![Crypto market loses $500B after investor's Fed warning](https://cdnuploads.aa.com.tr/uploads/Contents/2021/12/04/thumbs_b_c_bc8f3a5be8101335943f85ef236e61a2.jpg?v=131220)
ISTANBUL
The total value of the global cryptocurrency market narrowed by around $500 billion after prominent investor Louis Navellier’s warning that the US Federal Reserve’s tapering could burst the Bitcoin and crypto bubble.
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.