After falling below $40,000 for the first time since August 5th, the primary cryptocurrency has recovered some ground to above $42,000.
Bitcoin’s price continued to suffer in the past 24 hours as the asset dumped below $40,000 for the first time since early August. Most altcoins also followed, with ETH standing beneath $3,000 and SOL dropping by more than 6%.
BTC’s Drop Below $40K
It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t all that long ago as BTC traded above $48,000 during the weekend.
However, the situation vigorously changed on Monday as the Evergrande saga took another turn. Bitcoin, as well as the global stock markets, started to dump in value.
In a matter of hours, BTC slumped from $48,000 to a daily low of $42,500. It attempted a rapid recovery, but the bears intercepted the move at around $44,000 and pushed it south once more.
This time, BTC dropped to just over $40,000. The scenario repeated once more, and bitcoin was stopped in its tracks at $43,000 yesterday. Another price fall transpired with bitcoin dumping all the way down to $39,600 (on Bitstamp). This became its lowest price level since August 5th.
Source: Cryptopotato.com
