Bitcoin suddenly plunges 20% – wiping $10,000 off the value of a single coin

SourceSkyNews
SectorTechnology
CountryMiddle east

Bitcoin plunged by more than 20% over the weekend - wiping more than $10,000 (£7,395) off the price of a single coin.The fall puts the cryptocurrency on track for its biggest one-day drop since March, when the COVID-19 pandemic was just beginning to shred global markets. Bitcoin fell as low as $30,500 on Monday afternoon - its lowest point since 5 January - after reaching a record $42,000 on Friday.The crash prompted the UK's Financial Conduct Authority to warn that those who invest in cryptocurrencies should be prepared to lose all of their money.In a statement, the FCA said crypto investments generally involve very high risks - and some investment companies may understate these dangers while exaggerating potential returns. British consumers were also told that they would be unlikely to have access to the Financial Ombudsman Service or the Financial Services Compensation ...read more...