China's Evergrande Group, a major real estate company, announced its restructuring plans, causing anxiety in the Asian market and resulting in a 24% drop in early Monday trading. Bitcoin has been relatively stable over the past week, with a slight drop in price to $26,106 and a market cap of $508 billion.

Analysts speculate that Evergrande's financial troubles could impact Tether's stablecoin and, in turn, affect Bitcoin's price. While some predict a potential surge in Bitcoin's price in October 2023, others caution that the current market conditions resemble those of 2019, which saw only a modest rally.