The price of Bitcoin (BTC) recently touched an all-time high of $69,000. But that didn't last long, the BTC price fell abruptly to a daily low of $63,208 before recovering above $65,000 and now trading at $64,795.79.
This price correction not only applies to BTC but also affects other crypto assets so that the total crypto market value falls below $3 trillion. The sudden price fix in the crypto market led to the biggest loss in two weeks with a loss of as much as $700 million.
Evergrande
Along with that Ethereum is also among other crypto assets wrapped in the same thing. Observers and market players began to appear to provide insight into the sudden decline in prices. In general, many believe that the slump in the US stock market then spilled over into the crypto market as well. In addition, there are those who argue that this is driven by conflicts in payment of Evergrande's loans, which may be a potential trigger.
Evergrande, a giant Chinese property company that is now $300 billion in debt and on the verge of muflis reportedly defaulted on its initial loan. Following that, the Deutsche Markt Screening Agent (DMSA) announced that they were carrying out banking procedures for the giant property.
This incident has sparked panic and the price of BTC began to record sudden declines following this announcement. However, hours after the DMSA announced it would launch muflis, Bloomberg reports alleging Evergrande did not deny payment on November 10.
BTC prices started to recover not long after the fact that Bloomberg released and pushed back the price recovery.
