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You are here: Home / Archives for AVAX

AVAX

Avalanche’s Price Battles Bearish Momentum Amidst Encouraging Network Developments

May 26, 2023 by Ammar Raza

Avalanche (AVAX), the 17th-ranked cryptocurrency in the market, valiantly countered the recent bearish trend in recent days. In just one week, AVAX experienced a decline from $15.28 to a daily low of $14.03 yesterday. 

However, hope is on the horizon as the network displays promising signs with a series of recent developments, which could potentially lead to a price surge in the coming days.

Currently, AVAX is trading at $14.17, with a slight increase of about 0.16% in the daily chart and a 2.93% dip in the weekly chart. The trading volume is also down in the last 24 hours.

AVAX 7D graph coinmarketcap
Source: CoinMarketcap

According to data obtained from PricePredictions, a prominent site known for its accurate cryptocurrency forecasts, technical analysis of AVAX indicates a bullish trend in the long term. 

Based on this analysis, experts predict that the price will witness an increase of $0.00389 over the next seven days, reaching an estimated value of $14.23 by the 1st of June 2023.

In the short term, a machine learning algorithm has identified a bullish trend for AVAX. It suggests that investors should anticipate a slight increase in value over the next few hours. It’s a positive signal for those who have invested in Avalanche and are closely monitoring its performance.

However, the battle against the bearish trend by Avalanche brings a glimmer of hope for enthusiasts and stakeholders alike as they await the potential recovery in the days to come.

Avalanche Network Developments

Avalanche made a significant announcement today on Twitter, revealing the introduction of AvaCloud, a Web3 Launchpad, by Avalabs official. The tweet stated that launching your own Subnet has become even more convenient with this new platform. 

AvaCloud aims to assist various entities, including large consumer enterprises, AAA games, and Web3 startups, in expediting the process from concept to launch while reducing expenses.

Launching your own Subnet just got even easier! Introducing @AvaCloud, the new Web3 Launchpad from @avalabsofficial!

Whether you're a large consumer enterprise, a AAA game, or a new Web3 startup, AvaCloud helps you go from concept to launch in less time, and with lower costs. https://t.co/Bm9VHExv8d

— Avalanche 🔺 (@avax) May 24, 2023

Meanwhile, Global digital financial technology firm Circle has launched Euro Coin on Avalanche, marking the first in a series of multi-chain launches for the euro-backed stablecoin. The move aims to enhance payment efficiency and financial services for developers and users. 

By introducing Euro Coin to Avalanche, Circle aims to boost euro liquidity and offer global users the option to transact in euros with Euro Coin and in U.S. dollars with USDC. The integration is seamless for Avalanche developers already supporting USDC, as the two stablecoins share similar smart contract designs. 

However, the launch of Avalanche’s platform allows for near-instant and cost-effective financial transactions, expanding possibilities for payments, remittances, and foreign exchange. Circle Account holders can access Euro Coin liquidity on Avalanche for trading, lending, custody, and payments. 

As per the announcement, Leading apps and wallets, including Coinbase Wallet, MetaMask, and Trader Joe, will support Euro Coin on Avalanche, while developers can integrate with the Euro Coin smart contract to tap into growing liquidity.

Related Reading | Uniswap Eyes Fantom Blockchain: Unlocking New Horizons In DeFi Expansion

Filed Under: News, Altcoin News Tagged With: avalanche, AVAX, Cryptocurrency, Price Analysis

Weekly Market Watch: Bears Takeover Bitcoin & ETH, Altcoins Suffer Significant Losses

April 24, 2023 by Saeed Ul Hassan

The previous week witnessed a decline in positive sentiment in the cryptocurrency market, posing a hurdle for bullish investors attempting to combat the bears’ momentum. Both Bitcoin and Ethereum demonstrated a downtrend and failed to resist the bears’ takeover effectively. 

The resultant impact of this occurrence was negative on the general market outlook. As a result, in the weekly chart, a number of altcoins have suffered notable losses.

