A quick Friday afternoon selloff has taken bitcoin back down to $29K. Alongside, U.S. stocks have given up nice early gains to turn lower.
Little-changed for most of the day, bitcoin quickly sold off about 1% on Friday afternoon, taking the price to $29,000. The move came alongside downside action in U.S. stocks, which have given up sizable early gains to turn modestly red.
ADA, SOL and MATIC, the tokens of smart contracts platforms, Cardano, Solana and Polygon, were all recently off more than 2.5%. And UNI, the native crypto of decentralized exchange Uniswap, continued its downward momentum to fall more than 1.3%."I suspect that we will trend sideways for a good long while, perhaps for the next several months or even well into next year," Bob Baxley, a core contributor to DeFi infrastructure provider Maverick Protocol, wrote in an email to CoinDesk.
"I say this because Ethereum is seeing its foundations become sturdier and its applications more sophisticated and increasingly friendly for users," he wrote. In an email to CoinDesk, Brent Xu, CEO and co-founder of Web3 bond-market platform Umee, wrote that crypto prices are unlikely to spike for a prolonged period"until the macro environment softens more," including a cessation of the interest rate hiking that has characterized central banking policy for more than 16 months.
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