Bitcon's exchange rate collapsed by almost 10% because of a Chinese company

By: Maksim Panasovskyi | 11.11.2021, 10:07
Bitcon's exchange rate collapsed by almost 10% because of a Chinese company

On November 10, 2021 in the afternoon Bitcoin rate updated the hysterical maximum for the second time in less than two days. The value of the asset jumped by $3,000 to $69,006.90. But the rise was followed by a fall.

On the night of the same day, the BTC exchange rate collapsed by almost 10%. The digital coin was trading at $62,800, but at the moment of writing this article, the price has corrected and is already just over $65,000.

The reason for the sharp decline in quotations is called the emergence of prerequisites for the default of China Evergande Group. The developer from the Celestial Empire does not pay interest on bonds. Due to the drop in the rate, more than 170,000 transactions were forced to close on cryptocurrency exchanges, and losses of BTC pairs amounted to more than $193 million.

Source: CoinMarketCap