Crypto market loses $500B after investor\`s Fed warning
The total value of the global cryptocurrency market slumped by around $500 billion after prominent investor Louis Navellier s warning that the US Federal Reserve s tapering could burst the Bitcoin and crypto bubble.
In an interview to London-based news outlet Insider_ Navellier said the Fed s tapering should create a correction in risk assets_ of which bitcoin is a part.
He also warned that Bitcoin s price could drop below $10_000.
Following his remarks_ the global crypto market s value plummeted to $2.13 trillion as of 08.39 (GMT0539) on Saturday_ from $2.65 trillion on Friday.
The flagship Bitcoin lost around 16% to hit $47_719 within 24 hours_ while Ethereum dropped by 13.4% to $3_949.
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