Fantom FTM is at the top of the list of altcoins experiencing significant losses this week, followed by Aptos APT and Avalanch AVAX in second and third place, respectively.

Fantom FTM has experienced a significant decrease of 20% over the past week, leading among the top 50 tokens by market capitalization. Fantom’s performance in the first quarter of the year has been steady, starting off at a low point of slightly below $0.2. While there was some decline in late February and early March, the overall trend has been positive. 

Currently, the price is nearing its highest point of the year, and there seems to be a general sense of positivity among investors regarding its future trajectory. FTM is trading at $0.425, demonstrating a 1.30% decrease in the past 24 hours and 1.32% in its marketcap. 

FTM 7D graph coinmarketcap
Source: CoinMarketcap

Meanwhile, APT, the cryptocurrency, has become the center of attention among the community due to its significant weekly loss, which ranks second. Within the last week, APT has declined by about 19.53%. As of now, the token is trading at $10.24, with a slight increase of 0.40% observed in the last 24 hours.

APT 7D graph coinmarketcap
Source: CoinMarketcap

Avalanch AVAX, which is currently trading at $16.87 with an 18.43% loss in the weekly chart, is also gaining attention. Buyers needed to push the price of the altcoin above $18 for its recovery, as indicated by the current increase in selling pressure reflected by the red AVAX trading volume.

AVAX 7D graph coinmarketcap
Source: CoinMarketcap

Moreover, some popular coins in the top 100 are experiencing slight gains in weekly charts, including LEO at 4%, BTT at 2.85%, and GUSD, with an increase of 1.55%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

After a ten-month hiatus, Bitcoin, the leading cryptocurrency, surpassed $30,000 last week, marking a noteworthy resistance level. However, Bitcoin was unable to sustain its momentum and experienced a sudden decline to $27,177.37 on April 21st.

Bitcoin price is currently struggling below $28,000 with a minor recovery wave above $27,500 resistance. Close above $28,000 and 100 hourly SMA could start a decent increase towards $28,500 and $28,800 resistance. Failure to clear $28,000 could lead to the further downside with immediate support near $27,400 and next major support at $27,200.

BTC 7D graph coinmarketcap 2
Source: CoinMarketcap

Similarly, Ethereum (ETH) reached a new yearly peak last week, surpassing $2,000 for the first time in 9 months, which accomplishment was largely attributed to the successful implementation of the long-awaited Shanghai upgrade. Nevertheless, on the same day, April 21st, ETH also encountered a decline and dropped below $1,827.79.

According to the data from CoinMarketCap, ETH is trading at $1,861.76, experiencing an 11.22% decrease in the last seven days and a 0.19% decrease in 24 hours. However, ETH faces an immediate overhead resistance at $1,910.

ETH 7D graph coinmarketcap 2
Source: CoinMarketcap

If this level is breached, it could potentially propel ETH to reach $1,950, which may aid in initiating a price recovery. On the other hand, the current support levels for ETH are at $1,840 and $1,820.

Related Reading | Cardano’s Ecosystem Flourishes: EMURGO CEO Shares Latest Developments

Filed Under: News, Bitcoin News Tagged With: Aptos (APT), AVAX, Bitcoin (BTC), Ethereum (ETH), ftm

Optimism Overtakes Solana In the Crypto Market: The Battle for Supremacy

February 5, 2023 by Mishal Ali

Evan van Ness, a seasoned ConsenSys veteran and the author of the popular “Week in Ethereum” newsletter, has raised the alarm over the recent performance of Solana (SOL). According to van Ness, the current bullish rally in the cryptocurrency market might have been the last one for Solana.

In a recent tweet, van Ness highlighted an interesting “flippening” between Solana and Optimism (OP), which he called a leading execution environment for the world’s settlement layer.

$OP just flipped $SOL

One is a leading execution environment for the world's settlement layer.

