Bitcoin sell off was driven by the broader equity market

"China on Monday led to a mass market sell off that rippled across equity markets around the world. China’s Evergrande is a massive real estate conglomerate that is at high risk for insolvency. Investors have been worried about corporate debt in China and the concerns are starting to come to fruition. Evergrande will be a big test for Beijing and the broader market, especially since it may need a $300B bailout (not confirmed). To put that into perspective, the bailout during the Great Recession in 2008 allocated $700B to TARP.

Anyways, it goes to show that crypto has not decoupled from the equity market just yet."

-Harsharn Singh, Investment Associate @ Ember Fund

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