Crypto Twitter This Week: 6 Days That Changed the Industry Forever?

It’s always difficult to overstate the level of chaos and madness that exists on Crypto Twitter and the digital asset industry in general on any given day. But it’s equally difficult to think of a week that brought about as monumental and unexpected plot twists and developments as this one.

Things started slow on Monday. In the afternoon, Bloomberg ETF analysts Eric Balchunas and James Seyffart, who have emerged as the stars of the Crypto Twittersphere this year, suddenly announced that they were radically adjusting their previous odds. The U.S. Securities and Exchange Commission (SEC) is expected to approve a spot Ethereum ETF by Thursday’s deadline.

The price of Twitter and ETH exploded immediately. For weeks, the prospect of a spot ETH ETF approval in May has been dismissed as fantasy. majority cause. Now, with 72 hours left until the SEC’s May 23 decision deadline, the game is back on. ETH surges 20% or more It was on the news all night long.

Potential ETH ETF issuers have ceased business as usual as the industry atmosphere accelerates to frenzied excitement.

In real time, Twitter users attempted to piece together the story. How could this happen? Experts pointed to seeds planted last week. change in political winds Cryptocurrency may have transformed from a divisive niche issue to an issue of bipartisan consensus.

This narrative appeared to be confirmed on Thursday. Then the SEC spoke quietly at the buzzer. Approved All pending spot ETH ETF applications.

Crypto Twitter exploded with a cacophony of celebration.

Industry leaders, including Paul Grewal, Coinbase’s chief legal officer, hailed this week’s events as unlike anything he’s seen before.

As if that weren’t enough: Amid the surprising ETH ETF story, the U.S. House of Representatives easily pass A bill aimed at creating a regulatory framework for cryptocurrencies; fit21.

The narrative that the long-standing relationship between the U.S. government and cryptocurrencies has undergone a historic realignment has solidified overnight. Just a week ago, this situation would have seemed unthinkable to many.

However, some have warned that these stories may be too good to be true. For example, certain aspects of FIT21 may be more hostile to cryptocurrencies than many people think, crypto lawyer Gabriel Shapiro wrote.

History may show which battle was won in a longer war, as Crypto Twitter rejoiced for good reason. “We must remain vigilant,” said Ethereum co-founder and Consensys CEO Joe Lubin. decryption. “We cannot guarantee that we will not be attacked again.”

Edited by Ryan Ozawa.