Investors are scrambling to find sound investments to help them navigate the bear market. So far, 2022 has been brutal for markets, with a global economic recession driven by rising interest rates, soaring inflation, and ever-increasing oil and energy prices due to the war in Ukraine. This article features one crypto project that offers investors a way to profit during the bear market and discusses the market direction of the two largest crypto assets: Bitcoin and Ethereum.
Gnox (GNOX)
Gnox is a project that has been hailed as ‘Bear resistant’ by several crypto analysts. Scheduled to launch on the Binance Smart Chain (BSC) later in the year, it is the first protocol to offer yield farming as a service. Gnox offers investors an easy passive income stream that will be paying out stablecoin to GNOX holders every 30 days.
Gnox had performed strongly over recent weeks with a 60% increase in the token’s price. The project features interesting tokenomics of buy and sell taxes primarily used to build a treasury fund. This treasury fund is then deployed in DeFi protocols to generate yield for token holders, and every month the proceeds generated are swapped into stablecoin and reflected investors. This project and its passive income stream should be on every investor’s watchlist, promising to be one of the few ways to generate consistent revenue in current market conditions.
Bitcoin (BTC)
BTC is now trading in a narrow band between $20,000 and $21,000. Bitcoin momentarily dipped to $17,800, falling below the support level of the prior cycle’s ATH (All-Time High). It has never occurred before, and with the current cycle’s double top, it has been a cycle unlike any before, leaving investors struggling to predict how low Bitcoin will fall. It must be noted that Bitcoin as an asset has existed during a historic bull run, and the FED’s tightening might wreak havoc on the asset’s price.
Bitcoin can lose up to 80% of its value during bear markets, which would see it trading at around $13,000 if measured against its ATH of November 2021 of $68,000. It seems inevitable that another leg down is imminent.
Ethereum (ETH)
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Currently trading close to $1,100, Ethereum briefly dipped below $1,000 on June 18, 2022. This level is important psychologically for traders and investors alike, with ETH now at the same price it was at the start of 2021. An 80% retracement from ETH’s prior ATH of $4,800 would place the asset at $950, but with the fears of global recession, high-risk assets are being offloaded, and it looks likely ETH will drop far below this price.
It is uncertain when the next leg down will occur, but similarly to Bitcoin, there remains lots of downward pressure on ETH’s price, and it seems more a matter of when rather than if.
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Find Out More Here:-
Join Presale: https://presale.gnox.io/register
Website: https://Gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io
