Category: Cryptocurrency News

Jan Nieuwenhuijs, a gold market analyst, claims that Saudi Arabia has been covertly buying gold since 2022, trying to get its hands on physical gold due to its neutral and sanction-proof traits. According to his figures, 160 tonnes have been acquired without disclosure, likely to avoid upsetting the U.S. government for these actions. Analyst Alleges […]

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The timing of a travel request filed by Roni Cohen-Pavon in US court coincides with a crypto conference that Celsius executives have previously attended.

Kraken rejects the SEC’s securities allegations, Brazil lifts the freeze on Starlink’s bank account, the UK clarifies crypto property rights, and Coinbase backs NFT’s legal defense.

Bitcoin’s failure to hold $60,000 shows hesitation to buy at higher levels before the FOMC decision on Sept. 18.

The US custodian’s crypto-native clients include Worldcoin, ZetaChain, and LayerZero.

As the U.S. central bank members prepare for their meeting on Wednesday, just a day ago, the likelihood of a 25-basis point (bps) rate cut versus a 50bps cut was evenly split at 50-50. Fast forward to today, and the odds are now tipping in favor of a larger 50bps reduction. Predictions from betting market […]

Avalanche (AVAX) has had a terrible Q2 2024 by several standards, going by a significant decline in market capitalization coupled with low revenue generation. Related Reading: Toncoin (TON) Climbs 20% – Here’s What’s Pushing The Price Up Messari’s recent report indicated that AVAX faced a fierce correction after two quarters of growth on the trot. Market capitalization dipped by 40% within the last quarter to stand at $11.6 billion. Well, despite this slump, the ecosystem is still sound as AVAX still has a market cap of $4.5 billion — that’s a 157% surge compared to the same period in 2023. State of @avax Q2 Key Update: Several partnerships announced, notable ones include @stripe, @homium, and @konami. QoQ Metrics 📊 – Staked AVAX ⬆️ 6% – DeFi TVL (AVAX) ⬆️ 11% – Stables ⬆️ 13% Read the full report 🔗https://t.co/7xsKIj1ml3 pic.twitter.com/0dSZnfXOVE — Messari (@MessariCrypto) September 13, 2024 Price Forecast Shines Through The Dip The slump is paining the larger ecosystem, but the future of AVAX seems brighter. In fact, the price forecast of the token will shine hope for investors. AVAX is seen going up 70.68% over the next three months, showing a bounce from the recent prices, analysis from CoinCheckup shows. This bullish sentiment is bolstered by long-term projections that suggest a 166% growth over the next year. It seems AVAX is poised for recovery, making it an intriguing asset for traders keeping an eye on the market. Revenue Plunge And On-Chain Activity Revenue for the Avalanche ecosystem was another source of worry, as its value went down from 176,700 AVAX in Q2 2024 to 96,200 AVAX during the same period. In dollar terms, that translated into $7.5 million going down to $3.5 million. Pullback is due to slowed activity across different on-chain platforms. However, some analysts believe that a renewed interest in on-chain-based transactions could help revive revenue growth in the short term. Despite these drops, staking remains robust within the Avalanche ecosystem. There is a 6% increase in the number of staked AVAX tokens due to new measures to boost staking. Staking rewards continue to attract new investors despite a fall in active validator count by 7%. This reflects some unease among validators amidst these market conditions. Network Stability Average transaction counts remain mixed. With approximately 11,262 transactions and an average block time of 1.61 seconds, Avalanche is showing stability. More than 2% of the total coins have been sent from the Elliptic Curve Digital Signature Algorithm wallet. Despite the recorded drops, new initiatives are expected to boost staking and future coin balances. Related Reading: The Sandbox (SAND) Sets Sights On 1,111% Growth Amid Crypto Market Pressures Interestingly, where the network had an average transaction that depreciated by 57% from 495,000 to 201,500, some protocols on Avalanche refused to abide by this trend. Tether (USDT) and GMX increased transaction volumes, which indicated specific sectors in the system are doing well despite this broad slowdown for the crypto market. Since AVAX is preparing for a potential rebound from the market, its investors may be able to see renewed interest in the asset in case such forecasted growth in price comes true. The partial recovery in the transaction volumes for selected protocols also suggests something more is being involved under the surface–a sign that Avalanche might pick up fast once the crypto market picks up. For now, investors are keen enough to observe how AVAX acts in the short and medium terms. Featured image from Durango.com, chart from TradingView