Tuesday, February 7, 2023
News Media Empire
  • About Us
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • Home
  • World News
  • Politics
  • Business & Economy
  • Money
  • Science & Tech
  • Opinion
  • Lifestyle
  • Health
  • Sports
  • Entertainment
  • Crypto
No Result
View All Result
  • Home
  • World News
  • Politics
  • Business & Economy
  • Money
  • Science & Tech
  • Opinion
  • Lifestyle
  • Health
  • Sports
  • Entertainment
  • Crypto
No Result
View All Result
News Media Empire
No Result
View All Result
Home Crypto

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

September 20, 2021
in Crypto
0
bitcoin price
0
SHARES
Share on FacebookShare on TwitterShare on RedditShare on Whatsapp


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

advertisement

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.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0





Source link

Get Free Advertise Coin
Previous Post

Retail sector confidence at 7-year high despite unrest and lockdown restrictions | Fin24

Next Post

Doctor explains why your feet smell – and you might live with it for life

Related Posts

Binance crypto turkey airdrop donate
Crypto

Binance Crypto Airdrop To Turkey Users; Here’s Where You Can Donate

February 7, 2023
powell speech today
Crypto

US Fed Chair Jerome Powell Speech Today: Buy Opportunity For Bitcoin (BTC)?

February 7, 2023
GRT coin
Crypto

Graph Token Price Soars 38% Today; Is It Too Late To Invest?

February 7, 2023
Next Post
Doctor explains why your feet smell - and you might live with it for life

Doctor explains why your feet smell - and you might live with it for life

Smaller energy suppliers could go bust due to a massive surge in wholesale gas prices

Gas shortage: Fears over energy bills as No10 fails to rule out scrapping price cap

‘Hotel Rwanda’ hero found guilty of terror-related charges

‘Hotel Rwanda’ hero found guilty of terror-related charges

Discussion about this post

AdvertiseCoin ADCO Get Now Free
News Media Empire

Newsmediaempire is an online news source that provides the latest news and other information about everything that you must need to know. It publishes news related to various fields like world, business, sports, politics, tech, health, lifestyle, and other different exclusive stories.

Let's connect!

Categories

  • Business & Economy
  • Crypto
  • Entertainment
  • Health
  • Lifestyle
  • Money
  • Opinion
  • Politics
  • Science & Tech
  • Sports
  • World News

Recent News

  • AJ Bunker makes weight switch offer to OnlyFans star Elle Brooke for rematch February 7, 2023
  • ‘The time has come.’ Renergen shakes up its board | Business February 7, 2023
  • Exoplanet 31 light years away could be habitable: astronomers February 7, 2023

Join Our Newsletter!

    • About Us
    • Contact
    • Privacy Policy
    • Terms & Conditions

    newsmediaempire.com © 2021 All rights reserved.

    No Result
    View All Result
    • About Us
    • Contact
    • Home 1
    • Home 2
    • Home 3
    • Privacy Policy
    • Random
    • Sample Page
    • Terms & Conditions

    newsmediaempire.com © 2021 All rights reserved.

    en English
    ar Arabicbg Bulgarianzh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.