China's Evergrande Plunges, Bitcoin New All Time Highs - News 10.21.2021
Shares of Chinese investing giant Evergrande plunged as much as 14 percent after a $2.6 billion sale fell through at the last minute, and the massive Chinese company is now on the brink of defaulting on its debt obligations, according to Business Insider.
Evergrande invests heavily in real estate and also had promised to be an answer to Elon Musk’s Tesla in China, yet Evergrande has not produced and sold a single electric vehicle so far.
Meanwhile, Bitcoin is testing new all time highs in the wake of the ProShares Bitcoin Strategy ETF launch in the US. ProShares reportedly hauled in more than $570 million of orders for its Bitcoin futures based ETF in the first day of trading on the New York Stock Exchange.
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