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BTCNEXT Exchange Update #59

Another bunch of crucial updates has arrived! Our team conducted scheduled maintenance and improved the exchange’s stability. Check out all the updates right now!

Financial markets

The major U.S. stock markets ended the first session of this week in the red zone. The S&P 500 fell 3.2% to close below $4,000. The Nasdaq Composite and Russell 2000 declined by 4.3% and 4.2%, respectively, while the Dow Jones corrected 2.0%. Energy companies (-8.3%), IT (-3.9%) and consumer services (-4.3%) were the worst performers.

Last week, oil prices actively grew based on expectations of an embargo but this week, they returned to where they were before, losing more than 6%. Now Brent crude is trading at $102.50.

The price of gold continues to decline after reaching $2,000 per troy ounce. Gold is currently trading at $1,842.

Crypto market

The crypto market capitalization dropped -12.82% over the last 7 days. WAVES grew more than the others: +15.02% in one week. APE lost more than most, dropping -30.32%. QDAO fell by -4.7%, BNX dipped by -7.5%, NOAHP lost -3%.

The correlation between the crypto market and the stock market continues. Key indices went into a deep correction, which triggered the recoilless fall of cryptocurrencies. Bitcoin fell below $30,000 for the first time since July 2021. Altcoins reacted by dropping even more. The $29,000-$30,000 zone is important for the bulls, but growing pressure and difficult geopolitical conditions hint at a continuation of the decline. BTC could fall to as low as $20,000, a drop of more than 30% from current values, which will practically devalue many altcoins. To prevent this from happening, Bitcoin needs to rise above $36,000 and consolidate. But this scenario seems unrealistic. The current correction may drag on for 5–6 months of sideways movement, so it is important to use this opportunity to take a position.

BTCNEXT Exchange update

The last two weeks were full of important updates! We have conducted maintenance to enable the exchange to work faster and be more stable and safe. It’s also crucial for the new listings and a smooth user experience.

Daily volumes and statistics on BTCNEXT Exchange:

  • BTC — $13.1m
  • ETH — $6.6m
  • ADA — $6.3m
  • BNX — $12,800
  • NOAHP — $4,250
  • QDAO — $8,000
  • The total average daily volume on the exchange is $38.3m

To learn more about BTCNEXT, visit our official Website.

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