The decline in the Asian stock market today increased the volatility of the cryptocurrency market


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After a slight bounce from the bloodbath last Saturday, the cryptocurrency market came under pressure again in early morning trading Monday.

The total cryptocurrency market is down 3.7% at the time of writing at $2.22 trillion.

Bitcoin and the top ten altcoins are down 3-10%.

Excluding the digital currency LUNA, which recently entered the top ten cryptocurrency list, it corrected by 12%.

Asian stock market slump intensifies headwinds:

The current volatility in the price of Bitcoin and most of the broader altcoins comes as the Asian stock market witnessed heavy selling in early trading hours on Monday.

Hong Kong’s “Hang Seng” index corrected more than 1.3% in early trading hours with technology stocks falling.

JD.com stock corrected more than 5% while Tencent’s stock price fell more than 1%.

Alibaba stock was the biggest loser in the Hong Kong index, correcting more than 8%.

Chinese property developer Evergrande saw a 11% collapse in Monday morning trading.

Evergrande stock is likely to face expulsion from the Chinese companies index.

When registering with the Hong Kong Stock Exchange, Evergrande said it had received a $260 million debt repayment request.

She added:

In the event that the Group is unable to meet its obligations related to guarantees or some other financial obligations, this may result in the creditors being required to speed up payment.

Japan’s Nikkei index also corrected 1% while the “Topix” ​​index fell 0.79%. Meanwhile, the Kospi in South Korea was down 0.57%. This was enough to put additional pressure on the crypto space.

The impact of the crypto market on global markets:

As we know, the cryptocurrency market has been largely following the movement of the stock markets.

With any uncertainty in the global market, investors want to move their money to safe havens which leads to declines in the crypto space as well.

While some market analysts have been calling to buy on dips, it will be interesting to see if the current correction is long-term or short-term.

Read also:

The Cardano project reaches 1 million staking wallets…how does this affect the price of ADA?

Intense fear returns to the souls of Bitcoin investors after falling below $ 50,000

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