The price of Bitcoin plunged deep enough to be trimmed to 10% from the previous figure. Currently, the price is in the range of USD 42 thousand. Meanwhile, other cryptocurrencies such as Ether also experienced a decline in value of up to 8% to the range of USD 3,000. What's wrong?
The USD 42k figure is Bitcoin's lowest price since August 7th. While the highest value in 6 months was reached on September 6 where the price was raised to USD 52,000.
Apart from Ether, the prices of other cryptocurrencies including Cardano and Solana were also affected, one of the causes of this mass collapse in the price of cryptocurrencies was the bad news from China.
As reported, the property company Evergrade is in danger of collapsing with debts estimated at USD 300 billion. Its share price on the Hong Kong stock exchange also declined by 20%. Well, there is concern that the collapse of Evergrand will have an impact on many things, including cryptocurrencies such as Bitcoin, so that they are sold by their owners.
In addition, there is news that cryptocurrency regulations will become more stringent "Both institutions and want to get cash. The number of Bitcoins being sold is interesting because I think it has a lot to do with what is happening in Asia," said Tom Lee, analyst at Fundtstrat.
According to Forbes calculations, the combined market capitalization of the world's cryptocurrencies has fallen by USD 2.62 trillion or more than 10%. Moreover, unfortunate events related to Bitcoin also appeared in El Salvador.
As reported, the country has decided to adopt Bitcoin as a legal tender for its citizens. However, many disturbances occurred, for example protests from residents and digital wallet services were also stopped due to disturbances.
