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Did conflicting reports about Evergrande defaulting cause Bitcoin to tank?
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Conflicting news about whether Chinese property giant Evergrande had defaulted on its overdue loan payments emerged just before Bitcoin’s recent price crash.
Evergrande Group is China’s second-largest property developer and is in debt for roughly $300 billion. There are fears that its collapse could spark a wider financial crisis.
Two minutes after Evergrande’s payment was due, the Deutsche Markt Screening Agentur (DMSA) issued an announcement on Nov. 10 at 4 p.m. UTC stating that it was preparing bankruptcy proceedings against Evergrande.
Two hours later at about 6 .p.m. UTC, Bitcoin began it’s hours-long pullback to $62,800.
Media outlet Morning Brew reported about 45 minutes later that Evergrande had missed a payment on its outstanding
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