The other is a ill-performant web2 database. pic.twitter.com/WSdkXxXZJG

— Evan Van Ness (@evan_van_ness) February 3, 2023

He further stated that Solana is an ill-performing web2 database and is now lagging behind AVAX, which is a geth fork that tries to hide its scalability problems with big blocks and sidechains.

Flippening Between Solana & Optimism

As explained by van Ness, the flippening between Solana and Optimism refers to the recent shift in the market performance of both cryptocurrencies. He noted that Optimism has now taken the lead over Solana, which is a worrying sign for those invested in the latter.

Van Ness also mentioned that the circulating supply of Optimism is only 5% of its total supply, which was news to him when he initially tweeted about the flippening. He clarified that he has no investment opinion on either of the cryptocurrencies and that this is not financial advice.

However, he did express that he believes Optimism will likely be around for the long term and could potentially be a profitable business with its optirolls. On the other hand, he doubted that SOL would last more than a cycle.

A community member commented on van Ness’s tweet, stating that Optimism is even worse than Solana right now and that he should know better than to promote a low circulating supply of trash.

Van Ness responded by arguing that he was not shilling either of the cryptocurrencies and that he just found the flippening interesting and thought to tweet about it.

Another individual commented on van Ness’s tweet, accused him of promoting a liquidity pump, and criticized his use of “X has surpassed Y due to fundamentals.” The commenter went on to question the validity of van Ness’s analysis, suggesting that if Luna Classic was up, it must also be due to fundamentals.

In response to the individual’s comment, van Ness stated that they were projecting and that he did not have any significant holdings in either Optimism (OP) or Solana. 

You're projecting.

I don't own any meaningful $OP or $SOL

My only real position is that Sqlana is 💩 and will be worth much less than $OP in the long-term

Bc rollups have good biz modelshttps://t.co/Neb4z5EsIM

— Evan Van Ness (@evan_van_ness) February 4, 2023

He further stated that his only real position was that Solana would be and was worth much less than Optimism in the long term because rollups have good business models.

Related Reading | Here’s how Ripple CTO Congratulated Elon Musk Over His Victory

Filed Under: News, Altcoin News Tagged With: AVAX, Cryptocurrency, optimism, Solana (SOL)

Avalanche Network Upgrade Boosts AVAX 22% In 7 Days & 180% In Trading Volume

February 3, 2023 by Saeed Ul Hassan

Avalanche (AVAX) has been experiencing growth, fueled by its recent partnerships with tech giant Amazon and finance platform Intain over the past few weeks. 

However, the network’s latest upgrade has also played a key role, propelling AVAX to reach new highs with a remarkable 18% increase over the past 24 hours.

Despite being impacted by the widespread price drops in the crypto market during the final quarter of the previous year, Avalanche (AVAX) has been making waves as one of the strongest performers in recent weeks. 

With a 22% increase in the past week and a remarkable 40.6% growth in the last two weeks, the altcoin has demonstrated its resilience and potential for continued success.

AVAXUSDT 2023 02 02 08 06 41
Source: Tradingview

According to the data from CoinMarketcap, AVAX is trading at $22.13, with an astonishing 112% boost in trading volume over the last 24 hours. It comes on the heels of a tremendous 30-day period, where the token’s value skyrocketed by a remarkable 99%, per CoinGecko’s statistics.

AV
Source: CoinMarketcap

Technically, the token’s price may continue to rise toward the $24 level or even $26. However, it is essential to note that if the price fails to clear the $22 resistance, it could continue to move down toward the support at $18.

Avalanche (AVAX) Price Driving Factor

AVAX’s impressive rally is spilling over into other areas of its ecosystem, as Avalanche, the blockchain platform for decentralized finance, has released version 1.9.8, known as Banff 8. 

According to Patrick O’Grady, the update includes PROXY Protocol v1/v2 support and optimized P-Chain validator lookup, as well as a new P2P network client helper utility.

