Yesterday’s $900 million liquidation of the cryptocurrency market sparked palpable panic on social media, but Edward Snowden remains titanic.
Since yesterday, the market capitalization of the entire crypto market has dropped nearly 5%, while the modem market has dropped 13%.
Bitcoin fell to $65,000 and daily trading volume spiked to 60%, indicating a wider sell-off by investors. The bitcoin etf 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, dismissed the panic on social media.
In a brief tweet, Snowden emphasized that the price of Bitcoin is almost the same as it was a week ago, despite the overnight liquidation.
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Bitcoin exhibits significant volatility whenever the etf experiences net outflows. However, Bitcoin’s monthly price has remained significantly bullish throughout this year.
Earlier this year, the price of bitcoin was $42,000 and rose to $50,000 in February of this year. In March, Bitcoin hit an all-time high of $73,000.
Snowden’s optimism is well-founded, as Bitcoin’s Fear and Greed Index still sits at “Greed,” despite yesterday’s sharp closeout.
However, it is the torrents market that has suffered the most, with major tokens such as Solana, Ripple and Avalanche down nearly 10% since yesterday.
