2 Records in 2 Days: Bitcoin and Ethereum Reach All-Time Highs Once Again
This evening, ‘bankruptcy’ news started to come about the Chinese real estate giant Evergrande, which has been talked about with its long-term debts and the devastating effect it can have on the market. The news spread caused a collapse in the crypto money markets.
There is a subject that the world economy has been following closely lately. The process that led the Chinese real estate giant Evergrande to bankruptcy, according to experts, is under the microscope with the thought that it could affect the entire world economy as well as the Chinese economy. An important development took place this evening, involving the Chinese government.
It was learned that Evergrande could not make the $148 million interest payment it was due today. After these news, some news started to circulate that the company ‘bankrupt’ or ‘announced its bankruptcy’.
Even the Chinese government was known to be involved in helping the company get out of the huge ‘debt swamp’ found inside. However, judging by the latest news, enough moves could not be implemented to save the real estate giant from bankruptcy. The company, which avoided default by making all its payments so far, officially defaulted by failing to pay the April 2022, 2023 and 2024 bond coupon payments, which exceeded $148 million, within 30 days.
In this scenario, although this situation, which means that the company does not make the interest payments it should make, does not mean direct bankruptcy, it is thought that the company will declare bankruptcy in the coming days, considering the whole process for Evergrande.
It has long been argued that the possible bankruptcy of Evergrande could affect all markets. After the news of default and ‘bankruptcy’ rumors, the market where the effect was felt the fastest was the crypto money market.
Bitcoin, which has seen the highest levels in its history by breaking records in the last period, reached the level of 69 thousand dollars. After the Evergrande news, Bitcoin, which showed a sudden decline, declined to 64 thousand levels.
Next to Bitcoin, Ethereum, which has shown a similar rise in the last period and saw the level of $ 4.868 today, was also affected by the situation like the general crypto money market. Ethereum fell to the level of $ 4,500 after the development.