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Musk Effect To FTX-Binance Fiasco: Revisiting Top Crypto Tweets Of 2022 That Rocked The Market

Published 02/01/2023, 14:24
Updated 02/01/2023, 15:40
© Reuters.  Musk Effect To FTX-Binance Fiasco: Revisiting Top Crypto Tweets Of 2022 That Rocked The Market
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ENRY
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Benzinga - It's no surprise that 2022 was a turbulent year for global markets. The U.S. stock market plunged over 15%, while bond and crypto markets fell by more than 20% and 50%, respectively, from their peak a year ago to around Christmas. Investors saw significant losses as fears of economic uncertainty, inflation and companies declaring bankruptcy stoked market volatility.

See More: Best Crypto Day Trading Strategies

As we enter 2023, here is a look back at some of the top crypto tweets of the year that had an undeniable impact on the market. While some tweets led to huge gains, others could be the cause of sizable losses.

Musk Effect: January began on a high note and the incredible impact of Elon Musk is one to be credited. Musk voiced his support for Dogecoin (CRYPTO: DOGE) and declared that Tesla Inc. (NASDAQ: NASDAQ:TSLA) merch will be buyable with the meme crypto.

He even went so far as to declare that he would eat a Happy Meal on TV if McDonald's accepted the meme currency—an action which sparked a rally in its prices.

Energy Consumption In Question: In January, Sen. Elizabeth Warren (D-Mass) highlighted the surging energy usage of Bitcoin (CRYPTO: BTC) mining and its impact on local communities. She said that energy consumption for Bitcoin mining has more than tripled since 2019 and it is now using almost as much energy as entire countries.

Terra-Luna Collapse: The sudden collapse of Do Kwon's Terra Luna (CRYPTO: UST) stablecoin in May caused all hell to break loose. Far-reaching ramifications impacted the entire cryptocurrency market, wiping out over $200 billion in value. In an attempt to reassure the community, Kwon tweeted: "We're in this together, and we will build our way out of this crisis." Unfortunately, despite these attempts at bringing stability, Terra Luna's stunning fall continued to create immense uncertainty in the crypto market.

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