Bitcoin tries to claw back losses as Evergrande-led selloff eases

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Cryptocurrency 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.

Bitcoin traded around $43,000, recovering from a fall to $40,192 earlier in the session.

Bitcoin hit a four-month high of $52,000 on Sept 6.

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 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.

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.

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