As the cryptocurrency market loses approximately half of its value in a single day due to the COVID-19 pandemic, Edward Snowden remains objective and seems to view this as a good buying opportunity.
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
The price of Bitcoin had crossed the five-figures mark in the first 10 days of February, only to start drifting to the downside and lose half of its value within a single day. The crypto-asset found some sort of buying just over the 2018 lows that were registered after the massive panic selling.
[caption id="attachment_14954" align="aligncenter" width="1200"]
Source: skew.com[/caption]
Forced Liquidations
This 50%+ drop in prices has absolutely destroyed anyone who was using leverage or margin for longs, as even 2x leveraged positions would have been liquidated. In fact, these liquidations have absolutely accentuated the drop as these are extra positions that need to be sold on the market.
That has led the open on interest on BitMEX which was at the $1 billion mark not too long ago to drop all the way down below $0.5 billion.
[caption id="attachment_14953" align="aligncenter" width="1200"]
Source: skew.com[/caption]
Time to buy like Snowden?
The reasoning behind Snowden's thinking is not flawed, in fact it is a well known adage amongst investors to buy when "there is blood in the streets". We ask ourselves, at these prices would there be more buyers or sellers?
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