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04 August 2023
Bitcoin Unfazed Near $29K as Macro Events Weigh on Altcoins

Bitcoin Unfazed Near $29K as Macro Events Weigh on Altcoins

Ahead of Asian markets opening on Friday, Bitcoin held steady at around $29,200 despite recent macroeconomic developments. BTC has traded between $29,000-$29,500 for over a week, appearing increasingly unfazed by external events weighing on other assets.

Major altcoins that had dropped during US trading hours stabilized but remained mostly red. Though still subdued, crypto markets showed resilience and possible decoupling from macro impacts.

Bitcoin's indifference to news that previously moved prices indicate the maturity of the cryptocurrency. While still correlated to some degree, BTC seems less re1 to macro crosswinds as adoption advances.

Ether, the second-largest crypto, traded similarly to Bitcoin, rising 0.4% to around $1,834. Other major cryptocurrencies stabilized after steeper drops late Thursday amid global recession fears.

ADA, SOL, and MATIC tokens fell over 2.5% as investors sold risk assets following rate hikes and weak jobs data. UNI of DEX Uniswap extended declines, down 1.3%.

Crypto contributor Bob Baxley suspects sideways trending for months absent fresh capital inflows. But he's optimistic improved Ethereum foundations and friendlier applications will attract users and money.

US equities ticked down slightly as bond yields rose, signaling lower risk appetite. The S&P 500 and Nasdaq closed down 0.3% and 0.1%.

CEO Brent Xu believes a prolonged crypto rally is unlikely until macro conditions improve significantly, including the end of rate hikes. He's unconvinced inflation is slowing fast enough.

Xu adds the massive surge, especially for Bitcoin, will be difficult to sustainably surpass given the limited new money entering crypto now. Assets are mostly recycled between coins versus new investments currently.

In summary, crypto stabilized but faces headwinds like risk-off sentiment until inflation and rates outlooks improve. Yet some remain hopeful coming advancements will unlock new adoption and capital.

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