Cryptocurrency prices continue to get affected by the instability in China’s real estate markets.
In the last 24 hours, the value of Bitcoin briefly dropped below $40,000 for the first time since August
Bitcoin dipped by over one percent yesterday. At the time of writing, Bitcoin was trading at Rs. 33,40,022 ($45,471.36), The instability in Bitcoin prices, analysts say, can be linked to the disruptions in China's real estate market in the backdrop of Chinese developer Evergrande's $300 billion worth of debt. This is the fifth day in a row that Bitcoin has seen a slump in values. In the last 24 hours, the value of Bitcoin had briefly dropped below $40,000 – for the first time since August, reports said.
ETH, which is the world's second-largest cryptocurrency, witnessed a slump of 5.07 percent at its opening today. The current exchange value of Ether — the official cryptocurrency of the Ethereum blockchain — is priced at Rs. 2,27,367 ($3,085.37) at the time of writing. Looking at the price history, ETH had dipped even more earlier this week.
With a marginal dip of 2.24 percent, the value of Dogecoin also went down to trade at Rs. 16.31 ($0.22) per token.
Amid the other cryptos, Ripple, Elrond, Bitcoin SV, and Shiba Inu have all witnessed a marginal rise in their exchange values.
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