| 27 May 2024, Monday |

Crypto market loses $500B after investor’s Fed warning

After prominent investor Louis Navellier’s warning that the US Federal Reserve’s tapering could burst the Bitcoin and crypto bubble, The total value of the global cryptocurrency market narrowed by around $500 billion.
In an interview to London-based news outlet Insider, Navellier said the Fed’s tapering “should create a correction in risk assets, of which bitcoin is a part.”
He also warned that Bitcoin’s price could drop below $10,000.
Following his remarks, the global crypto market’s value plummeted to $2.13 trillion as of 08.39 (GMT0539) on Saturday, from $2.65 trillion on Friday.
The flagship Bitcoin lost around 16% to hit $47,719 within 24 hours, while Ethereum dropped by 13.4% to $3,949.​​​​​​​