Recapping the Whirlwind Year of Crypto: Top 10 Influential Tweets of 2023
Summary:
The article tells the story of 2023 through the ten most impactful tweets from the crypto community. Events include the SEC's lawsuits against Kraken and Coinbase, Do Kwon's international evasion and eventual capture, BlackRock's filing for Bitcoin and Ethereum ETFs, Ripple's legal victory, and Binance CEO's resignation amid heavy fines. The piece concludes with El Salvador's Bitcoin investments showing profits, hinting at a bullish 2024.
2023 was marked by several cryptobear events that tarnished the public perception of the crypto sector. However, a significant shift towards the bull market is currently underway as the impending halving cycle draws near. This article retells the story of 2023 through the lens of its top 10 most influential crypto-community tweets.
In a move towards tighter regulation, the US Securities and Exchange Commission (SEC) sued cryptocurrency exchange Kraken early in 2023. The SEC accused Kraken of failing to register its crypto asset staking services, which led to a hefty $30 million fine and the removal of its staking services from the American market. The significance of this lawsuit extended beyond Kraken, igniting debates about the legality of staking activities in the US. By year's end, the SEC further alleged Kraken's operation as an unregistered exchange, a charge that Kraken co-founder Jesse Powell described as masochistic.
Luna's creator Do Kwon became a fugitive when the collapse of Luna and TerraUSD triggered a bear market in mid-2022. He evaded authorities globally until his capture in Montenegro in March 2023 using false travel documents. This marked the end of his run, and he now faces possible extradition to the US or South Korea.
Pseudonymous Crypto Twitter celebrity, Cobie, caused a media storm and over $50 million in liquidation losses after a hash prediction tweet miscommunication. The tweet was unintentionally decrypted and spread, causing panic and exemplifying the influence of Crypto Twitter.
Determined to provide clear legal guidance, Coinbase decided to confront the SEC's charges in court. The coin exchange platform was earlier charged for selling unregistered securities via its staking program. The decision taken by Coinbase CEO Brian Armstrong displayed commitment towards defining crypto rules in America.
Meanwhile, the world's largest asset manager, BlackRock, filed for a spot Bitcoin ETF, indicating a potential bull market in the future as it would attract hesitant investors. Similarly, the company also proposed a spot Ethereum ETF.
It was a rough year for Ripple and its executives, who had been charged for conducting an unregistered securities offering by selling XRP cryptocurrency. However, the SEC dropped the case in October, triggering celebrations among Ripple supporters.
The arrest of Sam Bankman-Fried, one of 2022's most influential figures, came as a shock to the crypto community. Accused of multibillion-dollar fraud, he was sentenced to 110 years in prison.
Changpeng Zhao, founder and former CEO of Binance, resigned from the company after Binance was fined $4 billion for intentionally violating anti-money laundering policies. Zhao could face potential criminal charges.
El Salvador's investment in Bitcoin turned profitable in 2023. The Central American nation faced significant criticism for including Bitcoin as legal tender and investing public funds in it. However, by the end of the year, the investment turned green, vindicating President Nayib Bukele's pro-Bitcoin stance.
2023 may have been challenging year at times, but it has undoubtedly paved the way for a potentially bullish 2024.
Published At
12/27/2023 1:50:00 PM
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