 3AC was forced to file for bankruptcy in July. Right before the firm declared insolvency, the founder of the firm Su Zhu shared a tweet revealing that they were working towards it.
Things certainly did not go as planned. The whereabouts of both these founders remain unknown to date. It was recently brought to light that the firm owes $3.5 billion to its creditors.
Ethereum traverses into the Proof-of-Stake realm
Ethereum network’s Merge has been a highly awaited yet controversial event. While the network was operating under Proof-of-Work [PoW], its shift into Proof-of-Stake [PoS] brought immense changes to the market. Ethereum’s co-founder Vitalik Buterin further took to Twitter and reported the finalization of a prominent development.
While the crypto community rejoiced, Ethereum miners expressed distress. Bitcoin maximalists followed suit and accused the network of not being decentralized enough. Nevertheless, the ETH community was quite content and was looking forward to the Shanghai upgrade. This is expected to occur in 2023 and will make room for the ETH staked on the Beacon Chain.
Elon Musk ‘frees the bird’
Tesla CEO Elon Musk remained relevant all year thanks to his interest in purchasing social media giant Twitter. Musk went from almost acquiring the firm to dropping the deal to finally spending $44 billion on it. On October 28, 2022, Musk officially announced that he had bought Twitter.
This came as prominent news to the crypto-verse considering Musk’s inclination toward Dogecoin. The DOGE community was hoping to see the integration of the asset on the social media platform. However, Musk has been rather busy switching up the administration of Twitter. Yet, DOGE was influenced by Musk’s Twitter takeover.
Changpeng Zhao changes the fate of FTX
The entire globe witnessed the downfall of the FTX empire. But where did it all start? Changpeng Zhao, the CEO of Binance was lauded by many for bringing FTX’s true colors to light. He announced Binance was liquidating its entire FTT holdings. Calling out the fraudulent behavior of FTX, CZ tweeted,
Following this tweet, things went haywire. FTT slumped while FTX’s chief Sam Bankman-Fried trembled. Now, even though SBF has been arrested, the fear around centralized exchanges continues to linger in the corridors of the crypto industry.
FTX, FTX.US, and Alameda file for Bankruptcy
Right after the FTX empire crumbled, SBF was seeking investors who would pick up the exchange from death. Initially, Binance came to FTX’s rescue. However, the deal fell through. SBF took to Twitter and revealed that all three of his platforms had filed for Chapter 11 bankruptcy.
While there was more negative than positive news this year, the community certainly hopes that this notion isn’t carried onto 2023.