Cryptocurrency prices slumped as a broad selloff sparked by worries about contagion from China Evergrande Group swept through global markets.
Bitcoin was down 8.1% to trade around $43,743 as of 5:11 p.m. in New York. It had dropped as much as as 10.7% earlier, which pushed it below $43,000 and to its lowest level since the beginning of August. Ether briefly dropped below $3,000. Popular DeFi tokens some of the biggest declines: Cardano fell more than 10% over the last 24 hours, as did Dogecoin, while Polkadot lost roughly 16%, according to CoinMarketCap.com.
The losses mirrored the action in the broader market as investors weighed the risks coming from Evergrande’s debt woes and this week’s Federal Reserve meeting. The S&P 500 fell 1.7% in its worst session since May, while European equities tumbled the most in more than two months.