October 20, 2021
Economy

Bitcoin, ether slump as market selloff widens

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

NEW YORK/LONDON, Sept 20 (Reuters) – Cryptocurrency prices sank on Monday as concerns over the spillover risk to the global economy from Chinese property group Evergrande’s (3333.HK) troubles spread across financial markets.

Bitcoin , the world’s biggest and best-known cryptocurrency, tumbled to $42,453.97, its lowest level since Aug. 7 before trimming some losses to trade down 7.4% at $43,745. 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. It was last down 7.6% at $3,071.

Market capitalization of the cryptocurrency market dropped 10% on…

Read full article here: www.reuters.com