The bitcoin rate is declining amid a wave of sales in financial markets due to concerns about the growing problems of the Chinese developer China Evergrande Group. Over the past 24 hours, the cost of bitcoin has decreased by almost 8% and by 22:33 nst on coinmarketcap.com it was $ 43,982.94.
Meanwhile, bitcoin has risen in price by almost 50% since the beginning of the year.
Evergrande’s debt problems are causing increasing fears among investors, and this is pushing down the global financial markets. Evergrande is slated for interest payments on two bond issues Thursday, a key test of the company’s financial position. Last week, Evergrande reported serious liquidity problems and hiring consultants to restructure its debt.
The developer is delaying payments of bank loans, as well as payments to suppliers and investors, and over the weekend it became known that he began to pay off debts to holders of real estate investment products.
Traders see a high probability of Evergrande’s default, and some of the company’s bonds are already trading below 30% of their par.
Investor doubts that Evergrande will be able to pay its debts are also pushing global stock markets and oil prices down.