Bitcoin is recovering after falling below $40,000 amid positive sentiment from Evergrande.

The bitcoin price dipped to the $39,500 level overnight, thus setting a new low in a month and a half. Ether was falling below $2,700 at the same time. At the time of publication, the two cryptocurrencies are trading back at $42,000 and $2,850 respectively.

The recovery comes after the announcement that debt-ridden Chinese real estate developer Evergrande is ready to make a bond coupon payment on September 23.

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