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Bitcoin Drops Below $43,000 But Is Gradually Recovering

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Mon, 09/20/2021 - 14:04
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Yuri Molchan
King crypto starts climbing after dropping 5% from $44,800 area
Bitcoin Drops Below $43,000 But Is Gradually Recovering
Cover image via stock.adobe.com

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Within a few hours today, the flagship cryptocurrency, Bitcoin, lost another 5% of its market value, dropping from the $44,700 zone down to the $42,500 area.

By now, however, BTC has begun to reclaim its losses gradually and is trading at $44,036, having risen from $43,600 within minutes.

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Image via TradingView

Earlier today, it was reported that the crypto market had been hit by the situation on the Chinese real estate market. The second-largest real-estate company, Evergrande Real Estate Group, saw its share price plunge by almost 30% overall. That pushed down Hong Kong's Hang Seng index to a 52-day low that resonated on the global market as well, including the cryptocurrency one.

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As stated by Chinese crypto journalist Colin Wu, Evergrande had debts worth almost 2 trillion yuan.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.