Bitcoin Falls 10% in 24 Hours
The crypto market has gotten off to a negative start for the new week after losing more than 10% in market cap
Flagship cryptocurrency Bitcoin led the crazy fall, losing 10% of its value to drop to $42,628
The market has been affected by several regulatory concerns as well as the news of Evergrande, a major Chinese real estate company being close to default
Flagship cryptocurrency Bitcoin has started the week on a bad note after losing more than 10% of its value in the last 24 hours.
The value of BTC went from $47,700 on Sunday afternoon to $42,628 on Monday morning.
The world’s number one cryptocurrency remains some way above its year-to-date low of $28,000 in June.
The second-largest cryptocurrency Ethereum also experienced a similar drop, falling from $3,372 to $2,944 in the last 24 hours.
The price drop comes just after a week of positive news for the cryptocurrency market.
Firstly, El Salvador established the third-largest network of cryptocurrency ATMs after installing 205 new Bitcoin ATMs.
Also, AMC Theatres announced plans to begin accepting cryptocurrencies bitcoin, ether, bitcoin cash, and litecoin for ticket purchases.
The regression of the market has been attributed to the news of China’s real estate giant Evergrande’s share falls after warning of default.
Evergrande, alerted banks last week that it would be unable to make debt payments due this month, triggering a drop in the real estate sector.
At the time of this report, the global crypto market cap stands at $1.89T, a decrease of 10.79%.