Crypto market plunges due to Evergrande’s inability to pay off debts this month

TL;DR Breakdown • China loses one of its biggest real estate partners, causing an economic setback.• Crypto market worldwide plummets by over $1.9 trillion in 24 hours. Crypto markets took a nosedive on Monday after Evergrande defaulted on some settlement debts in China. These problems have affected most popular cryptocurrencies, including Bitcoin that has now plunged below $44,000. The most popular real estate company in China, Evergrande, notified it was not rendering its services during the week because it could not cover the debt for September. With this announcement, the entire real estate industry collapsed, causing a great catastrophe in the country. Crypto markets start the week with bigger losses With the Evergrande situation, several companies in the country were affected. Evergrande’s problems represent a huge loss for the financial market, affecting the economy in the world and indirectly the crypto markets. The most popular cryptocurrencies lost over 8.34 percent of their value. The crypto market valuation in the world dropped by $1.9 trillion, representing over 10 percent in almost a day. Bitcoin price at the time of writing is at $43,905, with Ethereum reaching a value of $3,076, while ADA is trading at $2.15. This represents a bad start to the week for the crypto market that seemed to be recovering after its sell-off in May. Why did Evergrande affect cryptocurrencies? An agent from the GlobalBlock platf...