- Former CIA agent Edward Snowden considers the fall of Bitcoin suspicious and is considering buying BTC.
- Snowden joins other industry personalities who recommend taking advantage of the drop in Bitcoin’s price.
The global financial market is still recovering from one of the biggest price drops in several years. Two days ago, Bitcoin suffered its biggest one-day loss since 2013. In less than an hour, the number one cryptocurrency by market capitalization fell below the $4,000 mark, but rebounded to stabilize above $5,000. The drop is attributed to uncertainty over the spread of the Coronavirus.
During the flash drop in prices, former CIA agent Edward Snowden published a tweet that has gained a lot of attention. Snowden stated:
This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason.
The tweet triggered a debate among members of the crypto community. Some made buying recommendations to Snowden, while others like Ayre Group founder Calvin Ayre recommended “buying the real bitcoin that is now traded as BSV”.
Buy Bitcoin on the dip
Youtuber and Bitcoin investor Michelle Phan said she has received questions from friends about whether they should invest in BTC. Phan said investors should “buy on the dip”. In contrast, Crypto Capital Venture CEO and founder Dan Gambardello recommended caution:
I’d say buy the Bitcoin dip, but I feel like that would be irresponsible. Markets are operating out of complete fear and panic and technical analysis is next to useless until things settle down.
There is currently a debate among analysts as to whether Bitcoin has bottomed out. Bitcoin trader Cantering Clark said that BTC has not bottomed out because the stock market has not reached the bottom either. Blockroots founder Josh Rager has a similar opinion and thinks that Bitcoin will not go up unless other financial markets do. Therefore, Gambardello’s recommendation seems to be the most appropriate as the market continues to be on the alert for Coronavirus expansion.
The price of the Bitcoin is $ 5,351, at the time of publication, with a loss of 1.43% in the last 24 hours. In the weekly and monthly charts, Bitcoin registered losses of 40.08% and 47.81% respectively.