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

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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.

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

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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.

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Cardano Way Ahead Of Other PoS Blockchains With 1M+ Delegators- Report 2

“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.

3 more exits for Ava Labs saga involved crypto lawyer

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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.

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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.

Robinhood Lists Stellar [XLM] And Avalanche [AVAX] Amidst SEC Probe

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Leading commission-free trading app Robinhood has expanded its crypto offering by adding Stellar [XLM] and Avalanche [AVAX], per a recent announcement. The trading platform’s recent addition is a welcome change to its earlier conservative listing policy toward crypto assets.

A few months back, it added support of Solana [SOL], Shiba Inu [SHIB], and Polygon [MATIC]. followed by Chainlink [LINK] in late June.

Beginning its foray into the crypto space in February 2018, Robinhood initially allowed its users to trade Bitcoin and a small selection of altcoins. Notably, BTC still accounted for over a third of the firm’s crypto-related revenue during the heights of the meme coin frenzy in the first quarter of 2021.

It gained a lot of attention when the world’s acclaimed meme coin Doge went live in July 2018. Following that it refrained from adding any more crypto tokens for almost three years at a time of massive growth in the crypto industry.

Earlier this year, the California-based firm started releasing crypto wallets, enabling users to withdraw crypto from exchanges.

But that could not alleviate the firm’s woes as in late June, shares of Robinhood took a hit due to shrinking revenue and a decline in active users. There were also reports of a possible acquisition by FTX which was denied by the firm.

Robinhood Embroiled In Legal Battles

On top of that, it recently reduced its staff by 23% amidst revenue falling to nearly halved in the second quarter of 2022.

In addition to that, the U.S. Securities and Exchange Commission has been investigating the company’s compliance with short-selling rules since October 2021, as per a recent filing.

It also received requests from the SEC in Q2 seeking information related to the firm‘s compliance with trade reporting requirements concerning securities and fractional share lending.

This week, the trading platform’s crypto wing was fined $30 million by the New York State Department of Financial Services, in violation of anti-money-laundering and cybersecurity rules.

In 2020, the agency awarded a penalty of $65 million for misleading its customers about a key source of revenue, called payment for order flow which the firm didn’t admit or deny wrongdoing.

Avalanche [AVAX] slumps by 34% in 2 weeks amidst surge in network activity

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Avalanche [AVAX] price has been currently embroiled in a downtrend as it kept hitting lower lows since the beginning of December 2021. AVAX took the lead in registering one of the biggest losses among the altcoin troupe in a span of just 2 weeks. The native token declined by 34% since December 1st, 2021, and has been unable to cross the $100 mark for more than a week.

At the time of writing, the asset is trading at $79.46 with a 24-hour trading volume of $1.08 billion. AVAX is down by 6.45% in the last 24 hours. The 12th ranked asset’s market cap stood at $19.31 billion.

Avalanche [AVAX] technical analysis

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In the 1 day chart, the emerging red bars of the Awsome Oscillator [AO] is depicting a bearish momentum in the coin market. Next to that the Chaikin Money Flow [CMF] slow rise under the zero-line is projecting an increase in the capital inflow which is a positive signal for price recovery. With respect to the trading activity, the sellers are currently holding their fort as evident from the RSI indicator hovering below the 50 mark.

Avalanche’s optimistic fundamentals in contrast to its price slump

Despite the overall dull outlook on the price front, its network activity is relatively unfazed. As a matter of fact, the AVAX network is taking the lead on a high-profile initiative with one of its top developer’s ambitious proposals to absorb SushiSwap under their project’s umbrella. Notably, the AVAX coin has seen a nearly 1,000% surge since the beginning of August this year, making it one of the fastest-growing platforms in the decentralized application [dApps] sector.

