You may lose all your money if you are trading Crypto

A grim warning to crypto-traders was issued by Britain’s financial watchdog when Bitcoin surged again after a dip.

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Red-hot cryptocurrency market investors had better be ready to lose all their money because of the risks involved said Britain’s Financial Conduct Authority.

He also added that Crypto firms highlight the returns that traders will gain and downplay the market risks and if things go awry, the traders that have bought an asset may not be given access to their consumer protections.

The agency added that the investors need to be fully aware of the fact that high-return investments incur high risks as crypto-assets are highly volatile, suggesting the fact that digital currencies are unstable implying that they may or may not be converted to fiat money, therefore, they need to make their own dictions meticulously.

Monday mentioned Bitcoin as a famous instance of the coins in the digital world that undergo volatilities among other digital assets and altcoins. For example, according to data obtained from CoinDesk, Bitcoin was being traded at $31K at 3 p.m. the day before breaking its all-time-high record at almost $42K.

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Tags

Trump

Altcoin

cryptoasset