🛠️ 🛠️ #Avalanche Banff 8 is out: https://t.co/vUveFLzWh3 🛠️ 🛠️

This version (v1.9.8) is backwards compatible to v1.9.0. It is optional but recommended.

🔍 Release Focus: PROXY Protocol v1/v2 Support + Optimized P-Chain Validator Lookup + P2P Network Client Helper pic.twitter.com/8mEhSVQuID

— Patrick O'Grady 🔺 (@_patrickogrady) February 1, 2023

Banff 8 is backward compatible with version 1.9.0, but its use is recommended for optimal performance. The update does not affect custom virtual machine interfaces, and users running version 1.9.7 do not need to upgrade to Banff 8.

One of the key features of Banff 8 is the support for P2P traffic proxied through the PROXY Protocol, allowing validators to implement custom networking logic and protect their node from specific inbound connections or traffic.

Additionally, the update significantly reduces the latency of getCurrentValidators by 80% through better caching of delegator information. In a future release, getCurrentValidators will only return delegators if specific NodeIDs are provided.

image 9

Lastly, Banff 8 introduces a P2P network client helper utility, making it easier for applications to connect directly to the Avalanche mesh network and exchange messages with validators without running a full node. This utility can be used to build network monitoring tools, stateless clients, and even Avalanche Warp Messaging relayers.

Related Reading | Zhidu Technology Takes Impairment Provision for Bitcoin Investment, Totaling $16M

Filed Under: News, Altcoin News Tagged With: avalanche, AVAX, Price Analysis

Ethereum Prices Surge Leads Traders Liquidate $138.29M in Short & Long Positions

January 13, 2023 by Ammar Raza

Traders who were betting on a market-wide decline were surprised as a broad recovery in the past 24 hours led to the liquidation of some $306.79 million in short positions, or bets against price rises, according to a January 12th report.

Screenshot 2023 01 12 190634
Source: CoinGlass

The report revealed that based on the data from CoinGlass, the most significant liquidations took place in Ethereum-related futures, totaling $138 million in both short and long positions. 

Bitcoin futures experienced liquidations of $96.35 million, while AVAX and GALA incurred more than $5 million, respectively, in losses due to volatile trading on January 11th. 

Besides the rise in price, Ethereum has reached a new milestone in its journey toward a proof-of-stake network. Data from Etherscan reveals that over 16 million ether (ETH) have been deposited into Ethereum’s Beacon Chain staking contract. 

As per the report, this figure represents more than 13.28% of the total ether supply and is equivalent to nearly $22.38 billion at current prices. The achievement comes almost two years after the launch of Ethereum’s staking contract in 2020.

Other Altcoins Follow Ethereum Price Rise

According to CoinMarketcap, the market experienced a 3.5% growth in total market capitalization over the past 24 hours, with leading cryptocurrencies reaching major resistance levels and seeing substantial gains.

Bitcoin and Ethereum, the top two cryptocurrencies, are currently seeing bullish trends. At the moment, Bitcoin is trading at $18,272.68, with a 4.85% gain in the last 24 hours and an 8.57% increase over the last 7 days. 

Similarly, Ethereum is being traded at $1400, with a 4.84% rise in the last day and an 11.66% increase in the past week. Ethereum has earlier today reached its major milestone of approximately $1,400 after a period of two months.

ETHUSDT 2023 01 12 19 10 14
Source: CoinMarketcap

Ethereum is leading the way for several other alternative coins, including Avalanche, which has seen a daily gain of 23% and 30% over the past seven days. 

GALA has also seen an 8.79% increase in the last 24 hours and a staggering 132.28% increase over the past seven days. Aptos has also seen a significant gain of 40% in the past seven days, among others.

Related Reading |  Binance Is Defying Industry Trend by Planning to Increase Hiring by 30% in 2023

Filed Under: News, Altcoin News Tagged With: AVAX, Bitcoin (BTC), Ethereum (ETH), gala

Will Avalanche DEX’s Sustain Rally Bolster AVAX?

