Bitcoin collapses amid contagion from ‘Chinese Lehman Brothers’

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itcoin has collapsed to its lowest level in 6 weeks as the world’s largest cryptocurrency finds itself caught in a massive sell-off in the global market.

Bitcoin was down 7.8% to $ 43,685 by mid-afternoon in London. This is the lowest level since early August.

“It looks to me like the crypto market is maybe a bit carried away by the Evergrande drama hitting global stocks today,” Mati Greenspan, founder of Quantum Economics, told The Standard. “Some are calling this China’s Lehman moment, so it’s understandable that a lot of risk is coming off the table.”

The larger cryptocurrency market has been caught up by the sell-off. The sector is down 9.9% in the past 24 hours, according to industry data provider CoinMarketCap.com.

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