On Wednesday, it looked like Bitcoin might be headed into a death spiral.

After plunging below $10,000 (down 50% from the December peak), things got materially worse midway through morning trading in the U.S., when Bitcoin very nearly dipped below $9,000, depending on where you're getting your prices.

January futures expired Wednesday and as the evening wore on stateside, Bitcoin staged a bit of a comeback, eventually climbing as high as ~$11,800 on Coinbase.

Here's another look at yesterday just to underscore how insanely volatile this truly is:

And look, for anyone who bought the dip, congrats, but no one should delude themselves here. This is an absolute shitshow since the December highs:

For now, things seem to have “stabilized”.

Or, put differently: “I'm not dead yet!”

Video length: 00:00:48