As China Sees Lehman Moment, Bitcoin Is A Godsend
The collapse of Evergrande and Chinese real estate developers underscores the promise of bitcoin, an asset disconnected from the global system.The below is a direct excerpt of Marty's Bent Issue #1080: "Nothing like the smell of credit risk contagion on a Monday morning." Sign up for the newsletter here.A few weeks ago we warned you freaks about the potential of a "canary in the coal mine" situation developing in China as one of the country's largest real estate developers, Evergrande, seemed to be at the "acceleration" phase of a massive devaluation of their credit which markets began....
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The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There’s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? Also, how does this relate to Bitcoin? Do we present a valid case in the following article? Is this “China’s Lehman moment,” as the pseudonymous Bitcoin analyst suggests? Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course What we know for....
Comparisons to 2008 flow in as traditional finance receives a fresh blow from a firm “too big to fail.” Bitcoin (BTC) cautiously held $48,000 on Thursday as excitement brewed over a boost thanks to China seeing its “Lehman Brothers moment.” BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTether executive reassures on EvergrandeData from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near the $48,000 mark Thursday.While progress toward $50,000 was less decisive, analysts were broadly hopeful that a debt crisis at China’s second-largest real estate developer....
It’s been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the U.S., collapsed and filed bankruptcy. Close to 14 years later, Credit Suisse and Deutsche Bank, two of the world’s largest banks, are suffering from distressed valuations and the banks’ credit default insurance levels are approaching degrees not seen since 2008. Credit Suisse and Deutsche Bank Valuations Have Dive-Bombed — Investors Discuss the Systemic Risk to the Global Economy During the first week of October, the world economy....
Our London сorrespondent Nick Ayton reports from the city of London where the mood is tense and the financial world is in a state of anxiety, looking west to the US and east to China. Will we see China try to sneak another devaluation under the radar on Friday, Jan. 20 when the 45th US president, who sees things differently from others, takes over? US-China trade war coming. The battle for manufacturing supremacy is about to begin as the US and China go head to head as each looks to fuel demand and inject more growth into their respective economies. Will the US currency be the next one to....
Marty Bent, the co-founder of Bitcoin mining firm Great American Mining, is glad to be hodling Bitcoin as uncertainty hangs over the legacy financial system As the prospect of Chinese property giant Evergrande defaulting on $305 billion worth of debt looms, pundits are weighing in on how the firm’s bankruptcy could impact the legacy and crypto markets. Speculation as to whether the real estate investment giant will default has coincided with a downturn across the crypto and stock markets, leaving many analysts divided on whether traders should be buying the dip or looking to take profits....