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Bitcoin (BTC) looks to retake critical support level, Gnox (GNOX) gains 52% in the first week of presale, Ethereum (ETH) moves closer to proof-of-stake

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For the past few weeks, the “heaviness” in the market has been painful for investors. The collapse of Terra USD triggered a selloff across the board, with Bitcoin taking a plunge to yearly lows. There has also been a strong correlation to the stock market, with Bitcoin reflecting the length of decline in S&P 500. However, with the prices bouncing back above key levels, things have finally started to move north for now.

The largest digital asset by market capitalization is currently trading around $30,407, having gained 10.2% over the past 7 days. At the time of writing, BTC is looking to cross the 9-day moving average, with the nearest resistance level being $31,000. The bulls have to defend the critical $30,000 support level for further upside. A strong weekly close above $32,000 will open the door to key resistance levels at $36,000 and $38,000.

While the market recovers from the recent turmoil, Ethereum co-founder Vitalik Buterin has indicated that the switch from proof-of-work to the proof-of-stake network is very close to happening. At the Shangai Web 3.0 developer summit on 20th of May, Vitalik was vocal about the team’s efforts in making the transition possible with the merger of Ethereum mainnet and the Beacon chain. If everything is on track, the merge may happen as early as August 2022.

He also hinted at the possibility of a delay should there be any problems in the testnet implementation. However, at this point, everything is working as intended, and the long-awaited event seems more likely to occur within the next few months. The development team has already lined up the Verge, Surge, Purge, and Splurge that would follow successful migration.

The decentralized finance sector will benefit massively from this move, and there will be tough competition against DApps built on a fast and scalable Binance smart chain. Gnox is one such platform that has quickly risen to prominence, given its plans to revolutionize the DeFi space.

The native token supporting the ecosystem is currently on presale, and the price has already surged by 52% within a week. The high demand can be attributed to the recent announcement regarding the completion of a successful audit.

According to its whitepaper, the protocol aims to provide “Yield farming as a service “ to investors who struggle to understand and benefit from various DeFi strategies. Gnox employs the concept of investing treasury funds in safe liquidity pools and lending protocols so that a portion of rewards generated from these investments can be redistributed to $GNOX holders.

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