Evergrande Liquidation Could Boost Crypto Market
China’s Evergrande Group has been ordered into liquidation due to its failure to repay its massive debt. The company’s valuation has dropped over 90% in the past year, making it challenging for investors, banks, property buyers, and real estate companies.
The debt is over four times larger than El Salvador’s GDP and equal to Chile, Romania, and Finland. The collapse of Evergrande has led to investors shifting their focus from real estate to digital assets like Bitcoin, with Hong Kong-based fund manager Harvest Global Investment applying to offer spot Bitcoin ETFs, indicating a rising demand for digital assets in the region.
(With inputs from Shikha Singh)
You need to login in order to Like
