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Cryptocurrencies slide as market selloff deepens By Reuters


© Reuters. FILE PHOTO. In this illustration from June 29th, 2021, representations of cryptocurrencies Bitcoin (Ethercoin, DogeCoin), Ripple and Litecoin were placed on a PC motherboard. 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.

The world’s most well-known and largest cryptocurrency fell more than 8 percent to $42,453, before shedding some losses to drop 7%. The cryptocurrency reached an almost four-month peak of above $52,000 in September 6.

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

At a time of increased institutional interest, the loss in cryptocurrencies’ value is incredibly concerning. Some banks are increasing their projections for cryptocurrency in the future.

John Marley CEO, forexxtra (a London-based FX consulting firm), stated that cryptocurrencies’ fate is somewhat tied to equity markets at the moment and that the price movement for cryptocurrencies seems very similar.

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