Other cryptocurrencies were considerably more vulnerable: Ethereum, Cardano, and other significant digital coins had lost 10% or more in the morning. According to the tracking website CoinMarketCap, the market has lost 9.8% in the last 24 hours. With 44 percent more trading than the previous day, activity was increasing, likely as a result of the drop.
The dip came after a significant loss in US markets on Monday, as Wall Street's concerns shifted to China. The worsening problem of Evergrande, a major Chinese property firm on the verge of defaulting, has made investors nervous. Experts have described Evergrande's difficulties as a huge test for Beijing, with some speculating that the company may become China's Lehman Brothers. While other observers say it's unlikely that Evergrande's issue would have the same global impact, the crisis has sent shockwaves around the world.
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