Bitcoin saw a slight price increase on Thursday after falling to its lowest level since 2020 this week.
Some cryptocurrency analysts have speculated that Wednesday’s low could be the bottom of the cycle as it bounced off its four-year moving average, but others are warning that more volatility may be on the way.
BTC is still more than 70 percent below its all-time high, which it hit in November 2021, although previous major downturns from then-record highs in 2013 and 2017 have resulted in corrections of more than 80 percent.
The overall crypto market is still below $1 trillion after seeing sharp price declines in other leading cryptocurrencies such as Ethereum (ETH), Cardano (ADA) and Solana (SOL) over the past week.
Major platforms like Celsius and Binance faced operational issues this week, which they blamed on an influx of investors liquidating their assets.
Crypto exchange Coinbase has also announced that it will lay off over 1,000 employees after previously withdrawing job offers, but Binance has said it will hire 2,000 more employees.