I need to bring you. This is specifically talking about why the overall crypto market is dropping so dramatically today, why its down 7.91 and everything is dropping. Like a rock to me honestly, this is an opportunity uh, but we need to talk about what is going on: bitcoin ethereum down seven and eight percent respectively cardano down eight percent uh. You can just kind of look everything xrp down solanas down polka dot. Everything is, is really really red across the board and were going to im going to show you exactly whats going on. This is probably not what you think uh. This is the reason that it looks like the overall crypto market is dropping, so were going to talk about that. This video is for entertainment purposes, only okay, heres whats, going on. I was looking for why this is happening. Okay and came across this piece of content over here and frankly, i wasnt really aware of this until i just literally saw this. It just came out um about a couple hours ago, so i just was able to find this so bitcoin and crypto drop along stocks on chinas ever grand spillover risk im like who the heck is evergrand, so i dug into this a little bit so here we Go listen. Im gon na basically walk you through all of this okay. So as the problems related to chinese property development, its a property development company, china ever grant continued to mount investors.

Everything from stocks to bitcoin, broader crypto market are worrying about the potential spillover effects on a of a after of a chinese lehman moment. Now, if you dont know really what lehman moment, this is basically the lehman brothers when that big, huge uh. You know company here in the united states, went, went basically went, broke and and caused a massive um. You know financial ripple that was not good um, so as chinas second largest property developer, china evergrand holds more than usd 300 billion of debt. Placing the company is quote the worlds most indebted property development company is repeatedly seen as ratings cut by internationals, uh international agencies and look, although not at first sight, related to bitcoin some industry. Insiders are increasingly concerned about the impact such a large chinese default could have, and possibly already has, on the cryptocurrency markets. Among those who voice concerns is alex massim, mashinsky, founder and ceo of crypto lending borrowing firm celsius, who said that quote a cascade of defaults on the global financial system, could drag bitcoin down with it uh bit, bitcoin is not not being able to break usd 50 000 may have more to do with china than regulation fud. The ceo added okay uh, so tether has also come out with a statement that said that this could this could impact it. Uh lets see im just reading. I have not re pre read this. I wanted to react to this, as i was showing you this um.

So they looks like china. Development companies are having a lot of problems. The worst part is not is not only china evergrand is collapsing, but also other chinese home builders are drowning in the tsunami. Caused by it and analysts at a credit, research uh said okay, so this is kind of similar to some when uh weve had some serious, significant housing market bubbles burst here in the united states. It has this. It has this massive ripple and kind of proliferation effect that that that can impact the entire equity markets. Okay and the fact that china is china and such a major dominant economic force. This is pertinent. This is relevant. It has the possibility of dragging the entire market down and what you see here is rampant fear. You see, you know i can feel it. You feel rampant fear going on okay, um, so just fyi. This is probably most likely a big part of what this is of what is going on, and you can kind of look at like this is first hot. You know high level news right here. This is a news aggregator that i use, where it kind of combines. All the news into one place in one spot for me so im like i felt like this, was really relevant and worth a video and so thats whats going on right now, but i mean you can flip this and kind of go hey. This could be a buying opportunity, but, although i might be a little hesitant just a little bit kind of see how this is all going to be playing out, okay, so just fyi.

As always, remember ive got my patreon group if youre looking for help and guidance in the crypto market im here for you, you can join and cancel anytime links are in the description below ill help. You with your portfolio, give you guidance and you can also see my portfolio and everything im doing i have a patreon excuse. This is patreon. Excuse me: i have a discord group around it that i wrap around it and at 20 bucks a you can join and cancel at any time b. I want to help you genuinely those who want need, help and c uh 20 bucks, its pretty darn cheap im. Trying to keep it as cheap, as i possibly can, to help as many as i possibly can all right ill see you later, but uh lets stay tuned to see. Whats gon na happen with all this.