Bitcoin falls to nearly $40K amid fears of China debt crisis

From CNET: Bitcoin's 2021 bull run ended in June when Chinese regulators cracked down on cryptocurrency miners. Bitcoin, Ether and almost all other cryptocurrencies experienced a sharp decline on Monday night, and it again appears tied to activity in China, though of a different kind this time.

Bitcoin's price has dropped over 11% in the past 24 hours, sitting at just over $41,600 at the time of writing. The cryptocurrency came close to falling below $40,000 when it dipped to $40,500 at 5:30 p.m. PT time. It would be the first time Bitcoin's price dropped below $40,000 since early August. Bitcoin's all-time high was $64,863, hit on April 14.

Ether, the second biggest cryptocurrency by market cap but the currency most used in crypto transactions, is down 12% in the last 24 hours. It at just over $2,900, the first time it's fell below $3,000 since Aug. 8. Dogecoin is sitting near 20 cents, down from its headline-making 70-cent high in May.

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