Despite the obvious panic on social media after $900 million was liquidated across the cryptocurrency market yesterday, Edward Snowden remains unfazed.
The overall market capitalization of cryptocurrencies has fallen by nearly 5% since yesterday, and the memecoin market has fallen by 13%.
Bitcoin fell to $65,000 and daily trading volume soared 60%, indicating widespread selling by investors. Bitcoin ETFs also had $55 million in net outflows yesterday.
But Snowden, a computer intelligence consultant and whistleblower famous for leaking classified information from the National Security Agency, dismissed the panic on social media.
Put simply TweetSnowden emphasized that despite the overnight liquidation, Bitcoin's price is about the same as it was a week ago.
Bitcoin has shown significant volatility whenever the ETF has experienced net outflows. However, the monthly price of BTC has remained significantly bullish throughout this 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 remains at 'greed' despite yesterday's sharp liquidation.
However, the altcoin market recorded the biggest losses as major tokens such as Solana, XRP, and Avalanche have fallen by nearly 10% since yesterday.
