crypto.news
With visible panic on social media after yesterday’s $900 million liquidation across the crypto market, Edward Snowden remains unfazed.
The overall crypto market cap has fallen by nearly 5% since yesterday, and the meme coin market has fallen by 13%.
Bitcoin dropped to $65,000, with daily trading volume soaring to 60%, indicating a wider sell-off from investors. Bitcoin ETFs also saw a net outflow of $55 million yesterday.
However, Snowden — a computer intelligence consultant and whistleblower famous for leaking classified information from the National Security Agency — took to social media to dismiss this panic.
In a short tweet, Snowden emphasized that despite the overnight liquidation, Bitcoin’s price is almost the same as it was a week ago.
> see crypto people freaking out over prices
— Edward Snowden (@Snowden) April 12, 2024
> open bitcoin chart
> price is the same it was 7 days ago
> return to watching anime
Bitcoin has shown notable volatility whenever ETFs have experienced a net outflow. However, the month-to-month price of BTC has remained significantly bullish throughout this year.
The largest cryptocurrency started this year at $42,000 and rallied to $50,000 in February. In March, BTC hit a new all-time high at $73,000.
Snowden’s optimism is well-founded as Bitcoin’s fear and greed index still sits at ‘Greed’, despite yesterday’s sharp liquidation.
However, the altcoin market recorded the largest losses, as major tokens like Solana, XRP, and Avalanche have dipped nearly 10% since yesterday.
Read more: Dogwifhat ‘needs to see vet’ after facing steep price drop, analyst says