Bitcoin (BTC) attempts to regain critical support level, Gnox (GNOX) gains 52% in first week of pre-sale, Ethereum (ETH) nears proof-of-stake

In recent weeks, the “heaviness” in the market has been painful for investors. The collapse of Terra USD sparked a sell-off across the board, with Bitcoin plunging to yearly lows. There was also a strong correlation to the stock market, with Bitcoin reflecting the duration of the decline in the S&P 500. However, as prices rallied back above key levels, things have finally moved north for now.

The largest digital asset by market cap is currently trading around $30,407 after gaining 10.2% in the past 7 days. At the time of writing, BTC is attempting to surpass the 9-day moving average, with the next level of resistance at $31,000. The bulls need to defend the critical $30,000 support level for more upside. A strong weekly close above $32,000 will open the door to key resistance levels at $36,000 and $38,000.

As the market recovers from the recent turmoil, Ethereum co-founder Vitalik Buterin has indicated that the move from Proof-of-Work to Proof-of-Stake networks is imminent. At the Web 3.0 Developers Summit in Shanghai on May 20, Vitalik was vocal about the team’s efforts to enable the transition by merging the Ethereum mainnet and the Beacon chain. If everything is on track, the merger could happen as early as August 2022.

He also pointed to the possibility of a delay should there be any issues with the testnet implementation. However, as of this writing, everything is working as intended, and the long-awaited event seems to be becoming more likely in the coming months. The development team has already assembled the Verge, Surge, Purge, and Splurge that would follow a successful migration.

The decentralized finance sector will benefit massively from this move, and there will be stiff competition from DApps built on top of a fast and scalable Binance Smart Chain. Gnox is one such platform that has quickly gained prominence amid its plans to revolutionize the DeFi space.

The native token that powers the ecosystem is currently in presale, and the price has already increased by 52% in a week. The high demand is due to the recent announcement of the completion of a successful audit.

According to its whitepaper, the protocol aims to provide “yield farming as a service” for investors who are struggling to understand and profit from different DeFi strategies. Gnox applies the concept of investing own funds in secure liquidity pools and credit protocols, allowing a portion of the rewards generated from those investments to be redistributed to $GNOX holders.

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