It's a nightmare week for cryptocurrency investors as the sell-off continues. Bitcoin plummeted to its lowest valuation since December 2020, with significant gains wiped away from major altcoins.
On Thursday, it fell below a key level of support and dropped to $27000 before bouncing back to $28000.
Several macroeconomic and geopolitical factors are responsible for this crash. From the Russian invasion of Ukraine to regulatory concerns, a chain of negative events has put the entire crypto market in complete mayhem. Investors have been rushing to liquidate their assets, while many are still holding on to their losses.
The collapse of the Terra ecosystem is also partly responsible for this debacle, as UST lost its 1:1 peg to the dollar. This resulted in a massive price drop of up to 99% for LUNA, sparking fears among investors.
With the interest rate hikes intended to absorb the effect of rising inflation across the western world, it would be interesting to see how the market reacts in the coming days. Tighter regulations may further aggravate the pain, and a brief "Crypto winter" seems possible.
In turbulent times like these, smart investors turn their attention towards the good old USDT to have some dry powder ready for the dip.
New and innovative projects like Gnox are also starting to gain traction among investors for their unique tokenomics within the DeFi space. With an easy-to-use DeFi solution, it lowers the entry barrier by providing education and a single investment vehicle.
One of the key features of the Gnox protocol is the DeFi treasury, through which users can earn higher rewards compared to other protocols. It is the first reflection project in the world that utilizes treasury funds to generate passive income for long-term investors. The dividends will be paid every 30 days and will be proportional to what the treasury makes within the timeframe.
The idea behind this project is simple. Pool rewards accumulated by the protocol will be used to buy the native asset $GNOX, which will be redistributed to the holders. This will ensure a constant buying pressure to support the underlying value, thus mitigating the impact of volatile market conditions like the one we are witnessing now. All stakeholders will be incentivized, which will help maintain the system's stability and provide security not found in any other crypto ecosystem today.
In addition to monthly DeFi rewards, 1% of every transaction in $GNOX will be automatically credited to user wallets every hour. This means the more token you have and the longer you hold, the higher the rewards will be.
Gnox is currently in its second quarter of the roadmap, with exciting developments in the pipeline. The presale has already begun on a positive note, with smart investors looking to get in early in a project that looks extremely promising.
Find Out More Here:
Join presale: https://presale.gnox.io/register
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice