How Monday's Market Selloff Impacted Cryptocurrencies

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The trouble in Chinese property group Evergrande is having an effect on the crypto world, prompting a huge slump. China’s second-largest property developer by sales is reportedly on the brink of default due to a cash crunch.

Related: What Is Evergrande? Chinese Company Crisis Rattles Investors

Bitcoin, the world’s most popular cryptocurrency fell below $44,000 for the first time since early August. Seeing this, El Salvador, the first country to accept Bitcoin as legal tender, bought 150 new coins, making a total of 700 coins.

"They can never beat you if you buy the dip," tweeted El Salvador's President Nayib Bukele."Presidential advice."

Ethereum, the second-most popular cryptocurrency has lost more than 8% of its value, once briefly dipping below $3,000.

Ripple and Cardano have lost 12% and 10% of their value in the last 24 hours respectively. Cardano even slumped to $1 per coin before coming back to $2.

On the other hand, Tesla  (TSLA) - Get Tesla Inc Report CEO Elon Musk's favorite cryptocurrency Dogecoin, which once spiked over 70 cents in May, is now trading below 22 cents.

Related: Betting It All on Dogecoin - Meet Crypto's Newest Millionaire

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