Crypto market is facing volatility for coins like Bitcoin and Ethereum.
The events of early May shocked crypto investors all over the globe and the Terra Luna collapse saw 18 billion dollars disappear from the market practically overnight marking the most significant loss event hitherto in crypto. The Federal Reserve System (FED) currently headed by Jerome Powell raised interest rates by 50 base points in May in a desperate attempt to combat raging inflation which seems to be too little too late. Following interest rate hikes markets typically experience a phenomenon known as a taper tantrum. Yet it appears that the price volatility experienced by the crypto asset class went beyond this and signifies the start of a protracted downtrend.
Bitcoin (BTC)
Bitcoin currently trades around $29,000 down more than 50% from its All-Time High (ATH) in November 2021 when it traded at close to $69,000. At the start of May Bitcoin traded at $40,000 and this month has seen a heavy retracement of more than 25%. This intense volatility has been driven by numerous factors including geopolitical uncertainty with the war in Ukraine, rising interest rates, disruption to global supply chains affecting traditional markets which in turn affect Bitcoin, and of course the collapse of Terra Luna.
This price volatility has reminded all investors of how quickly Bitcoin’s price can move in either direction when it wants. The Fear and Greed Index currently stands at 11 (Extreme Fear) and is a useful metric for understanding current market sentiment which is currently incredibly bleak.
Ethereum (ETH)
Ethereum currently trades just below $2000 down more than 60% from its All-Time High (ATH) in November 2021 when it was trading close to $5000. Ethereum has seen huge price volatility and has retraced by more than 35% in May alone. This price volatility is driven by greater market conditions and Ethereum typically follows the price action of Bitcoin. In general, the whole cryptocurrency asset class follows the movement of Bitcoin and when Bitcoin bleeds, the pain is felt across the market, and usually more acutely.
Ethereum investors do not have much positive news to look forward to in the coming months with another delay of the ‘Serenity’ project or Ethereum 2.0 delay announced and the release date pushed back to 2023.
Gnox (GNOX)
Gnox is a token that will be launched in Q2 of 2022 on the Binance Smart Chain (BSC) and represents the first of its a type, a reflection token that offers yield farming as a service. Despite highly unfavourable market conditions, the team behind Gnox is going ahead with the project launch and pre-sale, which investors are interpreting as high confidence in the ability of the project to deliver.
Gnox aims to simplify the process of DeFi investment for all investors granting everyone who holds the Gnox token exposure to the yield generating opportunities found with DeFi. The Gnox protocol features a treasury specially designed for its token holders, funded through tokenomics of a buy and sell tax, the treasury is then deployed within the DeFi space and the generated yields are reflected in stablecoins to all holders. Investors currently participating in the pre-sale wait to see if the protocol will be able to survive the current bear market conditions.
Find Out More Here:
Join Presale: https://presale.gnox.io/register
Website: https://Gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io
The post Bitcoin (BTC) and Ethereum (ETH) witness price volatility as Gnox Token (GNOX) enters its presale stage. appeared first on .
Crypto market is facing volatility for coins like Bitcoin and Ethereum.
The events of early May shocked crypto investors all over the globe and the Terra Luna collapse saw 18 billion dollars disappear from the market practically overnight marking the most significant loss event hitherto in crypto. The Federal Reserve System (FED) currently headed by Jerome Powell raised interest rates by 50 base points in May in a desperate attempt to combat raging inflation which seems to be too little too late. Following interest rate hikes markets typically experience a phenomenon known as a taper tantrum. Yet it appears that the price volatility experienced by the crypto asset class went beyond this and signifies the start of a protracted downtrend.
Bitcoin (BTC)
Bitcoin currently trades around $29,000 down more than 50% from its All-Time High (ATH) in November 2021 when it traded at close to $69,000. At the start of May Bitcoin traded at $40,000 and this month has seen a heavy retracement of more than 25%. This intense volatility has been driven by numerous factors including geopolitical uncertainty with the war in Ukraine, rising interest rates, disruption to global supply chains affecting traditional markets which in turn affect Bitcoin, and of course the collapse of Terra Luna.
This price volatility has reminded all investors of how quickly Bitcoin’s price can move in either direction when it wants. The Fear and Greed Index currently stands at 11 (Extreme Fear) and is a useful metric for understanding current market sentiment which is currently incredibly bleak.
Ethereum (ETH)
Ethereum currently trades just below $2000 down more than 60% from its All-Time High (ATH) in November 2021 when it was trading close to $5000. Ethereum has seen huge price volatility and has retraced by more than 35% in May alone. This price volatility is driven by greater market conditions and Ethereum typically follows the price action of Bitcoin. In general, the whole cryptocurrency asset class follows the movement of Bitcoin and when Bitcoin bleeds, the pain is felt across the market, and usually more acutely.
Ethereum investors do not have much positive news to look forward to in the coming months with another delay of the ‘Serenity’ project or Ethereum 2.0 delay announced and the release date pushed back to 2023.
Gnox (GNOX)
Gnox is a token that will be launched in Q2 of 2022 on the Binance Smart Chain (BSC) and represents the first of its a type, a reflection token that offers yield farming as a service. Despite highly unfavourable market conditions, the team behind Gnox is going ahead with the project launch and pre-sale, which investors are interpreting as high confidence in the ability of the project to deliver.
Gnox aims to simplify the process of DeFi investment for all investors granting everyone who holds the Gnox token exposure to the yield generating opportunities found with DeFi. The Gnox protocol features a treasury specially designed for its token holders, funded through tokenomics of a buy and sell tax, the treasury is then deployed within the DeFi space and the generated yields are reflected in stablecoins to all holders. Investors currently participating in the pre-sale wait to see if the protocol will be able to survive the current bear market conditions.
Find Out More Here:
Join Presale: https://presale.gnox.io/register
Website: https://Gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io
The post Bitcoin (BTC) and Ethereum (ETH) witness price volatility as Gnox Token (GNOX) enters its presale stage. appeared first on .