Bitcoin Crashing Today, $200 Billion Goes POOF
Posted on 01/11/2021
In a major market correction, within 24 hours, profits were taken as almost US$ 200 billion in market capital of bitcoin (BTC) has been wiped out. This is after a BTC skyrocket past US$ 41,269 for the first time in 12 years. BTC rallied since October 2020. The BTC plunge comes amid warnings from the U.K. Financial Conduct Authority (FCA) about the risks of investing in cryptocurrency. The U.K.-based regulatory body said on Monday investing in crypto assets “involves taking very high risks with investors’ money”.
The FCA added, “If consumers invest in these types of product, they should be prepared to lose all their money.”
The increased adoption of bitcoin generally by institutional investors, such as Guggenheim Investments, Ruffer Investment Management, MassMutual Life, and Skybridge Capital, has been another factor credited with assisting BTC grow in value.
Keywords: Guggenheim Partners.
