INSUBCONTINENT EXCLUSIVE:
Bitcoin, the biggest and the best known cryptocurrency, traded around $43,00Cryptocurrency prices bounced off 1-1/2 month lows on Tuesday as
a heavy selloff overnight linked to concerns about a possible loan default by property developer China Evergrande eased slightly, but
investors braced for more volatility.Bitcoin, the biggest and the best known cryptocurrency, traded around $43,000, recovering from a fall
to $40,192 earlier in the session
after falling below $3,000 for the first time since early August.Global markets started the week on a turbulent note after fears that
Evergrande's troubles could lead to a fallout for the Chinese and global economies prompted a selloff in riskier assets."We can't take a
very positive view just as yet until we get through the next few days," said Matthew Dibb, chief operating officer at crypto index fund
provider Singapore-based Stack Funds."This is purely sentiment driven right now, and it's actually been off very low liquidity," he said,
adding that it would be better to wait on the sidelines as crypto markets will continue to be affected by the contagion.The drop in
cryptocurrencies comes at a time when institutional interest in the space has risen and made it more mainstream, with many investment banks
taking a more bullish stance.
