Today we've seen big flashing red all over the crypto market, maybe is just a correction which is healthy or maybe it is something bigger, in reality nobody can be 100% sure.
The fact is that Evergrand, a major bank in China is almost bankrupt, with over 300 billion dollars in debt, nobody is loaning them money to survive, because the situation is critical and even with more loans the bank could collapse anyway.
This event probably caused all the markets to go to red. The bank is chinese but a lot of countries and companies have money there, it's a really big bank in China and like Lehman Brothers caused a crash in the worlds economy, this one might cause too.
What this means for crypto?
If the reality is as bad as the news we can expect a crypto crash, markets will only open wednesday in China, only wednesday we will see the true effects of this event. In the long run for crypto, this is exactly what crypto is trying to solve, the banks have problems, greed gets in the way and this can crush a economy. So for crypto in the long run is bullish news, the problem solver is here for more than a decade now and every crypto that has a good paper solves this question.
My personal opinion on this is to wait and see, I will keep DCA and with this strategy you will be a little more imune to this crashes.
It's a good time to point that this could be nothing and tommorrow we will see green again but all the events allign.