Yesterday, while more than 100 million people were watching the Super Bowl live, Edward Snowden declared that instead he was watching the price of Bitcoin.
Edward Snowden prefers the Bitcoin price chart over the Super Bowl
Actually yesterday, while the Super Bowl was airing, the chart of the Bitcoin price was interesting.
Shortly before Snowden’s tweet, the price of BTC quickly rose from $48,300 to over $48,800, approaching the annual record of January 11th, when it briefly surpassed $49,100.
During the course of the day it had fluctuated within a fairly tight range, after having risen above $48,000 during the night.
In fact, it had remained above $48,000 but below $48,500 throughout the day.
But then when the Super Bowl started, it briefly peaked above $48,800, perhaps also thanks to the Asian markets.
Moreover, the previous night’s rise above $48,000 already seemed to have been caused by the Asian markets, as it occurred when it was morning in China while it was night in Europe and late evening in the USA.
Today the Chinese stock exchanges are closed for holidays, and when the price rose above $48,800, Asia was just waking up.
It is therefore even possible, as suggested by the timing, that this small increase has been somehow influenced by the same Super Bowl.
Jack Dorsey and the Satoshi T-shirt
A couple of hours after Snowden’s tweet, it was discovered that Twitter co-founder Jack Dorsey was also present at the Super Bowl.
The interesting thing is that he was wearing a t-shirt that explicitly praised Satoshi Nakamoto, the creator of Bitcoin.
So, even though this year there were no crypto-themed commercials aired during the Super Bowl, Bitcoin still made an appearance between the lines, thanks to Snowden’s tweet and Dorsey’s initiative.
It should be remembered that Dorsey is now the CEO of a financial company, Block (formerly known as Square), which is working on several Bitcoin-based solutions.
The next drop in the price of Bitcoin: Snowden continues to prefer it to the Super Bowl
Once the Super Bowl was over, however, the price of BTC has dropped.
It happened about an hour before the reopening of European markets, with a rapid drop below $47,800. It then made a slight rebound up to $48,300, but only to fall back below $48,000 again.
The fact is that in these last few days BTC is in overbought territory, and although there is not yet a real FOMO, the sentiment is already widely in greed territory.
Furthermore, during the night at a certain point the selling pressure started to rise, also due to the trading volumes that quickly increased.
During the weekend, volumes remain very low, although this time they have doubled compared to last weekend, and they are rapidly increasing at the reopening of traditional markets. The current volumes are perfectly in line with those of last Monday, which is three times as much as those of the previous Sunday.
It is possible that the rise above $48,800 tonight was really excessive, and that it was followed by a sort of rebound in the opposite direction when the Americans went to sleep.
The Asian market tonight was not very lively, probably also due to the closure of the Chinese stock exchanges for holidays, and all this did not allow the price of Bitcoin to remain well above $48,000.
The reopening of the American markets
This dynamic could also change when traditional American markets reopen.
In fact, with the reopening of the stock exchanges, the ETF exchanges also reopen, and in recent days they have managed to bring significant inflows of new capital to BTC.
It is necessary to understand whether today there will also be new and significant inflows of capital capable of increasing buying pressure, on a day when selling pressure has already increased, or if the decline will continue precisely because of the increase in selling pressure that has already occurred.
This time the impact of the Super Bowl on the crypto markets was almost negligible, as it only generated a small momentary spike of short duration and low magnitude.