Whistleblower Edward Snowden: I felt like buying Bitcoin cause the price drop was invoked by panic rather than fundamentals

By Selena On Mar 13, 2020

After three consecutive days of loss of $ 50 billion from the cryptocurrency industry, the cryptocurrency market lost another $ 44 billion in just a few hours on March 12. Not only traditional markets but also gold and Bitcoin significantly reduced. During the sell-off, the whistleblower Edward Snowden said that he felt like buying Bitcoin, because he believed that the discount was given in a panic, rather than fundamental way.

The crypto economy was punched directly in the gut as BTC prices slid from $ 7,648

The drop is the biggest in 2020, and the lowest BTC market has seen since March 2019. During the ‘Black Thursday,’ many investors who were involved in cryptocurrencies soon said that even they had been shaken by a rapid collapse.

BTC prices are meandering between $ 5,300-5,600 per coin on March 13, 2020. The day before ‘Black Thursday,’ BTC prices dropped to $ 3,870 per BTC.

Doesn’t matter that I’ve been around bitcoin for a long time, and that my bullish case is still intact – seeing this brutal 1 day move gives me anxiety. Sitting tight can be the hardest thing. pic.twitter.com/psFLRDrkrS

— Tuur Demeester (@TuurDemeester) March 13, 2020

I’ve been doing this a while … since 2014 professionally and before that personally.

Let me just say that this is right up there with the most OMG, adrenalin pumping moments I’ve ever experienced in Bitcoin/crypto.

Sincerely hope everyone is OK

— Alistair Milne (@alistairmilne) March 12, 2020

Meanwhile, when the price of Bitcoin and most other cryptocurrencies fell like a falling knife, the notorious whistleblower Edward Snowden said that this was the first time he felt like buying Bitcoin. Edward Snowden has been a cryptocurrency proponent for quite a long time. When Snowden said it was the first time he felt like buying Bitcoin, cryptocurrency enthusiasts were excited to hear this optimism.

This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason.

— Edward Snowden (@Snowden) March 13, 2020

This is not the first time Snowden talks about cryptocurrencies, as he has mentioned Bitcoin in the past on various occasions. In September 2019, the U.S. Department of Justice (DoJ) announced a lawsuit against Snowden and decided to take all the proceeds from the sale of its books.

A few hours after the DoJ case went viral, Snowden tweeted:

in conclusion this is good for bitcoin

— Edward Snowden (@Snowden) September 17, 2019

Mike Novogratz: Investors have been losing faith in Bitcoin

After the fall of Bitcoin, analysts are still arguing about the profound reason for the event that day will be. But this time, the answer is too simple, from the perspective of Galaxy Digital CEO Mike Novogratz.

In a March 13 tweet, Novogratz said:

$btc was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated. What brings it back to $btc.

— Michael Novogratz (@novogratz) March 13, 2020

The Coronavirus pandemic has shaken global markets. Disputes among the world’s leading crude oil-producing countries have made the situation increasingly bleak. When investors “go crazy” to sell their assets, assets that are considered safe havens like gold are not immune to the rush to sell.

So, instead of losing and losing everything, Novogratz thinks we should rebuild trust for Bitcoin.

Bitcoin price, after reaching a bottom of $ 3,800, quickly recovered to $ 5,200. So the confidence of the market has not entirely disappeared, and some traders are trying to take advantage of the best possible situation to make a profit.

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