China makes the btc fall again

in Project HOPE3 months ago

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On Monday, September 20, at 12:45 UTC, the cryptocurrency market fell to a local low of $ 1.87 trillion, reflecting an 11% drop in 24 hours. The total market value of Bitcoin (BTC) and cryptocurrencies fell by US $ 255 billion, which coincided with the fall in other markets, which was attributed to the crisis of Evergrande, one of the largest real estate companies in China.

While the total market value fell below $ 2 trillion on Monday, Bitcoin's price fell from $ 47,224 to a low of $ 42,728 for the first time since August 19, a 9.52% drop in the last years. in 24 hours.

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According to the Beijing National Daily, the market is concerned that if the Chinese government does not intervene, Evergrande's liquidity problems could trigger a wave of bankruptcies and drag down financial departments and clients who make large amounts of loans to the two companies. real estate. Evergrande's debt is equivalent to 2% of China's gross domestic product (GDP), the size of the entire South African economy.

The Dow Jones industrial average closed down 164 points or 1.8% on Monday, while the S&P 500 fell 2.2% and the Nasdaq fell 2.1%. According to data from Barron's Weekly, these last two indices represent the biggest drop since May, while the Dow Jones index faces the biggest drop since July of last year.

Given the possibility of this situation, some people use Bitcoin as a good store of value to protect themselves. However, as you can see, crypto assets did not delink from the stock market and fell with it. Something similar happened on the so-called "Black Thursday" of 2020, which was triggered by the health crisis caused by COVID-19.

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 3 months ago 

Hi @apoloo1

I found it so strange to see so much of FUD on the markets. All media channels and youtubers keep talking about Evergrande, almost like if it would be something completely new.

The way I see it: Evergrande has been having huge issues for quite a while now. And this problem will not disappear or be solved anytime soon. And nothing meaningful had happened to bring more attention to this issue now. It's an OLD topic. Their liquidity crisis have been happening for several months already. And hardly anyone talked about it.
But now, it has been spotlighted moment after previous flash crash (the one that took place on "El Salvador" bitcoin day).

It's hard not to have an impression that it is well organized media campaign, which has a purpose to bring panic into the market and crash it. Bad news usually "travel" in packs. And oftern those bad news are OLD. And it's only purpose is to shake out remaining of "weak hands".

I wonder if you would agree with my point of view, or would you see things from different angle?

Cheers, Piotr

sorry not being able to answer before but I had to make an improper trip, but I'm here.

Your reflection is correct since this case comes much further back and also my question is the following:

If china banned all trade with btc in china, how does this company still have btc assets? It is clear that all this has been planned for a long time and what is more I think that the Chinese government is buying assets to somehow try to control the price, but that is an almost impossible thing but I think that as the ants are doing it little by little. Anyway, market analysts, my friends, they all say that it is the best time to buy and that is what I told all my clients and apart from that I also bought

China and other investors are to blame...we always look for these but, we must understand that this is the reality of crypto, it goes down - up and we just have to be prepared to surf....
thanks

We have seen the real state crises then electricity crises. Chinese economy is going down sooner or later.

China is every were in the news , for the crypto ban , then mining ban. Then exchange ban.etc

Today alibaba has stop mining equipment sales on its plateform but as per my thinking china is cutting his own economy.

You cannot stop anyone from holding a asset until you form a law and have measures for it to track down.

This guy is actually great at explaining what's really happening - this is his take on today's price action of the market: WHAT IS GOING ON NOW IS MADNESS! Very Important Updates. Mannarino

Y esta la mía de por que te pongo un voto negativo: ten la educación al menos de opinar sobre el post donde pones tu comentario.

And this is mine of why I put a negative vote: have the education at least to comment on the post where you put your comment.

Wow, chill bro... just wanted to help you. That was my comment, I'm sorry if it was not clear. What I wanted to say is that everything is planned and goes according to the plan and Evergrande or China has nothing to do with it. Exactly how it is explained in that video.

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