On the latest episode of The Market Report, Cointelegraph analyst Marcel Pechman delves into Grayscale’s victory against the United States Securities and Exchange Commission. Even though there’s still no decision regarding the firm’s application for a spot Bitcoin (BTC) exchange-traded fund, the decision was favorable for Grayscale and its Grayscale Bitcoin Trust, which has over $16 billion in assets under management.
Next, Pechman discusses the impact of Chinese real estate giant Evergrande’s bankruptcy and questions why it took almost two years to announce the company’s inability to repay its debt. According to The Kobeissi Letter, it seems related to China’s recent unexpected cut in interest rates.
Pechman reminds viewers that China recently announced several measures to stimulate the stock market. Ultimately, he agrees that an eventual collapse of the Chinese markets would be negative for risk-on assets, including stocks, cryptocurrencies and commodities.
Still, Pechman argues that in a separate movement, maybe one to 10 months later, there could be a shift toward Bitcoin as investors realize they’re being diluted by the government’s inability to sustain itself without injecting liquidity, which could benefit cryptocurrencies.
Lastly, Pechman explains what happened to the 16 trillion Pepecoin (PEPE) tokens reportedly stolen and gives advice on how to avoid getting rug-pulled on altcoins. For further insights into all of these matters, tune in to the latest episode of The Market Report, exclusively available on the newly launched Cointelegraph Markets & Research YouTube channel.
Source: https://cointelegraph.com/news/evergrande-collapse-silver-lining-for-crypto
