Edward Snowden is not worried about Bitcoin prices dropping

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After yesterdays shocking $900 million loss in the crypto market, causing alarm on social media, Edward Snowden appears calm and unfazed.

Approximately 5% is the amount by which the total cryptocurrency market value has decreased compared to the previous day. Meanwhile, the meme coin sector has experienced a more significant drop, down by around 13%.

The price of Bitcoin dipped to $65,000, leading to an increased trading activity of around 60% in a single day. This significant surge suggests that a large number of investors have been selling off their Bitcoin holdings. Moreover, Bitcoin ETFs experienced a net withdrawal of approximately $55 million the previous day.

Instead, Snowden – well-known computer consultant and NSA whistleblower for revealing confidential data – used social media to downplay the hype.

Despite being sold off overnight, Bitcoin’s price remains relatively unchanged from a week ago, according to Snowden’s brief tweet.

> Bitcoin and cryptocurrency enthusiasts are panicking about the prices
> Let me check the graph
> The price remains unchanged compared to a week ago
> Back to enjoying my anime now.

— Edward Snowden (@Snowden) April 12, 2024

Bitcoins price tends to be unstable when ETFs have seen a large number of investors withdrawing their funds. But so far this year, the overall trend for Bitcoin’s monthly prices has been positive and bullish.

This year, the biggest cryptocurrency began at a price of $42,000 before climbing up to $50,000 in February. In an impressive rise, Bitcoin reached a record peak price of $73,000 in March.

According to Snowden, Bitcoin’s outlook remains hopeful since its fear and greed index remains in the “Greed” zone, even after a significant sell-off the previous day.

Instead, these cryptocurrencies in the altcoin market saw significant declines, with Solana, XRP, and Avalanche dropping approximately 10% in value over the past day.

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2024-04-13 19:13