January 7, 2023 by Lipika Deka

Avalanche-based DEX Trader Joe’s had a remarkable performance last year, data from Dune Analytics revealed. For instance, its trading volume in the month of Dec was the highest and has since maintained its momentum.

In the swap volume statistics, the pair GMX/WETH occupied the top spot and the USDC/WETH pairing comes in second.

The protocol’s trading volume per liquidity pool was then examined, and a fair number of transactions were found, which is proof of its strong liquidity.

Screenshot 2023 01 06 161609
Will Avalanche DEX's Sustain Rally Bolster AVAX? 13

In addition to its initial purpose as a typical Defi platform, the AMM that trades on the AVAX blockchain has launched other services including lending, leveraging, staking, farming, and other activities.

It has developed into a one-stop shop that tries to address concerns the Defi sector faces, including capital efficiency.

Trader Joe version 2, based on a novel Automated Market Maker [AMM] architecture, has reached a TVL of over $7 million.

The DEX also just released Liquidity Book, version 2 of its Automated Market Maker. It boasts that by enabling liquidity providers to collect trading fees within a particular price range, it hopes to increase its efficiency.

All these can act as a catalyst in the AVAX price action which dropped by a staggering 90%, leaving many investors scratching their heads.

The more transactions there are on the DEX, the more money flows into Avalanche. Overall, this might boost the price of AVAX and give holders some respite from the loss they have amassed over the past few months.

Avalanche [AVAX] Ecosystem Is Gaining Traction Amidst Price Fall

The token did post some recovery on 5 Jan. with the price crossing the $12 mark but has fallen over 7% to trade at $11.43 as per data provided by CoinMarketCap.

The 18th-ranked token with a market cap of $3.5 billion is down by 4% in the last 24 hours.

Although the pricing of the cryptocurrency market has been highly gloomy over the past year, on-chain advancements are still going strong. Avalanche expanded its incentives program on December 30 to encourage the creation of dApps on the Avalanche ecosystem.

December also saw the integration of Coinbase’s USDC which will bring more people into Avalanche and the crypto economy. 

The AVAX ecosystem has also forged many significant alliances with HoldStation, a provider of SocialFi wallets, and Odos Protocol, who established a DEX aggregator on Avalanche.

Filed Under: Altcoin News, DeFi, News Tagged With: avalanche, AVAX, DeFi, Trader Joe

Avalanche: Total Revenue Drops by 94.1%

October 11, 2022 by Goku

Avalanche’s network value climbed by 3.3%, but its overall income decreased by 94.1%, according to a Messari analysis. The third quarter of 2022 had a lot of ups and downs for (AVAX).

Avalanche remained committed to its objective to digitize all assets, improve the network’s functionality, and extend horizontally using architectural design and subnets throughout Q2 despite the general market drop. With the help of Core, a Web3 operating system, user access was increased.

With the launch of NFT markets like Trader Joe’s Joepegs and GameFi innovations, the ecosystem also proceeded to grow into DeFi and beyond. In the end, the Avalanche ecosystem’s growth continued, and the network kept its eye on the long term.

The daily transaction volume and transaction fees have decreased by 65.5% and 76.2%, respectively, despite the network’s integrations with platforms like Core, THORChain, and Boba Network showing increasing real-world usage, according to Messari.

1/ @avalancheavax's Q3 2022 focused on its vision to digitize all assets, enhance the network’s capabilities, and scale horizontally through architectural design and subnets.

Let's explore Avalanche's Q3.🧵 pic.twitter.com/zXXu2LLGvw

— Messari (@MessariCrypto) October 10, 2022

Avalanche Rush is also witnessing a downfall

Avalanche Rush, well-known decentralized finance (DeFi) incentive scheme, has also been losing value, with its total value locked (TVL) dropping by about 27% “in both USD and AVAX Quarter over Quarter (QoQ).”

