Despite widespread concern following a $900 million liquidation in the crypto market, renowned computer intelligence consultant and whistleblower Edward Snowden remains calm.
The overall crypto market cap has experienced a nearly 5% decline, with meme coins suffering a 13% drop since the liquidation. Bitcoin, in particular, saw a dip to $65,000, accompanied by a significant increase in daily trading volume, indicating heightened selling pressure. Bitcoin ETFs also witnessed a net outflow of $55 million during this period.
However, Snowden took to social media to offer reassurance amidst the panic. In a brief tweet, he pointed out that despite the recent liquidation, Bitcoin’s price remains relatively stable compared to a week ago. While Bitcoin has exhibited volatility in response to ETF outflows, its overall trend has been bullish throughout the year.
Beginning the year at $42,000, Bitcoin surged to $50,000 in February and reached a new all-time high of $73,000 in March. Snowden’s optimism aligns with Bitcoin’s fear and greed index, which still indicates ‘Greed’ despite the recent market turmoil.
Nevertheless, the altcoin market bore the brunt of the losses, with major tokens like Solana, XRP, and Avalanche experiencing nearly a 10% decline since the liquidation.
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