The price of Bitcoin (BTC) has fallen out of the sky, again. After yesterday's eyewatering 20% drop, Bitcoin's price fell a further 20% to reach a low of $4,100 earlier this morning.
Since then, the price has somewhat rebounded. Bitcoin's price has risen 36% back up to $5,600, where it now stands. But the markets are still in turmoil.
Bitcoin's price is still down 17% on a 24-hour basis, Ethereum (ETH), 14%, and XRP, 10%. Some other coins are seeing losses above 20%, such as Bitcoin SV (BSV).
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In fact, just one cryptocurrency—barring stablecoins—is in the green. Hedera Hashgraph, which was one of yesterday's biggest losers, is up 4%—defying the market.
But while the market seems to be recovering, it's still in a tricky spot. Many Bitcoin proponents argued that Bitcoin was a clear store of value, and a hedge against a bad economic outlook. But with such major losses following downturns in the traditional markets, it's clear that Bitcoin's seen as a more volatile—and more risky—currency.
At this point, some are seeing further losses on the cards. Bitcoin bear Peter Schiff argues that the price is headed below $1,000.
With #Bitcoin crashing below $4,000 I don't feel so bad about having lost all my Bitcoin. At the rate my lost Bitcoin are losing value soon the difference between having Bitcoin and not having any Bitcoin will be too small to matter.
