BTCNEXT Exchange Weekly Update #3
The BTCNEXT exchange is on the verge of bringing you global updates! The transition to the new core will take place in a matter of a few days. This is an amazing event that we and users alike are preparing for. Coronavirus continues to spread and put pressure on the global economy, while we are continuing to develop the BTCNEXT exchange to bring you reports on all the events of the past week, in detail.
The global economy and the crypto market
Classic markets continue to fall
The United States is struggling to keep the economy from a sharp peak but the Coronavirus pandemic is only escalating the situation. The package to stimulate the US economy during the outbreak of the Coronavirus could increase to more than $2 trillion. This decision will be made next week. If it goes ahead, it could be the largest stimulation package in history - for comparison, in 2008, $700 million was allocated, with only $450 million reaching the economy.
The US continues to cut rates
Semi-annual treasury bonds are now at a negative rate. This means that the US government must be paid for the deposit. Rates will go down further, weakening the dollar. This is a confiscation of funds; and it is bad practice - but so far it has been necessary for stabilizing the system.
Oil war continues
Oil prices may decline further. This is another blow to the global economy. The only question is, how much patience the initiators of this provocation will have. As you may know, Russia and Saudi Arabia do not intend to conclude a truce under the terms of OPEC+. Perhaps soon, oil will cost less than $20 per barrel.
The negative rates are a good sign for Bitcoin and the entire cryptocurrency market. Bitcoin gets a small boost every time the dollar weakens. It is worth noting that a week after the events of March 12, Bitcoin fought back part of the fall. The cryptocurrency managed to consolidate above $5,000 initially, then fly above $6,000. The maximum price during this last week was $6,800.
Now, the main cryptocurrency has returned to the $6,000 mark but the news of 240 million new Tether tokens can serve as the beginning of a new rally. The whole crypto market follows the movement of the BTC, only some altcoins do not correlate with Bitcoin.
The main coins paired with USDT increased by 5-10% from the local bottom, while coins paired with Bitcoin, remained at the same positions or even dropped by 5-10%. DASH can be distinguished from the total mass. In a pair with BTC, the coin showed an increase of 30% per week. The loser of the week can be named as the ETH/BTC pair, which took a 10% drop.
Coins such as BNX, QDAO and NOAHP demonstrated their stability again this week, whilst paired with BTC and have either remained in their positions or have even managed to show a slight increase in prices.
BTCNEXT Exchange updates
Last week, we were completely busy preparing for the exchange's transition to a new core. Here are some of the main events of the week:
- We’ve decided to give our users the opportunity to test and offer their opinions on our updates to the BTCNEXT Exchange. The new version is available in a test mode that will not affect your real balance on the Exchange.
- We held a giveaway for the BTCNEXT Broker website. 500 traders received $10 free, for trading, registering demos and live accounts. We have also announced a special giveaway, with detailed updates on BTCNEXT Broker.
- We have removed the withdrawal fee for NOAH tokens.
A few of our results in figures:
- 90 new users have registered on the BTCNEXT Exchange.
- The average daily volume of BNX is 1,000 USD.
- The average daily volume of NOAHP is 10,000 USD.
- The average daily volume of QDAO is 10,000 USD.
Next week will be amazing! The new core gives us many new features and opportunities in a convenient one-stop-shop. Come back in a week to learn everything that happens. Thank you for reading this article!