Bitcoin falls by more than 20% as FCA warns about risk of cryptoassets

Bitcoin plunged by more than 20% on Monday in a sign that investors are increasingly backing away from risk.

The fall puts the cryptocurrency on track for its biggest one-day drop since March, when the COVID-19 pandemic was just beginning to shred global markets.

At 5.30pm UK time, Bitcoin was at $30,500 - its lowest point since 5 January - having reached a record $42,000 on Friday.

The Financial Conduct Authority warned that those investing in schemes promising high returns based around cryptoassets should be prepared to lose their money.