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.
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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.
Tesla merch buyable with DogecoinHe 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.— Elon Musk (@elonmusk) January 14, 2022
I will eat a happy meal on tv if @McDonalds accepts DogecoinEnergy 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.— Elon Musk (@elonmusk) January 25, 2022
Bitcoin mining's energy use has more than tripled since 2019, consuming as much energy as entire countries. It's even driving up electricity costs and harming local environments.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.I want six crypto mining companies to provide answers on their impact.https://t.co/FmRlC65C8o
— Elizabeth Warren (@SenWarren) January 28, 2022
2/ I understand the last 72 hours have been extremely tough on all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.Together.
— Do Kwon