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Mark Mobius sees bitcoin plunging to $10k: ‘Buy the dip will not work’

Mobius says the strategy of buying when prices are low would not pay off while the market still had some way to fall

Mark Mobius has warned about volatility in cryptocurrencies, claiming some investors piled into bitcoin because interest rates were better than bank deposits
Mark Mobius has warned about volatility in cryptocurrencies, claiming some investors piled into bitcoin because interest rates were better than bank deposits Photo: Getty Images

Veteran emerging markets investor Mark Mobius has warned investors not to “buy the dip” following the latest crash in bitcoin’s price, predicting a meltdown in the crypto market could drive its price to as low as $10,000 in the coming months.

Bitcoin has suffered huge losses over the past week, plummeting by as much as 23% between 9 May and 12 May amid a sell-off that wiped billions of dollars from the crypto market.

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