Crypto volatility continues as Bitcoin rebounds and holds above $20,000

Large swings are hitting the cryptosphere as Bitcoin (BTC-USD) struggles to hold above the key $20,000 level. The popular token plunged 15% to $17,787 on Saturday afternoon, before rebounding above $20,000 with a surge of the same magnitude on Sunday. Currently changing hands at around $20,567, Bitcoin (BTC-USD) is still off 70% from the all-time high of $67,802 seen in November, which preceded the Fed's aggressive rate hike cycle that threatens to drain liquidity from markets. Flashback: Red flags of bigger crypto trouble emerged in May following the collapse of the Terra (UST-USD), a dollar-pegged algorithmic stablecoin project. Growing questions about insolvency ensued after major crypto lending firm Celsis shocked the market last week by pausing all withdrawals, swaps and transfers between accounts. Coinbase (COIN) and BlockFi then announced they would lay off nearly a fifth of its workforce, while crypto hedge fund Three Arrows Capital failed to meet margins calls from lenders amid a spate