The cryptocurrencies most at risk of an Evergrande collapse.

The cryptocurrencies most at risk of an Evergrande collapse.
Cryptocurrency markets continue to be heavily affected by China implementing a ban on cryptoasset trading inside the country.
One Bitcoin is currently worth just over $57,500, down considerably from an early September peak of almost $71,000.
The other major cryptocurrency Ethereum is also trading through a small downturn, with one ether now worth less than $4000. In early September it was almost 20 per cent higher at just under $5300.
Simon Peters, market analyst and crypto expert at eToro, said ongoing developments in China — including the ballooning Evergrande crisis — are weighing heavily on cryptocurrency markets.
"Early in the week, news began to emerge of the Evergrande crisis which sent contagion spiralling through all markets. Cryptoassets felt the effects as the broad-base selloff took hold on Monday," Mr Peters said.
"Evergrande has massive debt exposure — over $300 billion — and has failed to make payments on time to its creditors.
"The implications for wider crypto markets are not direct, but with debt fears looming, cryptoassets such as Tether could be affected."
Mr Peters said the cryptoassets most likely to be affected by a collapse of Evergrande were those tied to reserve assets, and not necessarily the bigger names such as Bitcoin and Ethereum.
"Stablecoins like Tether are pegged to fiat currencies such as the US dollar. But to maintain the peg they require holdings to match the value of the cryptoasset," Mr Peters said.
"Many can't hold large amounts of cash and instead use commercial paper – a form of short-term debt – to account for the value.
The issue here is that, with Evergrande creating 2008-style contagion risk for debt markets, stablecoins could run into trouble were the commercial paper they hold to lose value. Unfortunately, as such a crisis is unprecedented, it remains to be seen what will happen next."