Bitcoin sinks below $43,000 as Evergrande fears sweep markets
Al Jazeera
Bitcoin got caught up in broader market fears about possible contagion should Chinese property developer Evergrande see a messy debt default.
Cryptocurrency prices slumped as a broad selloff sparked by worries about contagion from China Evergrande Group swept through global markets.
Bitcoin dropped as much as 10.7% to $42,522 in New York trading hours, reaching the lowest level since the beginning of August. That point is also below its Sept. 7 low, when the coin dropped as much as 17% in less than an hour. Other digital assets also retreated, with Bitcoin Cash, EOS and Ether all declining.
The losses mirrored the action in the broader market as investors weighed the risks coming from Evergrande’s debt woes and this week’s Federal Reserve meeting. U.S. equity futures pointed to losses at the open and the Stoxx Europe 600 index dropped as much as 2%, on track for the biggest decline since July.
