This Bakkt Launch Is Going South Fast
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Well I don't know about you but since Bakkt is now here it seems like everyone is abandoning ship.
Bitcoin down nearly 10% Ethereum down nearly 19% heck everything just bleed out big time and honestly I am glad I made the decisions to sell a large stake of mine 2 months ago.
Bitcoin most likely will be returning to $7,500 that number I have been holding on to for a while now and that should be about our bottom till something good actually happens to the markets for once.
Everything seemed to be hyped up and just waiting on what was to come of Bakkt and as I expected it was going to be a VERY slow launch with not much going on. This is because there are already 2 other systems now that do what Bakkt does so the entry points have been there.
The question now really is will we continue to dive and will this end up destroying crypto ?
Many projects including steem currently sells for $0.15 each that is VERY unsustainable in terms of development costs and really driving any kind of demand for the coin and the platform. Is crypto showing us the window of that the next few months or year is going to look like as the economy slides into recession ?
Makes sense IMO
Bakkt allows more rich trades to dump bitcoin and become rich.
The market will recover but red for a while but
With the recession, altcoin growth will decline as new money will be hard to come by
The way BAKT was being hyped as the launch to Lambo heaven I kenw that it would probably be "meh" at best and a reason to be short at worst. Oh well Hodl on good soldier. Hodl on.
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Bakkt could be hacked since it’s such a small asset class institutions could be manipulating the market to match their futures position! We’ve seen them do it with previous metals for years and get away with it
There are some great projects out there it's just a matter of if they're actually as decntralized as they say so that when developers leave others can pick up, improve, and expand what was laid down before them or as you state is this the beginning of the end.
I think, for larger projects, there is still a long ways to go before it hits 0, but definitely not something that's impossible.