Cryptocurrency prices have fallen sharply, and widespread sell-offs triggered by Evergrande’s crisis concerns have swept the global market. Bitcoin fell 10.7% to $42,522 during New York trading hours, reaching its lowest level since early August. The low is also lower than the low on September 7, when Bitcoin plummeted by 17% in less than an hour. Other digital currencies also fell, with Bitcoin Cash, EOS and Ethereum all falling.
As investors weighed Evergrande’s debt woes and the risks posed by the Fed meeting this week, this decline reflects the overall market trend.
This decline may accelerate. According to data from the cryptocurrency futures trading and information platform Bybt, more than 249,000 traders have closed their accounts in the past 24 hours, which is equivalent to approximately $1.23 billion in cryptocurrency.
British digital asset broker GlobalBlock trader Jonas Luethy said, “Analysts believe that the trend will fluctuate in the next week and may fall back to $41,000.”
Although Bitcoin is not always traded synchronously with financial markets, its 30-day correlation with Nasdaq 100 index futures has been positive since February last year and is currently close to 0.5, which means that they often fluctuate in the same direction these days .
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