Along with DeFi, AVAX’s market conditions for non-fungible tokens (NFT) were unfavorable. NFT sales volume and unique customers on the network have decreased by more than 88% and 34%, respectively. Data from Messari, however, shows that the number of unique sellers has climbed by 25%.

The AVAX network is a decentralized smart contract platform based on Proof-of-Stake (PoS). It distinguishes itself by developing and executing the “Avalanche consensus” consensus family. The Avalanche mainnet was introduced in September 2020, following years of study, and included the introduction of a multichain architecture employing three chains.

Additionally, the number of active addresses each day reversed the trend, falling from an estimate of 63,000 in Q2 to an average of 38,000 in Q3. 

The network’s average daily transaction fees fluctuated throughout 2021 and into Q1 2022 as the network’s use and financial indicators increased. Lower average transaction costs were made possible by a number of Apricot Phase 5 releases and Avalanche Go (Apricot Phase 6), which were both introduced in Q3.

Filed Under: Industry, News Tagged With: avalanche, AVAX

UK’s Revolut Adds DOGE, SHIB With Eyes On US Market

September 21, 2022 by Lipika Deka

DOGE, SHIB, SOL, and AVAX are among the 29 tokens added by London-based fintech startup Neobank Revolut as part of its crypto expansion plans in the highly competitive US market dominated by industry heavyweights such as Coinbase, Binance, etc.

According to the press release, the bank’s partnership with digital asset service provider Apex Crypto made it feasible for it to make the most recent step to expand its portfolio.

“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering,” Mazen Eljundi, Revolut’s global business head for crypto said in a statement. Trading is commission-free up to $200,000 a month, he added. 

The New York department of financial services has not yet approved all of the tokens, the announcement also revealed.

On its platform, Revolut enables users to purchase and trade cryptocurrencies. Customers could previously only keep cryptocurrency within the app; however, they can now withdraw Bitcoin to an external wallet.

Revolut is also referred to as a “challenger bank,” a term for new digital banks with the mission to challenge the major banks.

However, the firm reportedly came under the scanner of UK financial regulators who have noted some discrepancies in the auditing report.

According to a Financial Reporting Council report from July, the audit of an unnamed “financial services provider” by accountancy firm BDO was found to be insufficient and to have a risk of an undetected material misstatement.

The report came after co-founder and CEO Nikolay Storonsky ‘complained’ in a recent interview about how long regulators are taking to review its application for a banking license.

That said, the popular meme coin Dogecoin has now emerged as the second biggest PoW coin.

DOGE 2nd Largest PoW Token After The ETH Merge

Dogecoin is now the second-largest proof-of-work cryptocurrency in terms of market value following the transition of the Ethereum network to the proof-of-stake protocol on September 15, TronWeekly reported.

The widely used meme coin is way ahead of the third-ranked PoW cryptocurrency Ethereum Classic [ETC] with a market cap of $4.69 billion, as well as Litecoin [LTC], having a market cap of $4 billion.

In addition to that, the asset made a comeback to the top 10 after surpassing Polkadot [DOT], according to CoinMarketCap data. The token is currently valued at $7.9 billion.

Filed Under: News, Altcoin News Tagged With: AVAX, DOGE, Revolut, SHIB, solana

Cardano Way Ahead Of Other PoS Blockchains With 1M+ Delegators- Report

September 13, 2022 by Lipika Deka

Cardano ranks the highest among the proof-of-stake chains such as Polkadot [DOT], Avalanche [AVAX], and Tezos [XTZ] as per a report.

With 1182047 delegators, ADA leads the PoS rooster of chains. At the same time, open-source blockchain platform Polkadot has over 33,646 staked wallets (called Nominators), and smart contract poineer Avalanche 22,890 individual staked wallets occupy the second and third spots respectively.

The greater the number of delegators, the higher the degree of decentralization, and vice versa. Here is what “delegations” mean.

Holders of ADA tokens can transfer the stake attached to those tokens to a stake pool through delegation. It enables holders to participate in the network and receive rewards proportional to the amount of stake delegated even if they lack the knowledge or willingness to manage a node.

