Bitcoin price crash: Cryptocurrency in freefall as it drops FIVE percent in one hour

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At 6.50am (BST), one bitcoin (BTC) was worth £16,651 GBP. Within just 10 minutes, its value had dropped by more than 4.6 percent to £15,882.

Rory Cellan-Jones, the former BBC Technology Correspondent, highlighted in a post on Twitter that the cryptocurrency was in “freefall”.

Bitcoin this morning, at 00.35am, peaked at £16,942.

It has, since that time, dropped by more than seven percent.

Reporter Adam Bass responded to Mr Cellan-Jones noting: “There’s crashing and then there’s… oh mama.”

The cryptocurrency is continuing to fall.

By 7.47am, it had dropped to £15,665.

This represented a 5.9 percent fall from 6.50am and a 6.33 percent fall from midnight.

Bitcoin had stood above £20,000 before Sunday, June 12.

One month ago today, it ended at around £23,242.

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More than four percent of UK adults owned a cryptocurrency in January last year, according to the Financial Conduct Authority.

This equates to around 2.3million people.

The figure is expected to be much higher now, with the cryptocurrency’s value increasing by over 30 percent between then and January 2022.

The regulator, however, warned that there is a “risk” that comes with increased usage.

It, quoted in the Financial Times, said: “Despite more people having now heard about cryptocurrency, the overall level of understanding has fallen. This suggests there may be a risk of consumers engaging with cryptocurrency without a clear understanding of it.”