Crypto Markets Drenched in Red
On Sunday, Sept. 22, crypto enthusiasts woke up to a not-so-cheery sight: the markets are awash in red with prices plummeting like a bad horror movie plot twist. The upcoming launch of Bakkt’s physically delivered Bitcoin futures on Monday is sending shivers down the spines of many traders, leading to widespread angst in the altcoin sector.
Bitcoin Attempts to Hold Steady
Amid the chaos, Bitcoin appears to be the lone hero trying to gather some momentum. At the time of writing, it was trading at around $10,014, up about 0.6% today, making it the only cryptocurrency in the top 20 not suffering a major loss. But don’t change your wallpaper to a Bitcoin logo just yet; it’s still lingering nearly 3% lower than last week’s values.
Ether and XRP Join the Fray
Ether (ETH) isn’t having the best of days either, falling 4.1% and trading at $207. Despite this dip, it’s enjoying a 9.5% hike over the past week—a classic case of ‘when it rains, it pours’ for cryptocurrency assets.
XRP, the third-largest cryptocurrency, seems to be experiencing its own set of woes. Down nearly 6% over the last 24 hours, XRP is trading at $0.272 but has still managed to hold onto a 5% gain for the week. Talk about mixed feelings!
Tron and the Dreaded Losses
If you think you’ve had a bad day, spare a thought for Tron (TRX), which has plunged over 9%. The drama doesn’t stop there, though: its founder, Justin Sun, unveiled a new plan to improve Tron’s proof-of-stake mechanism, presumably in an effort to rally the troops amidst the bloodbath.
A Glimmer of Hope?
Despite the overwhelming negatives, there remains a flicker of optimism in the crypto community. Analyst Willy Woo suggested that today’s downturn could, ironically, be the precursor to a new bull market. He referenced on-chain metrics as signs that the opening act of a bull rally might just be around the corner. The audience remains skeptical, however!
Anticipation for Bakkt’s Futures Launch
With Bakkt’s physical Bitcoin futures launch just hours away, the tension is palpable. A Twitter poll conducted by crypto enthusiast Alex Krüger revealed that opinions are split down the middle: 50% of respondents think Bakkt will flop. Major crypto advocate John McAfee has thrown his weight behind the bullish trend, asserting that Bakkt will bolster institutional trust and potentially kickstart broader crypto adoption.
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