Besides a sell-off in other sectors, which often leads to traders dumping non-essential assets like cryptocurrencies to meet margin calls elsewhere, traders should monitor the fallout from top Chinese property developer Evergrande, the world’s most indebted real estate developer. It vowed to meet its interest payment tomorrow but is likely to crumble, and some analysts point out that the real estate developer is already in technical default with banks. Many Chinese investors piled into cryptocurrencies over the past two years, aiding a massive rally to all-time highs in the sector. A ripple effect from an Evergrande contagion event may force selling in cryptocurrencies, with Ethereum vulnerable to plunge towards the 2,500 level.
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