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By Yashasvini Razdan
The price of Bitcoin dropped as low as 10% on Monday to $42,522 during the New York trading hours. This is the lowest level the currency has dropped to since August.
As global equity markets declined, investors began selling off risk assets. The broader crypto market was in the red,too. The second-largest cryptocurrency, Ethereum, recorded a 7% fall to $3,113.02.
More than 249,000 traders had their accounts liquidated over the past 24 hours, equal to around $1.23 billion worth of crypto, according to data from Bybt, a crypto futures trading and information platform.
Bloomberg cited data from Bybt, a crypto futures trading and information platform, stating that more than 249,000 traders had their accounts liquidated over the past 24 hours, equal to around $1.23 billion worth of crypto.
China’s property market crashed after the expected collapse of the debt-ridden property developer China Evergrande which has at least $300 billion in liabilities it cannot pay.
Investors fear the spreading risk from the shakeout in China’s property market, leading to a fall in global equity markets.
The fall in cryptocurrency comes at a time when the uncertainty about the regulation of stablecoins increases. The New York Times reported that the Financial Stability Oversight Council could designate stablecoins as systemically risky, leading them and their operators to heavy regulation.