Bitcoin’s coherence values appear noticeably less affected by bubble and non-bubble regimes, especially over short and medium terms (2–4, 4–8, 8–16 and 16–32). The non-bubble coherence values are similar to those of the other cryptocurrencies, but the bubble regime values do not reach a similar magnitude to the other cryptocurrencies.
The Financial Conduct Authority (FCA) warns people about the risk of investing in cryptocurrencies, referencing price volatility, product complexity, charges and fees, marketing materials and consumer protection. 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