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.

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BTC price

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.

The crypto market fell out of the sky today. Image: Shutterstock.

These 5 cryptocurrencies dropped 40% in the last day

The crypto market has crashed today and there's blood in the streets. Crypto is more volatile than traditional markets and while most stocks would panic at a 10% drop—all coins fell by at least this amount. At the far end of the spectrum, the most badly burnt coins dropped by at least 40%. These were Maker (MKR), Matic Network (MATIC), Aave (LEND),  Hedera Hashgraph (HBAR) and Chainlink (LINK). Bitcoin flash crash liquidates $750 million in one day Maker, the governance token behind the Ethereum...

NewsMarkets
2 min read
Daniel Phillips

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.

Edward Snowden. Image: Shutterstock.

Edward Snowden sees opportunity to buy Bitcoin after crash

American whistleblower Edward Snowden has weighed in on the recent Bitcoin price crash. While the Bitcoin price has halved, falling from $9,000 just two days ago to as low as $4,500 earlier today, Snowden is quietly optimistic. "This is the first time in a while I've felt like buying bitcoin. That drop was too much panic and too little reason," he tweeted. This is the first time in a while I've felt like buying bitcoin. That drop was too much panic and too little reason. — Edward Snowden (@Sn...

NewsBusiness
2 min read
Tim Copeland

Either way, the only thing that's guaranteed is a rocky road ahead.

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