Stock Groups

Cryptocurrencies slide as market selloff deepens By Reuters

by Mike Robinson

[ad_1]

© 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs include futures, stocks, indexes and Forex. Prices are provided not by the exchanges. They are provided by market makers. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]