Bitcoin price fell almost 8 percent in a short period of time recently, falling victim to a FUD (fear, uncertainty and doubt). The crypto market was rocked by Asian time last morning as news that debtor Chinese real estate giant Evergrande could default on a $148 million bond payment caused prices to drop by around 5 percent.
Evergrande news lowered the price of Bitcoin and altcoins
While Evergrande didn’t appear to be in default as initially reported, the rumors were enough to affect the financial markets. Prices stabilized as the firm was able to make the payment at the last moment as the grace period ended yesterday. However, the news, especially Bitcoin, has been negatively affected. As we reported on cryptokoin.com, almost two months ago, when the Evergrande crisis caused shocks throughout the financial system, Bitcoin also fell by about 12.7 percent as traders polarized.
So, how does the news about Evergrande affect the cryptocurrency market? How does Evergrande relate to Bitcoin and the altcoin market? According to various rumors, it is stated that some crypto investment companies are investing in the bonds of Evergrande. It is thought that the collapse of Evergrande will reflect on these companies and negatively affect the crypto money field. However, it should be noted that there is no definite information about this.
BTC, which has recovered from the fall as of now, is changing hands at $ 63,866 with a decrease of 0.2 at the time of writing. The leading cryptocurrency has gained 4.4 percent in the last 7 days. With a market capitalization of $ 1.2 trillion, its dominance is 41% among other cryptocurrencies.
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