BTCNEXT Exchange Update #57
While uncertainty reigns in the financial markets, everything is clear to the BTCNEXT team — we work for the sake of our users! Over the past few weeks, we have accumulated plenty of updates. Find out more about them below!
Brent Oil briefly dipped below $100 per barrel again on Friday as the significant emergency release that was announced by the IEA continued to weigh on prices. Oil price gains still felt limited amid China’s COVID concerns and worries about a global recession in the face of more hawkish central bank policies.
Gold started to trade slightly more constructively and the market built a base around $1,915 — $1,925. With the bulk of the rate hikes from the Fed now apparently priced in, it seems as if time is on the bulls’ side; so long as inflation runs at 7% y/y in major economies across the world, gold should remain supported.
Key indices have been falling for about two weeks. The S&P 500 is trading at around $4,400, The Dow Jones at $34,300.
The crypto market capitalization dropped -12.8% over the last 7 days. KNC grew more than the others: +25.9% in one week. WAVES lost more than most -48.33%. QDAO dropped -23.4%, BNX dipped -0.98%, NOAHP lost -7.6%.
After two weeks of active growth in March, the cryptocurrency market has entered a correction phase, which has already been taking place for about two weeks. During this time, Bitcoin has fallen in price by almost $9,000, dipping from $48,000 to $39,000. Now, there is a correlation with key markets, which are also correcting. The situation for BTC is as unpredictable as it can be, so it is difficult to say whether we have reached the bottom of the correction or whether more is still ahead. It is advisable not to go below $38,000 — this mark has been strongly supported for a long time. If it fails, there will be a decline to $35,000. The critical level is $32,000, a fall below this will force Bitcoin to retest the psychological level of $30,000. To complete the correction, the bulls need to push the price above $44,000. For altcoins, the current situation is especially painful — the fall averaged 20–30%.
BTCNEXT Exchange update
Despite the storm in the financial markets, our faithful BTCNEXT team continues to work steadily for the benefit of our beloved users. We have done a lot of work over the past weeks and are ready to share some results:
- We conducted maintenance. The performance of the BTCNEXT Exchange has been significantly improved. We got rid of several bugs and also carried out a general technical upgrade. Now the user experience should be even better!
- We explored the market for promising coins. We are regularly analyzing new coins to provide our users with more trading tools.
Daily volumes and statistics on BTCNEXT Exchange:
- BTC — $12.4m
- ETH — $7.6m
- ADA — $5.9m
- BNX — $19,400
- NOAHP — $3,500
- QDAO — $5,100
- The total average daily volume on the exchange is $44.5m
To learn more about BTCNEXT, visit our official Website.