Cryptocurrencies slide as market selloff deepens

LONDON : Prices of cryptocurrencies plunged on Monday as concerns over the spillover risk to the global economy from Chinese property group Evergrande's troubles rippled over to wider markets.

Bitcoin, the world's biggest and best-known cryptocurrency, tumbled more than 8per cent to US$42,453, its lowest level since Aug. 7 before trimming some losses to trade down 7per cent. It hit a near four-month high above US$52,000 on Sept. 6. Smaller rival Ether, the coin linked to the Ethereum blockchain network, fell more than 10per cent below US$3,000 for the first time since early August.

The loss in the value of cryptocurrencies comes at a time when institutional interest in the space has surged and some investment banks have ramped up their forecasts for cryptocurrencies in the coming months. "Their fate seems a little tied to equities at the moment, and the price action is incredibly similar too," said John Marley, CEO of forexxtra, a London-based FX consultancy.

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