It thundered so much that it rained. The question reappears on the market Evergrande, with China’s largest real estate group almost officially going bankrupt and no longer having any chance of salvation, if not an intervention in extremis that now seems to be Out of time.
The German company DMA in fact, it initiated the procedures for the bankruptcy – a German consulting firm which also stated that it had passed i canons 30 days subsequent to expiration. Earthquake that also had repercussions on the market for cryptovalute.
Market cripto which however, starting from Bitcoin held, however, settling on more than interesting price levels. A sign that the bull run is even stronger than the eventual failure of Evergrande? Meanwhile, we can prepare to trade in these specific market conditions with eToro – go here to receive an exclusive free virtual account with unlimited features – intermediary that offers the possibility to invest on the best 40+ cryptovalute on the market.
To take advantage of what could be, with the right conditions, a day of recovery towards the maximum, if the other markets were to react in a not too negative way to the bad news coming from the China.
What happened and how close is Evergrande to bankruptcy?
In reality, there has been a bit of confusion in the spread of the news of the bankruptcy of Evergrande. The group is not yet technically failed, even if the initiation of the procedures DMA it would not seem to have, at least for the moment, any kind of alternative outcome. With a small surprise, however, because the group would have paid in extremis at least 2 of the blocks of interest and coupons out of 3 that were due.
Bitcoin he felt the blow, and while he was almost on 69.000$, returned below altitude within a few tens of minutes 65.000$, however, meeting just above the 64.000$ a very strong support, on which the nocturnal movement was then built, that is during the Asian phase.
Complex situation, with only one possible outcome, but the risk off
What happens on Bitcoin with every great turbulence of market in jargon it is called risk off and they are operations through which the large market operators try to get rid of the securities considered to be at higher risk.
It is more than normal that the main cryptocurrencies, let’s also talk about Ethereum for example, they suffer the effects of these transactions, as they are still assets that have a higher risk profile than practically any stock or other financial asset.
The fact that Bitcoin and the rest of the sector, however, held, even before the news of at least partial payment by Evergrande, is a very good sign. Just a few weeks ago, a market turbulence of this kind would have been paid for by Bitcoin and from the sector in a much more violent way, while today it was only a correction from all-time highs, among other things on a price share only a few days ago we would have considered as very high.
How to move on the market today
The elements that the markets are trying to absorb are two: the shock, yet another, of Evergrande e inflation that came from US data, a sort of Pulcinella secret that the markets did not seem to expect in these proportions.
No big shocks are expected from European stock exchanges and all the major ones in the very early morning cripto-asset they turned out to be more than solid, laying the foundations for a day that will be tough, but not a slaughter.
The price point is attractive, in relation to cryptocurrency price predictions and someone could also take advantage of it to do shopping. Who was complaining about the 69.000$ reached without having been able to shop, today he has his second chance.
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