Key Points
- The crypto market experienced a $900 million liquidation, with Bitcoin’s price dropping to $65,000.
- Edward Snowden dismisses panic, pointing out Bitcoin’s price is similar to last week’s.
There was a wave of panic on social media following a $900 million liquidation in the crypto market.
The total crypto market cap and meme coin market dropped by nearly 5% and 13% respectively.
Bitcoin’s Performance Amidst Market Liquidation
Bitcoin’s price fell to $65,000, with its daily trading volume increasing by 60%, suggesting a broader sell-off from investors.
Bitcoin ETFs also experienced a net outflow of $55 million. Despite the overnight liquidation, the price of Bitcoin remains almost the same as it was a week ago.
Bitcoin has been notably volatile whenever ETFs have seen a net outflow. However, Bitcoin’s month-to-month price has stayed significantly bullish throughout the year.
The largest cryptocurrency began the year at $42,000, rallied to $50,000 in February, and hit a new all-time high of $73,000 in March.
Snowden’s Optimistic View
Edward Snowden, a renowned computer intelligence consultant and whistleblower, downplayed the panic on social media.
Snowden’s optimism seems justified, as Bitcoin’s fear and greed index still sits at ‘Greed’, despite the sharp liquidation.
However, it was the altcoin market that recorded the largest losses, with major tokens like Solana, XRP, and Avalanche dipping nearly 10% since yesterday.
