With panic evident on social media following yesterday's $900 million liquidation of the entire crypto market, Edward Snowden remains unfazed.
The total crypto market capitalization is down almost 5% since yesterday, and the meme coin market is down 13%.
Bitcoin fell to $65,000 with daily trading volume rising to 60%, indicating a broader sell-off by investors. Bitcoin ETFs also saw a net outflow of $55 million yesterday.
However, Snowden – a computer intelligence consultant and whistleblower known for leaking classified information from the National Security Agency – used social media to allay that panic.
In a short tweet, Snowden emphasized that despite the overnight liquidation, the price of Bitcoin is almost at the same level as a week ago.
> Watch crypto people freak out over prices
> Open Bitcoin chart
> The price is the same as 7 days ago
> Return to watching anime
— Edward Snowden (@Snowden) April 12, 2024
Whenever there was a net outflow in ETFs, Bitcoin showed significant volatility. However, the monthly price of BTC remained significantly bullish throughout the year.
The largest cryptocurrency started this year at $42,000 and rose to $50,000 in February. In March, BTC hit a new all-time high of $73,000.
Snowden’s optimism is well-founded as Bitcoin’s fear and greed index is still at “greed” despite yesterday’s drastic liquidation.
However, the altcoin market saw the biggest losses as major tokens such as Solana, XRP and Avalanche fell by almost 10% since yesterday.
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