This Week on Crypto Twitter: Gemini vs Genesis heats up, US SEC enters the game
This past week has mostly been all about the major recovery in Bitcoin that has resulted in the overall market cap also coming inches away from regaining the $1 trillion mark again. Read to more about the top conversations on crypto twitter this week.
In this brand new series, we at CoinDCX want to keep you abreast of everything that has been happening on Twitter, crypto and everything in between. This past week has mostly been all about the major recovery in Bitcoin that has resulted in the overall market cap also coming inches away from regaining the $1 trillion mark again. However apart from that, FTX crypto exchange collapse has been in the news in the past week too – somehow there are new things coming out every day!
Top Conversation on Crypto Twitter this Week
MONDAY – 9 JANUARY
The week began with major revelation from the tragic case of the failed FTX crypto exchange that collapsed in Early November 2022 and it seems newer things are coming out everyday. In more recent news, US journalist from the Fox Business News unit, Charles Gasparino tweet that prosecutor in the FTX case in the US are now saying that FTX’s Sam Bankman-Fried could potentially be connected to bribery, political campaign contribution violations and market manipulations!
BREAKING: Prosecutors are telling lawyers connected to @SBF_FTX fraud investigation the case is so sprawling that it could exhaust resources of the southern district since it includes potential bribery, campaign contribution violations, market manipulation on top of theft & fraud
— Charles Gasparino (@CGasparino) January 9, 2023
Quite an interesting start to the week.
Read in detail: FTX Crypto Collapse Explained
TUESDAY – 10 JANUARY
The blood between Twitter and crypto runs deep, as they say. The relationship between Twitter, Twitterati, and cryptos have been something of a phenomenon and looks like the company is on the edge of a breakthrough new development. Well, not breakthrough, but a first on the microblogging platform. Have you guessed it yet?
It seems like coins and tokens could be coming to Twitter soon! These coins could be kept in your balance and be used to support creators on the microblogging platform. But before you get too excited – there’s a catch!
Twitter is working on Coins purchasing screen
On the web, Twitter Coins purchase will be done through Stripe https://t.co/RFpWswnZfG pic.twitter.com/eAzPWjfoye
— Jane Manchun Wong (@wongmjane) January 10, 2023
WEDNESDAY – 11 JANUARY
El Salvador – the first country in the world to accept Bitcoin as a legal tender, has been on a roll. And now, with mounting debt and losses (what his Bitcoin buying spree over the past year and a half has cost him) – his new Digital Securities Law – which was passed by an overwhelming majority vote of 62 for and 16 against, brings into effect the issuance of Bitcoin Bonds, also called ‘Volcano Bonds’.
El Salvador’s Legislative Assembly has just approved, by an overwhelming majority, the new Digital Securities Law!
Forward, always forward…
More information on this thread👇🏼 https://t.co/8C21ZilyVP
— Nayib Bukele (@nayibbukele) January 11, 2023
Bitcoin-backed bond will primarily be used to pay down sovereign debt, fund the construction of the ‘Bitcoin City’, and also create extensive Bitcoin mining infrastructure. Under the proposal – the bonds would be denominated in US dollars and pay 6.5% annually for 10 years with a five year lock-up period and is being managed by Bitfinex.
This comes despite increasing protest and resistance amongst citizens in the country of El Salvador against this move and the rising debt crisis in the nation.
THURSDAY – 12 JANUARY
Sam Bankman-Fried has a flair for the written word too now, it seems. Currently under house arrest in the United States, facing eight counts of US criminal charges as a result of the FTX meltdown – SBF decided to launch a new Substack newsletter. And boy oh boy, did it make the news!
— SBF (@SBF_FTX) January 12, 2023
This was also a day when the US Securities and Exchange Commission (SEC) took to Twitter to announce that it has filed a new set of charges against Gemini crypto exchange (built by the Winklevoss twins – yes those two from the 2010 movie, the Social Network – Tyler and Cameron Winklevoss) and Genesis – alleging that Gemini’s Earn product was an unlicensed security!
Today we charged Genesis Global Capital, LLC and Gemini Trust Company, LLC for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program.
For more:
— U.S. Securities and Exchange Commission (@SECGov) January 12, 2023
FRIDAY – 13 JANUARY
Soon after the SEC’s allegations, Tyler Winklevoss took to Twitter to express his disappointment over what he called as a ‘manufactured parking ticket’!
2/ As a matter of background, the Earn program was regulated by the @NYDFS and we’ve been in discussions with the SEC about the Earn program for more than 17 months. They never raised the prospect of any enforcement action until AFTER Genesis paused withdrawals on November 16th.
— Tyler Winklevoss (@tyler) January 12, 2023
4/ We look forward to defending ourselves against this manufactured parking ticket. And we will make sure this doesn’t distract us from the important recovery work we are doing.
— Tyler Winklevoss (@tyler) January 12, 2023
Trolling, crypto and Twitter go pretty much hand in hand. While some trolling can be harmful and shouldn’t be done at all – some harmless fun at the expense of someone with whom you’re loggerheads at – isn’t too bad, right? Well, take a look at this tweet.
#Bitcoin is up $1,000 since this tweet ☠️ pic.twitter.com/jsk5lYnKVQ
— Bitcoin Magazine (@BitcoinMagazine) January 12, 2023
Peter Schiff, a prominent economist, author and a huge proponent of investing in Gold and absolutely against the idea of crypto and Bitcoin had taken to Twitter to call out the beginning of Bitcoin’s rally ahead of the weekend which he claimed was a point for Bitcoin HODLers to exit the market. The tweet seems to be unavailable at the moment on Peter Schiff’s feed (something smells fishy here!), and as they say – the internet never forgets.
The very next day – Bitcoin Magazine took to the microblogging platform to post a screenshot of Peter Schiff’s tweet and mentioning how Bitcoin was already up $1000 since the tweet. And we all know how Bitcoin has performed over the weekend – it is currently trading close to $21,000 as of writing!
SUNDAY – 15 JANUARY
In some positive news of the week, CoinDCX’s Kiran Mysore Vivekananda – Chief Public Policy Officer at CoinDCX presented some points on one of the biggest business news channels in India, CNN News18. Have a look at the video below!
"The government felt that this industry is growing, and they still require a lot of awareness to understand to regulate this industry. Hence they wanted to discourage investors, hence the higher tax." Kiran Mysore Vivekananda CPPO, CoinDCX#BudgetBuzz #Crypto | @poonam_burde pic.twitter.com/GnIk46JXmI
— News18 (@CNNnews18) January 15, 2023
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