Business

Bitcoin attempts recovery as Ever Grande-led selloff eases

Cryptocurrency prices bounced off 1-1/2 month lows on Tuesday as a heavy selloff overnight linked to concerns about a possible loan default by property developer China Evergrande eased slightly, but investors braced for more volatility.

Bitcoin, the biggest and the best known cryptocurrency, traded around $43,000, recovering from a fall to $40,192 earlier in the session. It hit a four-month high of $52,000 on Sept 6.

Bitcoin attempts recovery as Ever Grande-led selloff eases

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

Read More
Easy Trip Planners share price triples from IPO price
Know 6 Important Thing While Selling Your Apple iPhone or iPad
How To Fix Startup Issue SS3svc32.exe in Windows 10

Global markets started the week on a turbulent note after fears that Evergrande’s troubles could lead to a fallout for the Chinese and global economies prompted a selloff in riskier assets.

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

“This is purely sentiment driven right now, and it’s actually been off 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 drop in cryptocurrencies comes at a time when institutional interest in the space has risen and made it more mainstream, with many investment banks taking a more bullish stance.

Disclaimer: This story is auto generated by a computer program has not been created or edited by Techvowels. Publishers: Gadgetsnow

Read Also :   Easy Ways to Find Online Jobs That Require Little or No Experience

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button