Authorities warn consumers as Bitcoin witnesses decline
Bitcoin plunged as much as 28% from Sunday to Monday after Friday’s highest record of $42,000, falling down by more than $11,000 to around $30,000- its record low since the first day of the new year.
However on Tuesday the cryptocurrency recovered its value to about $36,000. A UK-based financial market watchdog and experts have warned the consumers, expecting enormous amount of loss from the consumers’ end.
According to The Guardian‘s report, A British watchdog group, Financial Conduct Authority, has warned the consumers who are largely unaware of the volatile nature of cryptocurrencies. The FCA also said that some crypto investment firms might be overstating potential payouts, or understating the risks.
The currency is now recovering as reported trading at around $35,000 on Wednesday(today), but once and for all it has become a subject of debate worldwide for its highly volatile and speculative nature.
Bitcoin has had its frequent ups and downs in recent months. During the pandemic in the March 2020 it witnessed trading below $5,000. Then in the fall and into 2021 its value surged, hitting $20,000 in December followed by $30,000 with the start of the new year reaching its highest $40,000 till Friday before sliding down for couple of days, Forbes reported
Bitcoin was the first cryptocurrency introduced in 2008 as people foresaw it as a revolution in the digital market. Moreover many other crypto-currencies, together known as AltCoin, have been launched for now, but Bitcoin remains the most popular and most valued of all.
