THE crypto market has plunged with major coins down in the last 24hrs.The price of Bitcoin, the biggest cryptocurrency on the market, has tumbled 10% and fallen below $60,000.
1Bitcoin and other major cryptocurrencies are down in valueCredit: AFP
Etheruem, Cardano and XRP are also lower today (November 16), according to Coinmarketcap.
The crypto coins are down by around the same amounts at the time of writing over the past day and down over the week.
Cryptocurrencies are highly volatile, meaning their values often make large swings with no notice, as today’s plunge shows.
The extreme volatility and the accompanying sudden market falls are just one of the reasons that investing in cryptocurrency is a very risky business.
You can be left with less money than you put in, and could even lose it all.
You might not be able to access your investment if platforms go down and you could be left unable to convert crypto back into cash.
There have also been warnings around scams related to cryptocurrencies, with people losing vast sums of money.
You should never invest in something you don’t understand and you should never put in money that you can’t afford to lose entirely.
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Why are crypto markets down?
It’s not clear why cryptocurrency markets are down, but China announced plans to clean up virtual currency mining, according to CNBC.
Previous moves by the country to crackdown on mining and trading of crypto has previously sent markets plunging.
The price plunge comes after it hit an all-time high last month following the launch of Bitcoin futures exchange-traded funds.
Kunal Sawhney, chief executive officer of equities rese …