Saturday, October 16, 2021

Bitcoin Attempts Recovery as Evergrande-Led Selloff Eases

Cryptocurrency prices jumped from 1-1/2-month lows on Tuesday as they eased slightly due to a heavy selloff by property developer China Evergrande over concerns about a potential loan default, but investors looked for more volatility. prepared for

Bitcoin, the largest and most well-known cryptocurrency, is trading around $43,000, having recovered from a drop of $40,192 in the first session. It reached a four-month high of $52,000 on September 6.

Smaller rival Ether, the coin tied to the Ethereum blockchain, rose 1 percent to $3,012 after falling below $3,000 for the first time since early August.

Global markets started the week on a turbulent note after fears that Evergrande’s troubles could spell a fall for the Chinese and global economies, leading to a sell-off in riskier assets.

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“We just can’t take a very positive outlook until we get to the next few days,” said Matthew Dibb, chief operating officer of crypto index fund provider Singapore-based Stack Funds.

“It’s purely sentiment driven right now, and it’s really far from very low liquidity,” he said, adding that it would be better to wait on the sidelines as crypto markets will continue to be affected by the contagion.

The decline in cryptocurrency comes at a time when institutional interest in the space has grown and made it more mainstream, with many investment banks taking a more bullish stance.

by Anushka Trivedi

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This News Originally From – The Epoch Times

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