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).
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.
On the other hand, American whistleblower Edward Snowden thinks that the price drop was irrational—seeing this as an opportunity to buy some Bitcoin.
Either way, the only thing that's guaranteed is a rocky road ahead.