BTC slips 6% as Ethereum hits new two-month low at $ 3000

BTC fell 6% as Ethereum hit a two-month low at $ 3000 and the entire market was knocked down by China‘s volatile market, which looks no better today. So read more in Our Latest Bitcoin News Today.

Bitcoin, Ethereum and the rest of the crypto market continue to slide today after suffering a major slump on Monday and in the past 24 hours alone, BTC has fallen 6.4% and is trading at a level of 40,835 US dollars, according to Coingecko. Dollars traded. Meanwhile, Ethereum, as the second largest cryptocurrency by market cap, is valued at $ 2,763, or 8.6%, which is the first time it has fallen below $ 3,000 as of August.

Other altcoins have also been beaten. The sixth largest cryptocurrency by market cap, Solana is trading at $ 122, down 130% on the day and 35% from an ATH of $ 189 in two weeks. Cardano is worth $ 1.96, which means it has seen a 6.6% decrease in the past 24 hours. Every other altcoin is also in the red, and the rest of the crypto market has started to change since over $ 1.2 billion worth of crypto futures were liquidated in a single day. Futures refer to a huge market where investors bet on the future price of tens of millions of cryptocurrencies and positions are automatically liquidated, especially when they are settled. This is because traders cannot repay what they borrowed and the crypto crash comes with concerns about financial decline.

Additionally, a Chinese company called Evergrande is a prime suspect in the recent market crash and turmoil in China as the real estate giant lost $ 305 billion in debt. Some fear that the Chinese property developer will not be able to repay its debt and that a major collapse could ensue. Regulators warn that if Evergrande does not find a solution, the company’s financial system could run into trouble and that the U.S. market could feel economic uncertainty due to the multitude of international asset managers and banks holding Evergrande bonds.

When BTC fell 6%, both the Dow Jones Industrial Average and the S&P 500 suffered from the uncertainty. Investors tend to use riskier assets like stocks when there is global economic uncertainty, so Bitcoin is no exception. The largest cryptocurrency by market capitalization has been struggling for a few weeks, even though El Salvador made it legal tender. The cryptocurrency has not topped $ 50,000 since September 7th.

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