After weeks of listless trade and low turnover, volatility returned to the cryptocurrency market with a bang Thursday when the market slumped in minutes with little in the way of support seen to stem the fall. Bitcoin went into freefall and hit a multi-month low of $25,166 before making a minor recovery, while Ethereum slumped to $1,543 from a daily high print of $1,807. The market is awash with reasons behind the sharp selloff. Chinese property giant Evergrande filed for bankruptcy protection in New York yesterday, highlighting ongoing fears in China’s property market, while this week’s hawkish FOMC outtake sent longer-dated US bond yields back to multi-month and multi-year highs.
