Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are trading significantly lower Monday amid a broader market sell-off sparked by increasing concerns that Chinese property giant Evergrande’s current debt could lead to a collapse.
Evergrande’s sales have been declining since June. The company said that it expects the decline to continue this month. The firm reiterated that it could default on its debt which is leading to a decline in other asset classes including the cryptocurrency markets.
According to CNBC, Evergrande has undisclosed interest on bank loans due today. The firm also has $83.5 million in interest due on March 2022 bonds by Sept. 23 and $47.5 million in interest due on its March 2024 bonds by Sept. 29.
The cryptocurrency markets may also be declining along with broader indexes amid ongoing COVID-19 concerns and anticipation of the Federal Open Market Committee’s two-day policy meeting this week.
BTC, ETH Price Action: Bitcoin is up 51.38% year-to-date and Ethereum is up 313.35% year-to-date.
Bitcoin was down 7.79% at $43,875 over a 24-hour period and Ethereum was down 8.91% at $3,063.80 over a 24-hour period at time of publication.
Photo: Photospirit from Pixabay.
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