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After a minor bounce back from the last Saturday’s bloodbath, the broader crypto market has once again come under pressure in the early morning trade on Monday. The overall cryptocurrency market is down 4.5% as of writing this story at $2.23 trillion.
Bitcoin and the top-ten altcoins are down anywhere between 3-10%. However, Terra’s LUNA which recently made an entry in the top ten crypto-list has corrected the most at 18%.
Asian Stock Market Sell-off Creates Headwinds
The current volatility in Bitcoin and the broader crypto space comes as the Asian stock market witnesses a heavy sell-off in the early trading hours on Monday. Hong Kong’s Hang Seng index has corrected more than 1.3% in the early trading hours with tech stock falling higher. JD.com corrected more than 5% while Tencent corrected by more than 1%. Alibaba was the biggest loser on the Hong Kong index correcting more than 8%.
Chinese property developer Evergrande witnessed a brutal crash of 11% in Monday trade. Evergrande will likely face an ouster from the China Enterprises index. In the filing with the Hong Kong exchange, Evergrande said that it has received a debt repayment demand of $260 million.
“In the event that the Group is unable to meet its guarantee obligations or certain other financial obligations, it may lead to creditors demanding acceleration of repayment,” it said.
Japan’s Nikkei also corrected 1% while Topix was down 0.79%. At the same time, South Korea’s Kospi was down 0.57%. This was enough to put additional pressure on the broader crypto space.
As we know, crypto markets have been largely following the movement of the stock markets. With any uncertainty in the global market, investors want to move their funds to safe havens which leads to dips in the crypto space as well.
While some market analysts have been calling to buy-the-dips, it will be interesting to see if the current correction is a prolonged one or short-lived.
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