In the last 7 days, Bitcoin's price fell by around 10.33% and now trades at $42.100. Ethereum went down by around 14.60% and trades at around $2890. It's the first time since August 6 that the largest altcoin's price declined below $3000.
Related: Bitcoin exchange balance fell to three-year low
The total crypto market cap fell below $2 T and now stands at $1.86 T. Cryptocurrencies started to go down on Monday. This is connected with the overall stock market selloff that resulted in a major debt default of China's second-largest real-estate company Evergrande Group. The company manages around $300 bln in liabilities, and investors worry that it’s having troubles can cause destabilization of the financial system in China, one of the world's top economies.
US-based popular stock market Dow Jones Industrial Average sees its worst performance during nearly two months.
S&P 500 also sees its worst daily percentage since middle May.Stock market trends have an impact on cryptocurrencies as currently, they are generally used as investment assets rather than utility products.