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Bitcoin’s claim to be digital gold loses its shine after the token plunges alongside stocks in the Evergrande sell-off

September 21, 2021

Bitcoin fans often say the world’s biggest cryptocurrency is “digital gold” – a safe-haven asset that investors can turn to at times of market stress or high inflation.

Yet that view was dealt a blow on Monday, when the digital currency crumbled along with stocks as Chinese property developer Evergrande’s debt crisis roiled markets.

Bitcoin tumbled 8.5% on Monday, according to Bloomberg data, while the S&P 500 fell 1.7% in its worst day since May and the tech-heavy Nasdaq 100 dropped 2.1%. Other cryptocurrencies, such as ether and cardano, also plunged.

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