September 21, 2021

Cryptocurrency prices slumped on Monday amid speculation about risks to the global economy from the troubles of Chinese property group Evergrande.

Bitcoin, the world’s largest and most prominent cryptocurrency, fell to $42,453.97, its lowest level since August 7 before easing some losses and falling 7.4% at $43,745. It nearly hit a four-month high above $52,000 on September 6.

Smaller rival Ether, the coin linked to blockchain network Ethereum, fell more than 10% below $3,000 for the first time since early August and last fell 7.6% to $3,071.

The market capitalization of the cryptocurrency market fell 10% on Monday to below $1.94 trillion from $2.17 trillion last Saturday.

The fall in the value of cryptocurrencies comes at a time when institutional interest in the space has grown, and many investment banks have turned bullish on their forecasts for cryptocurrencies in the coming months.

For more information, you may view the original story from Reuters.

For more information, view the original story from Reuters.