Over the last week, Bitcoin (BTC) has traded in a bumpy range as volatility has increased. It could be due to wariness among cryptocurrency traders.

BTC is down 3% in the last 24 hours and has been fairly unchanged over the last week. 

Meanwhile, on Friday, several alternative cryptos (altcoins) underperformed. For instance, over the last 24 hours, Solana’s SOL token has dropped 5%, while Avalanche’s AVAX token has plummeted 4%.

The S&P 500 index entered the bear market territory for a short period on the same day, plunging over 20% from its January high. Stock and cryptocurrency volatility remains strong, but gold, a traditional safe-haven asset, edged higher.

On the macroeconomic side, some analysts anticipate a decrease in stock selling pressure, which could assist cryptos in the short term. Over the last year, Bitcoin has been highly intertwined with the S&P 500.

“It is premature to worry about an imminent recession unless the bond market and central banks drive monetary conditions into restrictive terrain, which we do not expect in 2022,” stated MRB Partners. 

Underperformance of DeFi

Over the last month, DeFi, Decentralized Finance tokens have performed badly compared to bitcoin. However, it is typical for DeFi and other altcoins to underperform in a bear market, considering their higher risk profile. 

The DFX, CoinDesk DeFi Index has dropped 33% in the last month, compared to a 23% plunge in the CoinDesk Bitcoin Price Index in the same period.

DFX, on the other hand, has been stable throughout the last week. Though recent gains in AAVE have aided the index’s performance, a 17% decrease in the CRV token has hurt it over the last week. 

The Fall of Terra

Luna Foundation Guard (LFG) – the corporation behind the reserves fund set up to underpin the Terra blockchain’s now-failed UST stablecoin – has “disclosed no plans” for the 2 million AVAX tokens now sitting in its treasury, according to Avalanche, a smart-contract blockchain.

The market worth of the AVAX stockpile is around 60 million USD, with the token’s price swinging about 30 USD, making it the second-largest asset in LFG’s shrinking $240 million funds.

According to data from trackers, investments stored in Terra-based DeFi applications had fallen to 155 million USD in locked value as of Friday morning, down from more than 29 billion USD earlier this month. Terra DeFi’s locked value hit 30 billion USD in early April. The losses occurred as UST lost its 1:1 peg to the US dollar amid a broader market downturn.

GNOX’s Popularity Gain

Gnox is a brand-new cryptocurrency with enormous growth potential in 2022. This project just started its presale, and with a launch date in July, it’s the greatest way for crypto investors to get in on the ground floor before the ICO, Initial Coin Offering boom.

It is the first DeFi earning protocol to offer “Yield Farming As A Service” to private and institutional investors.  They attempt to make earnings from DeFi as smooth and simple as possible to support their stable growth.

Gnox is also the world’s first reflection project to utilize its treasury to invest in DeFi yield-generating protocols for its users, a first in the DeFi space. Its treasure, a multi-signature protected vault, will hold most of its stable coins, DeFi LP tokens, and NFTs.

By using the experience of its strategists, Gnox will use an appropriate percentage of its treasury holdings to acquire and trade various digital assets for profit.

Many DeFi professionals have tried, tested, and implemented their strategies.

The concept of building and using a “treasury” is unquestionably unique in the crypto space, and it has the potential to become popular among creative and influencer communities.

As a result, Gnox has earned a lot of attention, and the interest in the coin is growing quickly. The project team also completed their roadmap on schedule and produced a project with high utility.

Rucha Joshi, currently managing a team of over 20 content writers at TimesNext is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student and a passionate leader.