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Bitcoin News on Evergrade's 300 Billion Debt Crisis Impacts Crypto Markets
Link: youtu.be/zcGF_6k9V3k
Analysts are wondering whether China's second-largest property developer, Evergrande Group, could default on its $300 billion in debts, posing a danger of contagion for the crypto industry.
Evergrande has since admitted that it will be unable to sell homes or other assets in its control quickly enough to service its rapidly increasing obligations, as Fitch Ratings stated on Sept. 8 that it "appears probable" that the company will default on its loans.
Evergrande predicted a "major continuing fall in contract sales in September," leading in "further worsening of cash collection by the Group" and putting "tremendous pressure on the Group's cash flow and liquidity," according to a statement released Tuesday. The following was added to the document:
Tether, the leading stablecoin issuer, may have exposure to commercial paper issued by the "$300 billion debt monster," according to Australian economist David Llewellyn-Smith, who also warned that Bitcoin (BTC) may be one of Entergrande's counterparties due to Tether's (USDT) dominance as a BTC pairing. Tether, on the other hand, has refuted this.
Tether's most recent attestation report indicated that $30.8 billion of its $62.8 billion in assets is kept in commercial paper, with the Financial Times estimating that the company is among the top 10 holders of the product globally.
Onlookers are concerned that Evergrande's demise may have far-reaching consequences for the commercial paper market, with Reuters identifying the company as "the largest issuer of commercial papers," with $32 billion in assets as of late 2020.
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Link: youtu.be/zcGF_6k9V3k
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Bitcoin made the term Blockchain famous. Today, Blockchain has become much more than just a payment protocol. It is essentially an immense network that consists of thousands of specialized computers connected worldwide, yet no one owns it. Check out our blog below to learn what blockchain is and how it works.
rematictokens.com/2022/05/22/what-is-a-blockchain-and-how...
Back in the spring of 2017, after a few months of slow trading, the price of Bitcoin started to see a rise when it rose from 1000 dollars to 2500 dollars in April and May. By the time it was August, the price was at 4500 dollars. While the prices were increasing steadily, the declines were also severe. Still, the recovery was always there but then Bitcoin suddenly broke all the barriers and it reached a price of 6500 dollars to 10000 dollars in November of 2017.
Cryptochats is the ultimate source for all forms of cryptocurrency media, news, networking, and information. Our goal is to provide you with the latest trends utilizing blockchain technology, which is possibly the most important invention of the 21st century. Cryptochats is passionate about educating society about cryptocurrency and other innovations using blockchain technology. We believe that the more you know, the more you succeed. When you succeed, decentralized currency succeeds, and we all win. If the future of finance is digital, we want to empower you to navigate the digital finance age.
Cryptochats is the ultimate source for all forms of cryptocurrency media, news, networking, and information. Our goal is to provide you with the latest trends utilizing blockchain technology, which is possibly the most important invention of the 21st century. Cryptochats is passionate about educating society about cryptocurrency and other innovations using blockchain technology. We believe that the more you know, the more you succeed. When you succeed, decentralized currency succeeds, and we all win. If the future of finance is digital, we want to empower you to navigate the digital finance age.
Cryptochats is the ultimate source for all forms of cryptocurrency media, news, networking, and information. Our goal is to provide you with the latest trends utilizing blockchain technology, which is possibly the most important invention of the 21st century. Cryptochats is passionate about educating society about cryptocurrency and other innovations using blockchain technology. We believe that the more you know, the more you succeed. When you succeed, decentralized currency succeeds, and we all win. If the future of finance is digital, we want to empower you to navigate the digital finance age.
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Cryptochats is the ultimate source for all forms of cryptocurrency media, news, networking, and information. Our goal is to provide you with the latest trends utilizing blockchain technology, which is possibly the most important invention of the 21st century. Cryptochats is passionate about educating society about cryptocurrency and other innovations using blockchain technology. We believe that the more you know, the more you succeed. When you succeed, decentralized currency succeeds, and we all win. If the future of finance is digital, we want to empower you to navigate the digital finance age.