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Bitcoin Slides to $45,000 as Traders Pare Back on Risk

A bitcoin logo sits on a LL 1800W power unit supplying cryptocurrency mining machine. Photographer: Andrey Rudakov/Bloomberg

Cryptocurrency prices slumped as a broad selloff sparked by worries about contagion from China Evergrande Group swept through global markets. 

By Lynn Thomasson

Word Count: 99
(Bloomberg) —Bitcoin dropped 5.4% to $45,025 as of 9:49 a.m. in London, reaching the lowest level in a week. Other digital assets also retreated, with Bitcoin Cash and Ether all declining.

Stock markets globally sank on Monday as investors weighed the risk of a spillover from Evergrande’s debt woes and this week’s Federal Reserve meeting. Bitcoin prices had been trending higher recently, with prices hitting a four-month high earlier this month.

Slumping Bitcoin, S&P 500 Are Moving Increasingly in Tandem

–With assistance from Eric Lam.

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