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Bitcoin, Stocks Largely Unmoved as China Evergrande is Declared in Default
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cryptonews.comThe price of bitcoin (BTC) and US stock futures are largely unmoved today after the expected news broke that Chinese property development giant Evergrande for the first time has failed to pay off a US dollar-denominated debt obligation.
The news that Evergrande has defaulted was first reported around 09:00 UTC, after the major financial ratings agency Fitch earlier in the morning published a note on its website saying that the company has been downgraded to “restricted default.”
The downgrade by Fitch applies to Evergrande, as well as its subsidiaries Hengda Real Estate Group Co., Ltd and Tianji Holding Limited, the update said.
According to Fitch, the downgrade is a result of a failure by the company to pay coupons due on November 6 after a
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