Crypto Market in Turmoil: Bitcoin and Altcoins Plummet as Liquidation Event Shakes Investors

Bitcoin and Ethereum experienced a flash crash, dropping 10% and 10.2% respectively, while altcoins tumbled even harder, with losses ranging from 10% to over 20%. The decline was triggered by news of Chinese property giant Evergrande filing for bankruptcy protection, causing institutional investors and big holders to sell off riskier assets. Regulatory uncertainty around cryptocurrencies continued, with the Federal Deposit Insurance Corporation acknowledging the "novel and complex" risks posed by crypto in its annual report. In Argentina, Bitcoin reached an all-time high following a surprise victory by a pro-Bitcoin candidate in the country's presidential primaries.