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Renewed warnings as bitcoin slumps 20pc – though wealthy steer clear

News Team, 12/01/2021

The Financial Conduct Authority (FCA) has warned people are at a “high risk of losses” if they invest in cryptocurrencies such as bitcoin.

This warning came as bitcoin’s value fell 20 percent yesterday (11 January) – the equivalent of wiping $10,000 off a single coin.

The FCA is not the only regulator scrutinising the sector. The Treasury has launched a consultation into the regulation of cryptoassets amid concerns about consumer risk levels.

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