Crypto market plummets into steep decline

The cryptocurrency, Bitcoin, has lost 8% of its value in the past 24 hours. On Friday morning, one bitcoin cost around $26,300. This figure was even lower late Thursday evening (CET). Several other cryptocurrencies are also under pressure, including the second largest crypto, Ethereum, which is down 7%. Things are looking even worse for XRP, which is down over 16%. The American financial media CNBC finds it remarkable that the fall in the Bitcoin price occurs a few hours after The Wall Street Journal wrote about SpaceX, which is Elon Musk's aerospace company, in the years 2021 and 2022 selling Bitcoins for 373 million dollars.

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Chinese Evergrande seeks bankruptcy protection in the US

Chinese company Evergrande is seeking bankruptcy protection in the United States, according to court documents. The purpose of seeking bankruptcy protection in the US is to allow Evergrande to protect its US assets while trying to restructure its debt. Evergrande was once China's largest property developers, but since 2021, they’ve been struggling with extensive debt problems. Evergrande has now become a symbol of the crisis in China's real estate sector, which makes up a significant part of the country's economy. The negative sentiment in the property sector has also affected the Chinese market this week, with several stocks falling.

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Inflation in Europe continues to fall

New figures confirm that inflation in Europe has fallen from 5.5% in June to 5.3% in July. Inflation has fallen in 8 out of the past 9 months, which is positive. However, Chief Economist, Jeppe Juul Borre from Arbejdernes Landsbank, still worries that core inflation is still too high. Recently, the European Central Bank raised interest rates to the highest level since 2001 in an attempt to control inflation.

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‍Sources: Ritzau, CNBC, Euroinvestor