Bitcoin price drops do not concern Edward Snowden
Despite the widespread panic on social media following the $900 million liquidation in the crypto market yesterday, Edward Snowden remains calm and unaffected. The overall market capitalization of cryptocurrencies has dropped by almost 5% since yesterday, and the meme coin market has seen a decline of 13%. Bitcoin’s price has plummeted to $65,000, and the daily trading volume has surged to 60%, indicating a broader sell-off by investors. Additionally, Bitcoin ETFs experienced a net outflow of $55 million yesterday.
However, Snowden, known for leaking classified information from the National Security Agency, took to social media to dismiss the panic. In a brief tweet, he emphasized that despite the overnight liquidation, Bitcoin’s price is nearly the same as it was a week ago. It’s worth noting that Bitcoin has displayed significant volatility whenever there has been a net outflow from ETFs. Nevertheless, the price of BTC has remained bullish throughout the year.
At the beginning of this year, Bitcoin started at $42,000 and rallied to $50,000 in February. In March, it reached a new all-time high of $73,000. Snowden’s optimism is well-founded, as Bitcoin’s fear and greed index is still in the “Greed” zone, despite the sharp liquidation that occurred yesterday. However, the altcoin market has suffered significant losses, with major tokens like Solana, XRP, and Avalanche dropping by nearly 10% since yesterday.
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