The Evergrande Domino Effect At Play
1 min read
The Hong Kong stock market plummeted, triggering a decline in global markets and cryptocurrencies. The main reason is Evergrande, China’s largest real estate company with nearly 2 trillion debts. Tether just clarified that it does not hold Evergrande commercial votes.
The Hang Seng Index fell 3.3%, its biggest one-day drop in the past eight weeks. Among them, the two Evergrande bonds will usher in the interest payment date on Thursday, and the stock price plunged nearly 19% during intraday trading, setting a new low since June 2010.
TL;DR: We dippin’, breath deeply, hodl, and enjoy the coming fire sale.
submitted by /u/Mekayv
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