Bitcoin-BTC Price Surpasses $29.2K Unfazed By Macro Events; ADA, SOL, MATIC remain in the red

Just before Asian stock markets opened on Friday, bitcoin remained largely unfazed by recent macroeconomic events, while major altcoins that fell during US trading hours stabilized, albeit mostly in the red.

Bitcoin, the largest cryptocurrency by market cap, recently traded just below $29,200, remaining roughly flat over the past 24 hours. Trading between $29,000 and $29,500 for most of the past 11 days, BTC appears increasingly immune to external events that once had a larger impact on prices and continue to weigh on other risky assets.

Ether, the second-largest cryptocurrency in market value, followed a similar pattern, trading at $1,834, up 0.4% from the same time Wednesday. Other cryptos stabilized after falling late Thursday on investor concerns over rising global yields, a one percentage point interest rate hike by the Bank of England reigniting fears of further tightening monetary policy in Europe, and largely discouraging U.S. jobs data pointing to it hinting that inflation would remain a problem fell even more late Thursday.

ADA, SOL, and MATIC, the tokens of smart contract platforms Cardano, Solana, and Polygon, were all recently down more than 2.5%. And UNI, the native cryptocurrency of decentralized exchange Uniswap, continued its downtrend, falling more than 1.3%.

“I suspect we’ll be trending sideways for a long time, maybe for the next few months or even well into next year,” Bob Baxley, a key contributor at DeFi infrastructure provider Maverick Protocol, wrote in an email to CoinDesk. “Right now there isn’t enough fresh capital flowing into the space for a meaningful rally.”

But Baxley added optimistically that the changed conditions will result in “an influx of both users and new capital.”

“I say this because Ethereum’s foundations are becoming more stable and its applications are becoming more sophisticated and user-friendly,” he wrote.

Meanwhile, US stock markets fell slightly as bond yields rose, in a sign that investors’ appetite for risky assets is waning. The S&P 500 and the tech-heavy Nasdaq Composite ended down 0.3% and 0.1%, respectively.

In an email to CoinDesk, Brent wrote of rate hikes that have shaped central bank policy for more than 16 months.

“We’re definitely close to peak interest rates, although we could still have a rate hike or two ahead of us depending on how stubborn inflation actually is,” Xu wrote. “I’m not convinced that inflation will fall as fast as many hope. In short, we still have a long way to go before entering the bullish phase of the cycle.”

Xu added, “We’ve seen such a meteoric rise, especially in bitcoin, that I don’t see how this level can be maintained or even exceeded in any meaningful way. We already have money in the digital asset.” The ecosystem just keeps recycling through different coins, like it has in previous down markets.”

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