Cryptocurrency market plunges on China fears tied to Evergrande property developer

Global demand for cryptocurrencies has plunged as the possible collapse of China ‘s second biggest apartment developer, Evergrande, frightens investors. Bitcoin , the benchmark blockchain denomination, plummeted overnight from $AUD64,700 to four-month low levels below $56,000. A glut of ‘ghost city’ apartment towers in China is stirring fears about major economic problems should the conglomerate collapse. Australia’s share market and the big miners aren’t the only ones being affected by the fall with the global cryptocurrency market collectively losing $344billion since Monday night, with Ethereum, Tether and Cardano also affected. Scroll down for video Global demand for cryptocurrencies has plunged…