Bitcoin and other cryptocurrencies slumped Monday as assets of all shapes and sizes were caught up in a wave of selling brought on by contagion fears from the mounting problems at embattled property giantChina Evergrande Group.
Bitcoin, the world’s largest cryptocurrency, dropped 6.63% to $44,979. It dropped to as low as $44,523 over the past 24 hours. Despite Monday’s slump, Bitcoin has risen more than 55% so far in 2021.
Ethereum, the second-largest cryptocurrency, was down 8.14% at $3,146.
Evergrande, the world’s most indebted developer, owes more than $300 billion but Chinese authorities have warned banks the company won’t be able to pay debt obligations due Monday, according to reports. Evergrande said Sunday it has begun repaying investors in its wealth management products with real estate.
Futures contracts linked to theDow Jones Industrial Averagefell 535 points, or 1.55%. The blue-chip index fell 166 points on Friday to close at 34,585.
S&P 500futures dropped 1.3% andNasdaqfutures slumped 1.06%.
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