Amidst the widespread panic on social media caused by the $900 million liquidation in the crypto market yesterday, one individual remains unfazed – Edward Snowden.
The overall market cap of the crypto market has declined by almost 5% since yesterday, with meme coins experiencing a 13% drop. Bitcoin, the leading cryptocurrency, has taken a hit and dropped to $65,000, while its daily trading volume has increased to 60%, indicating a larger sell-off by investors. Additionally, Bitcoin ETFs saw a net outflow of $55 million yesterday.
However, Snowden, a renowned computer intelligence consultant and whistleblower known for exposing classified information from the National Security Agency, took to social media to dismiss the panic. In a brief tweet, he pointed out that despite the overnight liquidation, Bitcoin’s price is similar to what it was a week ago.
Bitcoin has shown significant volatility in the past whenever there has been a net outflow from ETFs. However, its price has remained bullish throughout this year, starting at $42,000 and reaching a high of $73,000 in March.
Snowden’s optimism is well-founded as the fear and greed index for Bitcoin is still in the ‘Greed’ zone, despite the sharp liquidation seen yesterday. However, the altcoin market has taken a major hit, with popular tokens like Solana, XRP, and Avalanche experiencing a dip of nearly 10% since yesterday.
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