Bitcoin, ether drops amid Evergrande, regulation concern

The overall cryptocurrency market took a hit on Monday morning, with the price of bitcoin, the largest cryptocurrency by market value, falling below $44,000. It’s currently trading at around $44,068, down about 7.45% in the last 24 hours.

Other top cryptocurrencies are also in the red.

Ether, the second-largest, is currently trading at about $3,106, down 7.76% in the last 24 hours. As a whole, the global cryptocurrency market cap is down more than 8% in the last day.

This comes as investors fear the fallout from the near collapse of indebted Evergrande, a Chinese property developer so massive it could effect the global economy, which sparked a sell-off of volatile investments like crypto, and also amid concerns about potential cryptocurrency regulation in the U.S.

In addition, here are four things that happened in the space this week.

1. House Democrats propose plan to close crypto tax loophole

2. Senators demand cryptocurrency regulation guidance from SEC

3. Ray Dalio says if bitcoin is really successful, regulators will ‘kill it’

4. OpenSea confirms insider trading on the NFT platform

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