One interesting thing to note is Avalanche, although having less staked wallets than Polkadot, has a higher staking ratio. Comparing Polkadot’s 998 validators to Cardano’s 3,202 stake pools/validator nodes, the latter has a much larger number of validators.

image 34
Cardano Way Ahead Of Other PoS Blockchains With 1M+ Delegators- Report 15

“Cardano PoS Is Better Than Ethereum’s”

A few weeks back, an ADA stake pool administrator provided the following explanation on why Cardano’s PoS is superior to Ethereum’s.

On Cardano, users can stake from their own wallet to a pool. On ETH you have to send your tokens to a contract that can be hacked. The only way to keep your tokens on $ETH [locked up] is by having 32 $ETH and the technical knowledge to set up a node. Your tokens won’t be unlocked until the Shanghai upgrade. Users on Cardano can withdraw their rewards or stake at any time.

For the uninitiated, the Ethereum Shanghai upgrade would address the gas issues by introducing changes in the network’s L2 protocols and is due to launch sometime after the deployment of the Ethereum merge, most likely in early 2023.

Another factor cited by experts is that Cardano‘s high degree of decentralization is supported by the relatively modest size of its full node and the minimal hardware requirements, as evidenced by a large number of stake pools and users running full nodes.

Even though the network meets the security and decentralization requirements, like all public blockchains, Cardano struggles with scalability too. It is expected that the vast majority of these improvements will be incorporated in the forthcoming Vasil update on September 22.

Filed Under: News, Altcoin News Tagged With: AVAX, Cardano (ADA), DOT

3 more exits for Ava Labs saga involved crypto lawyer

September 2, 2022 by Aishwarya shashikumar

Rumors of Ava Labs working with a law firm appeared as the community tried to wrap up August positively. According to the well-known website Cryptoleaks, Ava Labs and Roche Freedman LLP agreed to shut down other cryptocurrency businesses in exchange for AVAX tokens. Ava Labs’ CEO rejected the accusations, calling them “conspiracy theory garbage.” Kyle Roche of Roche Freedman then made the decision to speak up.

Over the past several months, there have been many things that have fallen apart in the cryptocurrency business. With abandoned projects and disappearing CEOs, the bears were not making things any simpler. In the midst of all of this, crypto lawyer Kyle Roche of Roche Freedman LLP gained notoriety after a number of videos showing him having cocktails with clients surfaced. Although this looks like a routine encounter, there was difficulty since he allegedly talked about his relationship with crypto clients. Even his company’s collaboration with Ava Labs to overthrow other businesses was mentioned.

Roche debunked all allegations on Twitter earlier this week. The recordings disclosed by Cryptoleaks, he continued, were “extremely altered and illegally obtained.” After that, the lawyer for several crypto businesses withdrew from many class action lawsuits.

In the Southern District of New York, Roche reportedly filed petitions to resign as the attorney for a number of class action lawsuits. Tether, Bitfinex, the Tron Foundation, HDR Global Trading, and Binance were among those mentioned. The motion further noted that the crypto lawyer was “no longer participating” in the class action business of the law firm.

Roche’s action was also questioned by the community because he had previously refuted all accusations. Even going so far as to assert that Ava Labs would never make such a request in the first place, he endorsed the company.

Ava Labs’ AVAX rolls down the hill

AVAX saw a greater loss as a result of this information, even if the entire crypto-verse has been in decline. Over the past several days, the value of the Ava Labs’ token has dropped significantly.

Screenshot 157
Source: CoinMarketCap

Earlier this week, the altcoin plunged to a low of $17.56. AVAX was selling for $19.05 at the time of writing, down 3.25 percent over the last 24 hours. It should be mentioned that over the past week, the altcoin had a 17 percent decline.

Filed Under: News, Altcoin News, World Tagged With: ava labs, AVAX, Cryptocurrency

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