The Evergrande shake – Bitcoin (BTC) is the subject of investor concerns following the default of debts amounting to several hundred million dollars, by the Chinese real estate group Evergrande. The US dollar benefits him, as does El Salvador, which has decided to make further purchases of Bitcoin in a strongly bearish market.
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Bitcoin and Evergrande: shock wave puts BTC markets in the red
Bitcoin drops to around $ 42,500 on Bitfinex today, September 20, 2021. He then managed to take back the $ 43,000 and is trading at $ 43,611 at the time of writing this article. Bitcoin is currently saving a significant daily loss of 7.97%.
Bitcoin is buckling under pressure from market concerns about the default on interest payments on its bank loans from the Chinese real estate group Evergrande. Investors fear an extension to Hong Kong of the policy of the Chinese government in the fight against excesses in the real estate sector.
Evergrande created a shock wave, pulling the stocks down and strengthening the US dollar. These factors are largely responsible for today’s Bitcoin price collapse. Bitcoin exchanges’ balances have increased, an additional catalyst for the formation of the large red daily candlestick on September 20, 2021.
New bitcoins for El Salvador: cocktail of emotions on the markets
Despite this significant drop which again pushes Bitcoin away from $ 50,000, twitto Anbessa reassured traders in his post, asking :
“Why are you surprised today? Don’t be so emotional ”
For Anbessa, the $ 30,000 is the only cause for concern. Gold Bitcoin has held above the $ 40,000 and the Fibonacci retracement level of $ 38,000.
Trader Rekt Capital also attempted to calm traders and investors, relativizing the extent of the decline :
“This drop in #BTC is not extreme. Your emotional reaction shouldn’t be either.
In terms of emotion in the markets, they are not all negative. The fall in the price of Bitcoin today has made people happy. Salvadoran President Nayib Bukele announced in a tweet that the country had “bought the hollows”, as Bitcoin fell below the $ 46,000 mark. El Salvador government acquired 150 BTC, and now holds a total of 700 BTC.
Is the panic in the BTC markets over? Will Bitcoin be able to quickly recover to pre-drop levels by the end of September 2021, or will this month end in the red as tradition dictates?
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