The market is in a bloodbath today as bitcoin breaks crucial support levels sending shockwaves across the whole market.
The plunge also occurred as news broke that Chinese real estate powerhouse Evergrande had filed for Chapter 15 bankruptcy in a U.S. court.
The financial instability of the company and its potential ripple effects on the global economy have been a topic of intense scrutiny and apprehension for investors.
After bottoming out at a two-month low of around US$25,400, Bitcoin recovered some losses on Thursday morning in Asia to trade around US$26,800. Ether also fell dramatically to a low of around US$1,550 before rebounding to just under the US$1,700 line.
