Bitcoin, Ethereum, others lost $350B in 48 hours as Evergrande crisis pummeled cryptos mcap
According to data from crypto portal CoinMarketCap, the market value of cryptocurrencies fell to $1.7 trillion at 5:14 a.m. IST on Wednesday, down 16.5 percent in 48 hours from $2.12 trillion at 2:44 a.m. IST on Monday, resulting in a loss of almost $350 billion.
In terms of price declines, Bitcoin fell 15% from $47,211 to $39,876 over the same period, while Ethereum dropped roughly 18% from $3,325 to $2,730. Even Solana, which had recently gained a lot of investor interest, has fallen 19% from $152 to $122. Experts attribute it to the present Evergrande problem in China.
On Monday, Jonas Luethy of GlobalBlock said, “Some have connected the abrupt decrease (in Bitcoin) to the currently unfolding Evergrande problem in China, which has already generated chaos in traditional markets.” When posting this report, the crypto market cap had returned to $1.98 trillion, with Bitcoin’s share of approximately 42 percent at $44,041, Ethereum at $3,113, and Solana at $148.
Everglade, one of China’s largest real estate developers, has drawn the attention of regulators throughout the world due to its massive debt burden of more than $300 billion, which might influence global markets and economies.