Cryptocurrencies slide as market selloff deepens


FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) - Prices of cryptocurrencies plunged on Monday as concerns over the spillover risk to the global economy from Chinese property group Evergrande's troubles rippled over to wider markets.

Bitcoin, the world's biggest and best-known cryptocurrency, tumbled more than 8% to $42,453, its lowest level since Aug. 7 before trimming some losses to trade down 7%. It hit a near four-month high above $52,000 on Sept. 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.

The loss in the value of cryptocurrencies comes at a time when institutional interest in the space has surged and some investment banks have ramped up their forecasts for cryptocurrencies in the coming months.

"Their fate seems a little tied to equities at the moment, and the price action is incredibly similar too," said John Marley, CEO of forexxtra, a London-based FX consultancy.

(Reporting by Saikat Chatterjee; Editing by Ritvik Carvalho)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Tech News

Explainer-What is the "metaverse"?
Carmakers shift up a gear in race to go electric
Stellantis' Maserati delays launch of Grecale SUV due to chip shortage
Five U.S. lawmakers accuse Amazon of possibly lying to Congress following Reuters report
Apple expected to unveil new Macs with more powerful chips
Philips takes fresh hit from safety recall
Malaysian player part of team winning over RM21mil at The International 10
New technology offers anonymous way to report abuse, doping in the US
Siemens prepares separation of large drive business
Using the world’s first green steel to make a dump truck

Others Also Read


Vouchers