Bitcoin’s woes keep on coming as the asset plummeted to a new two-month low at $19,500 yesterday before bouncing off by over a grand.

This comes amid the Silicon Valley Bank’s troubles and the apparent exposure of certain crypto firms, including Circle and its stablecoin, which lost its dollar parity.

BTC Volatile Around $20K

In a matter of almost a week, bitcoin had calmed at around $22,000 and failed to produce any significant moves in either direction. Yet, the asset is known for its volatile nature, and such occasions are quite rare. In fact, they are usually followed by enhanced fluctuations.

This is precisely what happened on Thursday when the cryptocurrency plummeted by almost $2,000. While the reasons are still debated, BTC kept on plunging and fell all the way down to $19,550 (on Bistamp) to register its lowest price point in two months.

Bitcoin reacted well to this massive price drop. It shot up above $20,000 almost immediately and headed toward $21,000. However, the bears came back to play at this point and reversed its trajectory. As of now, the asset stands inches above the coveted $20,000 line.