Investors Worried About Evergrande Default, Bitcoin Cs Collapse

Tutorial – The price of bitcoin cs collapsed, other large-cap cryptocurrencies fell into the red zone on Friday morning, Indonesian time (10/12/2021), as investors reduced their appetite for risk due to concerns about the company’s default designation.

Property Evergrande China

Investors also like to wait and pay close attention ahead of the release of inflation statistics for the United States (US) in the November 2021 timeframe.

Based on CoinMarketCap data at 09:15 WIB, ten large-cap cryptocurrencies corrected this morning.

Bitcoin was again corrected by 3.75 percent to a price level of US$ 48,395.07/coin or the equivalent of Rp. 694,469,255/coin (assuming today’s exchange rate is Rp. 14,350/US$), Ethereum fell 6.07 percent to US$ 4,144.92/coin or Rp. 59,479,602/coin.

Furthermore, Binance Coin fell 5 percent to US$ 576.97/coin (Rp. 8,279,520/coin), Solana fell 6.24% to US$ 181.12/coin (Rp. 2,599,072/coin), Cardano fell 5, 65% to US$ 1.3/coin (Rp. 18,655/coin), Polkadot fell 7.07 percent to US$ 27.34/coin (Rp. 392,329/coin), and Terra fell 8.13% to US$ 67, 82/coin (Rp. 973,217/coin).

Prices Of The Ten Most Valuable Cryptocurrencies

Most cryptocurrencies are trading in the red zone again this morning, where Bitcoin is again trading below US$ 50,000, or more specifically around the US 4 48,000 area.

Bitcoin’s market value has continued to fall for five consecutive days, with Bitcoin’s market capitalization currently at $914.5 billion. In fact, until the end of last week, the market value still reached around US$ 1 trillion.

The reason is that investors reacted unfavorably to statements by international rating agencies, especially Fitch Ratings, which downgraded property developer China Evergrande Group to default, after previously missing payments on bonds denominated in United States (US) dollars.

Yesterday (9/12/2021), or three days after the maturity of its foreign banknotes, namely Monday (6/12/2021), Evergrande appeared mute and did not issue a public statement. This caused international rating agencies to lower Evergrande’s debt rating.

Fitch Ratings said in a statement that it had placed the Chinese property developer in the ‘restricted default/RD’ category.

The downgrade indicates that Evergrande is officially in default, although it does not involve any type of bankruptcy filing, liquidation or other procedures that would end its operations.

On the other hand, investors in cryptocurrencies are also taking a wait-and-see approach ahead of the release of US inflation figures for the November 2021 time frame.


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