Why Altcoins Were Flopping on Friday
A forgettable Friday on the equities market and intensifying worries about the state of global trade inspired many investors to avoid cryptocurrencies throughout the day. In late afternoon trading, it was hard to find any that were even trading sideways, let alone adding to their value.
Among the host of decliners was top coin Ethereum (CRYPTO: ETH), serving as an uninspired example with a nearly 3% price tumble as of 4 p.m. ET. Utility cryptos Solana (CRYPTO: SOL) and Chainlink (CRYPTO: LINK) were doing worse with respective 4% and almost 7% plunges into the red at that point. Ditto for the over 8% slide of ever-volatile meme coin Dogecoin (CRYPTO: DOGE).
Like equity investors -- and much of the business world, come to think of it -- crypto-heads were, once again, fretting about the stubbornly persistent trade war. The web of tit-for-tat tariffs initially spun by the Trump administration continues to ensnare all sorts of investments, on very understandable fears that the levies will negatively affect economic growth.
Source Fool.com
