Bitcoin declined but was off its lows for the day after the world’s largest cryptocurrency slumped as the implications of a potential failure of China China Evergrande Group —the world’s most indebted property developer—continued to sweep through global markets.
Bitcoin was down 2.99% to $42,603. Its low over the last 24 hours was $40,267, according to cryptocurrency tracker CoinDesk. Bitcoin has risen more than 47% so far in 2021.
Ethereum, the second-largest cryptocurrency, declined after briefly moving into positive territory. It fwll 2.19% to $3,004. Smaller coins, such as Cardano, Binance and XRP, also were lower.
Cryptocurrencies fell sharply Monday, in tandem with a Wall Street decline that saw stocks fall the most in months.
The losses in digital currencies appeared be a case of widespread risk aversion, since there’s no direct link between Evergrande and the crypto universe.
Equities were rising modestly on Tuesday. The Dow Jones Industrial Average was up 14 points after the blue-chip index plunged 614 points Monday to close at 33,970, the steepest loss since July. The S&P 500 rose 0.13% and the Nasdaq gained 0.43% after the indexes marked their largest one-day declines since May.
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