Bitcoin slumps as sell-off widens

Cryptocurrency prices sank on Monday as concerns over the spillover risk to the global economy from Chinese property group Evergrande’s troubles spread across financial markets.

Bitcoin, the world’s biggest and best-known cryptocurrency, tumbled to $42,453.97, its lowest level since August 7 before trimming some losses to trade down 7.4% at $43,745.

It hit a near four-month high above $52,000 on September 6. Smaller rival ether, the coin linked to the Ethereum blockchain network, fell more than 10% below $3,000 for the first time since early August.

It was last down 7.6% at $3,071.

Market capitalisation of the cryptocurrency market dropped 10% on Monday to under $1.94 trillion, from last Saturday’s $2.17 trillion. 

Published in The Express Tribune, September 21^st, 2021.

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