Evergrande uncertainty sends Bitcoin tumbling

On November 10, after renewing the all-time high on the approaches to $69,000, bitcoin lost almost 9%. Many attributed this drop to conflicting rumors of a possible default by one of China's largest property developers, Evergrande.

China Evergrande Group is a diversified investment holding and second largest real estate developer in China with a debt of $305 billion. There are significant risks that the default of China's second largest property developer could trigger a wider financial crisis around the world.

According to CoinTelegraph, two minutes after the payment for Evergrande was due, Deutsche Markt Screening Agentur posted an announcement on Wednesday at 4:00 pm UTC that it was preparing for bankruptcy proceedings for Evergrande and urged affected parties to join the process. After a while, the Associated Press also disseminated information.

Amid such news, the price of Bitcoin began to plummet and reached $62,800 at the bottom.

Nonetheless, Bloomberg published a rebuttal article and reported that Evergrande managed to avoid default for the third time, citing information from the clearing company Clearstream.

Bloomberg reporter Allison McNealy tweeted, "сontrary to what you may have heard ~on the internet~ Evergrande did not default today," the news helped stabilize the price of BTC.

At the moment, Evergrande has to pay a total of $7.4 billion next year, of which $337.7 million by the end of this year.

Amid the news about a potential default of Evergrande, U.S. 30-Year Bond Auction was held. Low demand in light of the US spike in consumer prices provoked a collapse in prices and a sharp jump in yields.

Against this background, the dollar strengthened significantly, causing pressure both in risky assets, as well as in gold and Bitcoin.

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