Hey Everyone,
A brutal sell-off is gripping global markets today, and it's all being blamed on one company.
Clocking in at number 122 on the Fortune Global 500 list, China's Evergrande Group is primarily a real estate conglomerate, but they apparently have their fingers in a bunch of stuff.
The company has done extremely well since the great financial crisis, managing to leverage investment opportunities in a cash-intensive industry.
However, it seems that since financial conditions have become a bit more difficult, all that leverage is now tightening around them like a boa constrictor.
Their stock has been declining steadily the entire year, and it seems the drama has now spread globally.
Recently, analysts watching on in horror have likened the company to China's own version of Lehman Brothers, due to the potential knock-on effect that the company's untimely demise could have on the rest of the markets.
Bitcoin has just seen its worst drop since last month, and it is now trading at levels not seen since August.
As previously noted, the global currency is fluctuating in a very wide range between $30,000 and $60,000 and is currently toying with the 200-day moving average, meaning that if you slept through the dip today and zoomed out on the charts, you didn't miss a thing.
Please note that there will be no daily tomorrow due to a local holiday. Will catch you again on Thursday.
Best regards,
