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The landscape of cryptocurrency in 2024 has been shaped by significant events on social media, particularly on X, previously known as Crypto Twitter.
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This year has seen pivotal moments that influenced market dynamics, regulatory discussions, and the broader crypto culture, showcasing the power of social media in the digital asset realm.
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As noted by Cointelegraph, “Crypto culture was born on the internet,” which highlights the platform’s integral role in the ongoing evolution of cryptocurrencies.
This article explores the impactful events on X that defined the cryptocurrency landscape in 2024, emphasizing key moments and market reactions.
The SEC’s Fake Bitcoin ETF Approval
On January 9, the anticipation surrounding the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) reached a fever pitch. Bloomberg’s analysts had predicted a landmark decision from the United States Securities and Exchange Commission (SEC) the following day. A surprising post appeared on the SEC’s official X account, suggesting that Bitcoin ETFs had received approval, complete with a quote from Chair Gary Gensler: “Today the SEC grants approval for Bitcoin ETFs.”
Initial market response saw Bitcoin surge over $1,000 in value. However, the optimism was short-lived as Gensler clarified only 15 minutes later that the account had been compromised, and the announcement was false. He revealed that this incident resulted from a SIM swap attack that exploited a staff member’s account lacking two-factor authentication.
By October, the FBI apprehended Eric Council Jr., a 25-year-old in Alabama, accused of orchestrating the attack and false announcement, to which he later pleaded not guilty. Ironically, just a day later, the SEC made the real approval announcement for spot Bitcoin ETFs, confirming the earlier predictions.
Donald Trump Backs Bitcoin
US President-elect Donald Trump entered the crypto discourse midway through 2024, expressing robust support for cryptocurrency in a series of social media statements. In a quintessentially Trumpian post on Truth Social, he proclaimed, “I AM VERY POSITIVE AND OPEN MINDED TO CRYPTOCURRENCY COMPANIES, AND ALL THINGS RELATED TO THIS NEW AND BURGEONING INDUSTRY,” signaling a potential shift in political sentiment toward crypto.
Further fueling the conversation, he expressed a desire for Bitcoin production to be “MADE IN THE USA!!!,” a statement raising eyebrows given Bitcoin’s decentralized nature. Although these comments were not shared on X, their impact resonated throughout the platform, underscoring the interconnectedness of political and crypto narratives.
Goggles Guy Questions Trump on Crypto
During an event at Mar-a-Lago intended for NFT holders, a video surfaced featuring Malcolm, the chief of staff for the NFT project DeGods, who posed a pointed question about retaining crypto businesses in the US. Wearing signature reflective goggles, his inquiry seemed to catalyze a more significant pivot in Trump’s stance on crypto. Trump’s response signified a willingness to embrace cryptocurrency as a legitimate industry.
This moment not only captured public attention but was also heralded by figures like Tyler Winklevoss, co-founder of Gemini, who remarked that Malcolm’s question “completely reversed crypto’s fortunes in Washington.” Such interactions exemplify the importance of social media in shaping regulatory perspectives.
CZ’s Comeback After Jail
Changpeng Zhao, the founder of Binance, made headlines upon his release from a four-month stint in jail due to money laundering violations. On September 27, he wasted no time rejoining the digital dialogue on X with a simple “gm,” signaling his return to the crypto space. His following post illustrated his newfound appreciation for freedom and better food, a relatable sentiment for many.
Zhao’s re-entry into the crypto scene came at a pivotal time, reflecting the resilience of industry leaders in the face of legal challenges. His presence is expected to reignite discussions around Binance’s operations and its position in the global crypto ecosystem.
Bubblemaps and the Celebrity Token Phenomenon
This year saw the emergence of Bubblemaps, a crypto data analytics platform that gained notoriety for its critical examination of celebrity-linked tokens. Through detailed posts, it spotlighted on-chain movements linked to these tokens, suggesting questionable behaviors among influencers and their associates.
The platform documented dramatic declines in the value of many celebrity tokens, puncturing the hype that often surrounds such launches. While the exact impact of Bubblemaps on investor sentiment is challenging to quantify, it highlighted the need for transparency and due diligence in the token space.
Truth Terminal and Memecoin Madness
October brought about a curious intersection of artificial intelligence and memecoins with the rise of Goatseus Maximus (GOAT). The AI bot Truth Terminal, reportedly funded by Andreesen Horowitz, ignited interest in this peripheral meme-inspired coin, causing a brief spike to a $150 million valuation within four days.
This occurrence encapsulated the odd fusion of AI, memes, and crypto, illustrating both the enthusiastic volatility of the market and the profound influence of social media narratives.
Roaring Kitty’s Return
Finally, the return of Keith Gill, known as “Roaring Kitty,” sent ripples through Wall Street. His first post in nearly three years sparked significant movement in GameStop shares, underscoring his lasting influence since the 2021 meme stock phenomenon. GameStop shares surged significantly following his enigmatic post, further validating the idea that social media engagement can shape market reactions profoundly.
Conclusion
The events that unfolded on X throughout 2024 underscore the platform’s powerful role in shaping cryptocurrency trends and market dynamics. As more people engage with digital assets and influencers leverage social media, the integration of crypto into mainstream discourse continues to evolve. Keeping an eye on these developments will be essential as regulators, investors, and enthusiasts navigate this complex and rapidly changing landscape.
