Evergrande didn’t pay $82.5 million of interest payments originally due Nov. 6 on two sets of dollar bonds by the end of a 30-day grace period on Monday.
That would likely mark its first offshore default on public bonds, after the bonds’ trustee or investors send a letter of default to the company.
Reaction of the Crypto market?:
Bitcoin up 5%
Ethereum up 7%
Cardano up 12%
Polkadot up 10%
While the possibility of a default made the market dip in the past, now the market is up following the news of Evergrande extremely likely defaulting on its first bonds, with Bitcoin not even reacting and the stock market ignoring it for the past weeks.