Edward Snowden

Edward Snowden says he feels ‘itch to scale back in’ to $16.5K Bitcoin

Snowden draws attention to buying Bitcoin after the March 2020 crash as BTC price action consolidates below $17,000.

Bitcoin (BTC) returned to $16,500 at the Nov. 14 Wall Street open as bulls tried and failed to break higher.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Snowden hints BTC price echoes March 2020

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging below $17,000 on the day after a dismal weekly close.

The largest cryptocurrency had failed to show convincing signs of recovery after losing more than 25% the week prior thanks to the debacle around exchange FTX.

That debacle was ongoing at the time of writing, with revelations fanning out to include other firms with significant exposure to the defunct exchange.

With little light at the end of the tunnel visible, BTC price action remained unsurprisingly weak.

“Markets consolidating,” Michaël van de Poppe, founder and CEO of trading platform Eight, summarized.

“Would assume we’d be at $10K actually, after the terrible news we’ve received past weeks.”

Trader and analyst Rekt Capital, meanwhile, warned of support-resistance flips in the making thanks to the weekly close, Bitcoin’s lowest in two years.

“These are BTC Monthly levels shown on the Weekly timeframe,” he tweeted alongside a chart of important focal levels.

“From this chart, we can see that $BTC has performed a new Weekly Close below the Monthly level of ~$17300. Initial signs of this level flipping into new resistance this week.”

BTC/USD annotated chart. Source: Rekt Capital/Twitter

Other posts on the day warned of the potential for “additional downside wicking” on BTC/USD while noting that historically, prior bear markets were still worse in terms of the pair’s descent from cycle highs.

An interesting counterpoint came from Edward Snowden. In a tweet of his own, he signaled that he would be a BTC buyer at current levels, a sentiment he last publicly posted after the March 2020 COVID-19 cross-market crash.

“There’s still a lot of trouble ahead, but for the first time in a while I’m starting to feel the itch to scale back in,” he stated.

A second tweet stressed that the previous one was “not financial advice.”

The dollar gives a “perfect” route to BTC upside

Stocks offered little respite to crypto bulls on the day, with the S&P 500 and Nasdaq Composite Index down 0.3% and 0.8%, respectively, during the first hour.

Related: Elon Musk says BTC ‘will make it’ — 5 things to know in Bitcoin this week

The U.S. dollar index (DXY) continued consolidation of its own while refusing to add to the prior weeks’ significant retracement.

Popular trading account Game of Trades noted that the daily chart’s relative strength index (RSI) for the DXY had set a new record low for 2022.

U.S. dollar index (DXY) annotated chart. Source: Game of Trades/Twitter

“SPX is showing strength and DXY is crashing,” a hopeful Bloodgood, another well-known Twitter trader, wrote in part of a fresh update on the day.

“Perfect situation to see some upside.”

BTC/USD annotated chart. Source: Bloodgood/Twitter

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Pro-centralization Russian president grants citizenship to Edward Snowden: Report

The views of the NSA whistleblower, who has been in Russia since 2013, seemingly clash with those of President Vladimir Putin, who has often worked against promoting decentralization.

Russian President Vladimir Putin reportedly granted citizenship to United States National Security Agency whistleblower Edward Snowden, who had been residing in the country since 2013.

According to a Monday report from Reuters, Putin signed a decree effectively changing Snowden’s legal status in Russia from permanent resident to citizen. The NSA whistleblower has been in exile from the United States following his leak of thousands of classified documents to journalists but continued to speak on issues including national security in addition to cryptocurrencies and blockchain technology.

While Putin has taken legislative action in Russia that seems to curtail the use of crypto — including banning the use of digital assets as payments in a July law — Snowden has frequently spoken on the benefits of cryptocurrencies like Bitcoin (BTC). The whistleblower and now Russian citizen revealed in 2019 that he used BTC to pay for the servers from which he released the infamous documents of the NSA leak, and said in April he played a pivotal role in creating the privacy token Zcash (ZEC).

“Snowden is not a traitor,” said Putin in a 2017 interview with film director Oliver Stone. “He did not betray the interests of his country, nor did he transfer any information to any other country that would damage his own people […] He shouldn’t have [leaked NSA secrets]. My view is that what he did was wrong.”

Snowden would potentially face charges related to espionage from the Department of Justice if he were to return to the United States. It’s unclear at the time of publication what led President Putin to grant Snowden citizenship, but the U.S. and Russia have faced volatile diplomatic relations following Russia’s invasion of Ukraine and thesubsequent economic sanctions imposed by the U.S. and other nations. In contrast to Putin — whom many have criticized as having taken a more autocratic role in leading Russia — Snowden has often spoken on the dangers of government overreach and the need for oversight.

“I don’t care if you’re in the United States, I don’t care if you’re in Germany, and I don’t care if you’re in Russia, I don’t care if you’re in China — it is a global trend where we see government doing more,” said Snowden in DeData Salon fireside chat from Sept. 23. “They have greater capability because of technology acting as a magnifier of pre-existing power. It allows them to increase their leverage, right? They’re leveraging their influence to try to sort of act and compete not just within their own borders but globally and now we have those levers starting to press on each other and it’s causing sort of problems and conflicts all over the world.”

Related: Bitcoin got stronger despite government crackdowns, says Edward Snowden

Snowden’s reported Russian citizenship status would not necessarily preclude the whistleblower from ever returning to the United States.  A sitting U.S. president has the constitutional authority to grant reprieves and pardons for “offenses” against the country, which would likely include federal espionage charges. However, despite calls from many civil liberties advocacy groups, the two previous presidential administrations have not pardoned Snowden, nor has President Joe Biden suggested thahe will during his term.