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.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.