BITCOIN has been predicted to crash in 2022 and the value of the cryptocurrency fell dramatically earlier today.
One finance expert thinks Bitcoin’s worth could tank as low $10,000 (£7,400) per coin.
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A value of $10,000 may still seem like a lot but Bitcoin was trading at $69,000 (£51,000) back in November.
After a December crash Bitcoin was trading at around $50,000 (£34,000).
Today it hit a low of $42,579.93 (£31,476.15).
The crypto market was said to be a sea of red this morning with lots of other popular coins crashing.
Ethereum is the second biggest cryptocurrency and that was down 12%.
Carol Alexander, professor of finance at Sussex University, thinks the value of Bitcoin in particular could soon fall even more.
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She previously told CNBC that Bitcoin will “probably crash” in 2022.
The professor warned last year: “If I were an investor now I would think about coming out of Bitcoin soon because its price will probably crash next year.”
She referred to Bitcoin as more of a “toy” than an investment.
Her predictions contrast with those from experts at Goldman Sachs.
Goldman Sachs previously suggested that Bitcoin could reach a staggering value of $100,000 (£74,000) this year.
Today’s dip in value came after the Federal Reserve released “hawkish” minutes.
Bitcoin was down 8.6% over the 24 hours to 4.50am ET.
Bankers are sometimes referred to as “hawkish” if they announce tightening monetary policy.
The minutes stated that the Fed would be cutting back support for the US economy, which is bad news for riskier assets like crypto.
The crash has also been linked to the US stock market falling, which has been linked to concerns that interest rates are about to rise.
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In other news, cryptocurrencies crashed across the board earlier today.
Mercedes-Benz has finally revealed its Vision EQXX electric car.
It’s time to say goodbye to BlackBerry phones as the company has pulled the plug on its once extremely popular handsets.
And, an urgent Android warning has gone out to millions of users after malicious apps were detected in the Samsung app store.
