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Bitcoin slides to $45 000 as traders pare back on risk

Stock markets sink globally.
Image: Bloomberg

Cryptocurrency prices slumped as a broad selloff sparked by worries about contagion from China Evergrande Group swept through global markets.

Bitcoin dropped 5.4% to $45 025 as of 9:49 a.m. in London, reaching the lowest level in a week. Other digital assets also retreated, with Bitcoin Cash and Ether all declining.

Stock markets globally sank on Monday as investors weighed the risk of a spillover from Evergrande’s debt woes and this week’s Federal Reserve meeting. Bitcoin prices had been trending higher recently, with prices hitting a four-month high earlier this month.

© 2021 Bloomberg

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