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Bitcoin

Here’s the Evergrande Connection to Latest Bitcoin (BTC) Price Crash

by Miki 09/20/2021
by Miki 09/20/2021 0 comment

The Asian Time Bitcoin Crash came as a surprise to the investors. However, the Evergrande connection makes the fall appear to be more predictable. The Chinese Real Estate Giant, Evergrande was speculated to be the potential reason for the crash after getting banned from the US, in lieu of its $2 trillion debt.

The Hong Kong stock market plummeted, triggering a decline in global markets and cryptocurrencies. The main reason is Evergrande, China’s largest real estate company with nearly 2 trillion debts. Tether just clarified that it does not hold Evergrande commercial votes.

— Wu Blockchain (@WuBlockchain) September 20, 2021

Hang Seng Index

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According to Hong Kong’s Hang Seng Index, the stock market fell earlier today by 3.3% to close at 23,099.14, also seeing a shift in the bear sentiments, furthering towards the crypto. Furthermore, Evergrande Group Shares in Hong Kong nosedived 10.24%, after falling as much as 17% earlier.

Chinese Journalist, Colin Wu tweeted about the sudden and extreme plummeted in stock and crypto markets, “its biggest one-day drop in the past eight weeks. Among them, the two Evergrande bonds will usher in the interest payment date on Thursday, and the stock price plunged nearly 19% during intraday trading, setting a new low since June 2010.”

2008 Crash

The 2021 stock market crash due to the real estate industry could be compared to the 2008 stock market and housing crash because of the anomalous growth of the subprime mortgage market beginning in 1999. Furthermore, the 2008 crash was speculated to be the reason behind Satoshi’s Bitcoin innovation.

Crypto Bear

September 2021 has been a historically bear month for crypto. While Bitcoin fell to the 44K-45K price bracket, many other cryptocurrencies and exchanges faced regulatory wrath. Following the Chinese crypto crackdown, regulators worldwide actively began shutting down unregistered crypto businesses and enforced multiple restrictions on the industry.

The US saw the controversial Crypto clause of the Bipartisan Infrastructure Bill. Since becoming public knowledge, the clause has seen considerable criticism, not just from the common man but also from members of the Senate Finance Committee and Republicans. The $1.2 trillion US infrastructure bill’s crypto clause is planned to radically increase crypto tax and raise nearly $28 billion from cryptocurrency tax enforcement measures.



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The New Jersey Crypto News
  • Home
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    • Bitcoin
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  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

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      Learn

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      How to Start Trading Cryptocurrency

      10/21/2021

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      How to Create Your Own Cryptocurrency

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  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

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      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

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