Bitcoin price CRASH: $170billion wiped off value of cryptocurrency as BTC bubble bursts

Economist David Rosenberg, president of Rosenberg Research, said earlier this month: "The parabolic move in bitcoin in such a short time period, I would say for any security, is highly abnormal."

The Bank of America’s chief investment strategist has also warned of the "mother of all bubbles" in the growing bitcoin market.

Michael Hartnett of the Bank of America Securities said on Friday bitcoin "blows the doors off prior bubbles", although he did not say BTC would crash like other bubbles of the past.

December 2017 infamously saw bitcoin crash after skyrocketing to just under $20,000 (£14,825) and then falling to about £2,222 ($3,000).

According to the FCA, there are a number of reed flags involved in crypto investments.

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