BTCNEXT Exchange Update #58

While the crypto market is in a flat trend, our team is preparing the BTCNEXT Exchange for the next big movement. We’re constantly improving the functionality and stability of our beloved exchange. Take a look at all the updates below!

Financial markets

China’s concerns sent crude oil prices into sharp decline at the start of the trading week. A rebound with an appetite for risk and exaggerated concerns about the destruction of demand helped oil prepare for losses. The hit from Chinese lockdowns was over a million barrels a day and the testing of 12 districts over the next five days will determine the next major move for crude prices. As of now, Brent oil is trading at $102.80 per barrel.

Gold prices have been stuck in the danger zone until the Fed rips off the tightening band-aid next week. Even with a pause in the bond market selloff, the dollar didn’t lose any steam and that was bad news for gold. Gold was struggling here and could be vulnerable to further momentum, with sales at the $1,850 level.

The S&P 500 fell below the $4,300 support and may continue to decline to March lows. RSI and MACD indicate a strong bearish trend. Immediate support for the broad market index is at $4,200-$4,250. If this level is overcome, the benchmark may continue to correct.

Crypto market

The crypto market capitalization dropped -1.15% over the last 7 days. ApeCoin (APE) grew more than the others: +56.06% in one week. MoonBeam (GLMR) lost more than most, dropping -15.81%. QDAO grew by 0.5%, BNX dipped by -0.2%, NOAHP lost -0.1%.

The crypto market is on the verge of a big movement. Bitcoin is moving sideways in a wide-ranged corridor of $38,000-$43,000 where $38,000 stands out as strong support and $43,000 as strong resistance. To trigger one of these two scenarios, we must break through one of the marks. A sharp drop below $38,000 looks unlikely as we have a dense block of orders in the $38,000-$32,000 range. Upward movement is much easier as there are only 2 resistance points — at $43,000 and $45,000. If the BTC price breaks through these marks, it will likely continue to grow to the $51,000-$53,000 range. Most altcoins will have a strong bounce if this scenario plays out. In most cases however, they look weak.

BTCNEXT Exchange update

The BTCNEXT team continues working hard to ensure the stability of our exchange. Every day, we’re doing our best to deliver a smooth user experience. Over the past two weeks, we’ve been focused on small but crucial technical improvements.

Daily volumes and statistics on BTCNEXT Exchange:

  • BTC — $13.5m
  • ETH — $6.6m
  • ADA — $5.9m
  • BNX — $15,500
  • NOAHP — $2,700
  • QDAO — $8,300
  • The total average daily volume on the exchange is $40.5m

To learn more about BTCNEXT, visit our official Website.

Or find us on Twitter, Telegram, Facebook, Medium.

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