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As Evergrande-led selloff eases, Bitcoin attempts recovery

As Evergrande-led selloff eases, Bitcoin attempts recovery

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Global Business Review Magazine
Saturday, June 10, 2023
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As Evergrande-led selloff eases, Bitcoin attempts recovery

As Evergrande-led selloff eases, Bitcoin attempts recovery

Cryptocurrency prices bounced off 1-1/2 month lows. This is because a heavy selloff overnight linked to concerns about a possible loan default by property developer China Evergrande eased slightly. Bitcoin is the biggest and the best-known cryptocurrency. It traded around $43,000, recovering from a fall to $40,192 earlier in the session.

Smaller rival ether, the coin linked to the Ethereum blockchain, rose 1% to $3,012 after falling below $3,000 for the first time since early August. Global markets started on a turbulent note this week. This is after fears that Evergrande’s troubles could lead to a fallout for the Chinese. The global economies prompted a selloff in riskier assets. Matthew Dibb, chief operating officer at crypto index fund provider Singapore-based Stack Funds said that they can’t take a very positive view just as yet until they get through the next few days.

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He added that this is purely sentiment driven and it is actually been off very low liquidity. And also, it would be better to wait on the sidelines as crypto markets will continue to be affected by the contagion. When institutional interest in the space rises, the drop in cryptocurrencies comes. This makes it more mainstream, with many investment banks taking a more bullish stance.

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Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

US markets’ slump deepens to a half-year peak; its consequences

US markets’ slump deepens to a half-year peak; its consequences

Dollar edges up as jolt from Fed minutes wanes

Dollar unflinchingly holds position amid uncharted numbers

Deutsche Bank snapped by Credit Suisse

Timeline until: Credit Suisse stumbled and UBS went to its aid

Relentless debt: US loans are dragging; root cause multiplies

Relentless debt: US loans are dragging; root cause multiplies

UK to slash bond issuance

Banks toss bets for high-jeopardy bonds

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • BoC sets rates to two-decade peak with room for more
  • US markets’ slump deepens to a half-year peak; its consequences
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  • Timeline until: Credit Suisse stumbled and UBS went to its aid
  • Relentless debt: US loans are dragging; root cause multiplies

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