Bitcoin Drops Below $43,000 But Is Gradually Recovering

Bitcoin Drops Below $43,000 But Is Gradually Recovering

Within a few hours today, the flagship cryptocurrency, Bitcoin, lost another five percent of its market value, dropping from $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.

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

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