If you’ve been paying attention to the crypto markets, you may be wondering why everything is drowning in a sea of red right now…
As of writing, big daddy Bitcoin is down nearly 11.5% over the past 24 hours and ETH is right there with it recording a drop of about 12%. In fact, the entire crypto market cap is down about 12.2%.
Many believe this is largely due to the debt crisis that’s currently unfolding in China right now.
One of China’s largest companies, Evergrande, which is one of the leading real estate companies in China, is on the brinks of a financial collapse. Long story short, they are struggling to make the interest payments on their 300 billion dollars of outstanding debt.
Why is this affecting the global markets?
China is something like the 2nd largest economy in the world. If one of China’s largest companies goes under, the entire world will feel it… and that has some investors worried.
To me, this is just a nice little fire sale! Not financial advice.
So what else went down?
- BTC bounced off just above $40,000.
- 100’s of millions in liquidations.
- ETH drops below $3k.
- 12M in BTC was stolen in the latest DeFi hack.
Buckle up, its the crypto roller-coaster!
24H Top NFTrades
(by volume)
Galaxy Eggs
24H Vol: 687 ETH
Floor: 0.95 ETHBored Ape Yacht Club
24H Vol: 572 ETH
Floor: 36.99 ETHSneaky Vampire Syndicate
24H Vol: 471.74 ETH
Floor: 2.3 ETH
Stay tuned,