The Evergrande Crisis isn’t FUD; Get ready for big dips in the next week

The Evergrande crash has so far caused a decline of 10-15% in the cryptocurrency market, and while many might buy the dip right now I’d suggest waiting for tomorrow’s even bigger crash

Why crypto (and other markets) will crash tomorrow -

1) The Chinese stock market will open after 2 days of holiday. Everyone is expecting a major crash here

2) Evergrande is expected to default on its loan payment, the same debt which Blackrock owns quite a big bag of, sending out a potential ripple effect

3) Sources out of Beijing say that the CCP are unlikely to bail Evergrande out (this point is just speculation)

So in conclusion, there are bigger dips coming.(I’m not suggesting to anyone to sell, just to be prepared for bigger dips)

Edit: When I wrote this, BTC was at $42k and ETH was at $3k, they’ve now dipped to 40K and 2.7K.

Edit 2: Seems like Evergrande is working on bond payments for Chinese banks and the CCP injected cash into the banking system. We are safe for now, but unless Evergrande comes up with a payment plan for international institutions I’d say this isn’t completely over.