Bitcoin Below $17,000 And Whistleblower Edward Snowden Believes Custody Of Crypto Exchanges Was A Mistake

Bitcoin is currently changing hands at around $16.8ki at the time of writing, after a relatively uneventful last 36 hours. The largest cryptocurrency by market capitalization is under immense price pressure, but resisted the urge to continue its 4-day downtrend, allowing the warring bulls to take a breather. Altcoins were mostly stable with a few exceptions. More on that later.

Famous whistleblower Edward Snowden has tweeted that the centralized exchanges were flawed after the recent FTX crypto exchange fiasco. The whole model involves handing over control of your crypto to a third party, and users must trust the integrity of that party to keep their money safe. In addition to being a whistleblower, Snowden is also a very well-known privacy lawyer and is taken very seriously in these circles. More on that later.

The latest FTX saga may result in a silver lining for the crypto sector. The exchanges are now looking for ways to increase investor confidence in their business. A proof-of-reserve concept is touted as a way to ensure the integrity of their reserves. Binance and crypto.com have already led the way in this.

Bitcoin Disappears Below $17k

Bitcoin generally had a rough day as it struggled to get out of the bearish quagmire it is in now. The cryptocurrency did not register another drop in price, but that is hardly a positive aspect due to its massive downtrend.

Bitcoin price started at around $16.85ki in the last 24 hours. The price had taken a beating yesterday and the bulls were licking their wounds. While the downward price action did not continue earlier today, Bitcoin still failed to post any kind of price recovery, further cementing bearish control over the market. For most of the day, the price traded sideways, between $16.7k and $17k. This is generally quite low volatility for an asset that has lost around 20% of its value in the last 7 days. The day saw two minor events where it looked like the price could break above its current trend or take further losses. Around 1:00 a.m., Bitcoin rose toward $17,000. But it turned out to be a very short-term move as the price barely reached it before losing value again. So around At 05:40, the digital currency started to post a price drop, reaching a low of $16.6k, but only for a short while. It quickly bounced back above it and parked around the $16.8k value, where it has pretty much stayed ever since. So the net change at the end of the last 36 hours is practically zero.

The tame price action shouldn’t fool anyone though. Bitcoin is still under tremendous pressure from the bears and yesterday was just a confirmation of this fact. This is because the cryptocurrency had made huge losses and managed to hold onto it. This is clearly a bearish scenario. If the primary cryptocurrency had made a 20% gain and held on into the next day, it would have been a bullish gain. The same is the case here with bearish action.

Bitcoin’s total market capitalization was around $323 billion and its share of the crypto market was 40.11%. After a short break, the share is back over 40 per cent.

Bitcoin price chart

Altcoins remain stable

Other cryptocurrencies have been mostly stable at the end of the last 24 hours, with a few exceptions. Big moves were Ripple (XRP, -4%), Polygon (MATIC, -8.4%), Solana (SOL, -8.4%), Uniswap (UNI, -9.9%) and Avalanche (AVAX, – 4.2%). Polkadot (DOT, 3%) and Dogecoin (DOGE, 7%) showed small gains. DOGE got back on its feet after Musk posted some more tweets about the meme coin.

Dogecoin Price Chart

In other news….

Edward Snowden: Custody exchanges were a mistake

Famed whistleblower Edward Snowden has targeted (centralized) custody exchanges, saying they may have been wrong. Snowden famously leaked US classified data to The Guardian, including information on the torture of alleged terrorists, illegal detention and most famously illegal surveillance and legal loopholes by the government to participate in these operations.

Snowden has long been an advocate for online privacy and has great respect for the crypto sector. He famously tweeted a copy of the Bitcoin newspaper on his 14th birthday. He even got into a Twitter war with Craig Wright, the notorious fraudster who boasts of being Satoshi Nakamoto.

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