- The Nasdaq fell 2.19% to close Monday?s session at 14,714 points.
- Coinbase fell more than 4% after retracting plans for crypto lending.
- Evergrande tanked 11% on potential collapse sending stock markets tumbling.
The US markets tumbled on Monday as investors fear widespread implications from the potential failure of China?s Evergrande property group with some major banks being told they won?t receive interest payments on loans that are due on Monday. Investor concerns were also boosted by the upcoming Federal Reserve meeting and other key economic events.
The Dow Jones fell 1.78% to finish the trading day down 614 points to close at 33,970 points .
The tech heavy NASDAQ fell 2.19% to finish the trading day down 330 points to close at 14,714 points
One bitcoin is worth US$42,809 going into the Asian trading day.
The Australian dollar is firm against the major currencies and is buying 72.54 US cents.
Shares in Coinbase fell more than 4.5% yesterday after the second-largest crypto-trading platform in the world announced it will be dropping plans for crypto lending products. Following a recent threat to be sued from the US Securities and Exchange Commission for Coinbase?s plans to offer 4% annual yields to investors who lent out the Coinbase-backed USDC stablecoin using the platform.
China?s Evergrande Property Group tanked more than 11% on the Stock Exchange of Hong Kong Stock on Monday as the country?s highly indebted developer is on the edge of default. Evergrande grew to be one of China?s biggest companies, borrowing more than US$300bn from more than 171 domestic banks and 121 other financial firms. The default of such a company would see real estate and construction companies hit hard as well as customers out of pocket for the money paid prior to Evergrande commencing the build.
And just a short time after scientists 3D printed Wagyu beef, researchers at Columbia University have used different types of lasers to cook 3D-printed chicken with no adverse effects to the taste.