In addition to that, one of the developers of the network is Daniele Sestagalli who is the brain behind two of Avalanche’s largest dApps, Wonderland and Abracadabra whose combined market capitalization of their respective tokens stood at a staggering $6 billion. Continuing its rapid strides- in the Daily Active Address count, Avalanche charted a new milestone on 14th December, this year.

Avalanche [AVAX] scores a Million Cumulative Wallets on its C-Chain

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Avalanche [AVAX] charted a new milestone when it scored a million total wallets on its Contract chain [C-Chain] for the first time since its inception back in 2018. Reading along the same line, Marketing Exec of Avalabs Jay Kurahashi-Sofue illustrated a gradual increase in the cumulative address count of AVAX, starting from 2021.

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It is noteworthy to mention that the network comprises of three individual blockchains: the X-Chain, C-Chain and P-Chain. Each chain serves a unique purpose and is entirely different from Bitcoin and Ethereum. The important chain, for the time being, is the Contract or C-Chain which is the EVM compatible chain and operates on Proof of Stake protocol, adding a layer of extra security.

With regards to its on-chain activity, the layer one blockchain is going through a phase of hyper-growth, with Total Value Locked [TVL] increasing 88x since July 2021, tapping a new high of $13.18 billion on 26th November, according to multichain stats provider DefiLlama. Even though, TVL has retraced to $12.43 billion at the time of writing, it is still hovering close to its ATH.

Previously Tronweekly reported on Avalanche’s [AVAX] entry into the coveted list of the Top 10 cryptocurrencies. AVAX hit an all-time high of $146.22 on 21st November this year, soaring by more than 200% in a span of just three months. Following that, the digital asset surpassed both Elon Musk’s favorite Dogecoin [DOGE] and its rival Shiba Inu [SHIB] to secure the 10th rank for a brief period of time.

Recent partnership in the Avalanche ecosystem

Notably, AVAX succeeded in raking new gains following the announcement of building a disaster recovery platform with prominent accounting firm Deloitte on 17th November. According to the blog post, ”The Close as You Go service simplifies disaster reimbursement applications for victims of natural disasters, by aggregating and validating the documentation required for funding”.

Avalanche yet to tap the NFT market?

AVAX’s DeFi ecosystem continues to prosper, while its footprint in the NFT space is still at its nascent stage. Nevertheless, Avalanche has started to gain traction with high-profile platforms such as Kalao and Particle being built exclusively on the blockchain.

On the price front, it is currently trading at $110.75 with a 24-hour trading volume of $1.29 billion. The 11th ranked asset is up by 2.18% in the last 24 hours. 

Avalanche [AVAX] zooms past Dogecoin [DOGE] and enters into the Top 10

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Avalanche [AVAX] continued its massive strides against its peers to join the coveted list of the Top 10 cryptocurrencies. AVAX hit an all-time high of $146.22 on 21st November this year, surging by more than 200% over the course of three months. Following that, the native token has pushed back Elon Musk’s favorite Dogecoin [DOGE] and was trailing ahead by a market cap of $184 million.

AVAX 3M graph coinmarketcap
Avalanche [AVAX] zooms past Dogecoin [DOGE] and enters into the Top 10 7

The latest surge in the coin’s price action has been attributed to a host of high-profile partnerships. One of them is a deal struck with the leading consulting firm Deloitte by Ava Labs to build more efficient disaster relief platforms. Taking note of the collaboration, the head of institutional sales and over-the-counter [OTC] division at crypto-derivatives exchange FTX, Jonathan Cheesman stated,

“It’s another example of faster, cheaper Ethereum competitors doing well. There’s a huge wealth effect and a lot of opportunistic and mobile capital.”

The project dubbed as ‘The Close As You Go‘ utilizes the layer one blockchain in a bid to enhance security, speed, and accuracy of Federal Emergency Management Agency [FEMA] funding, according to the official report from Ava Labs. Furthermore, the initiative in question will aid state and local government officials to streamline disaster reimbursement applications.

Avalanche’s [AVAX] Stellar Rise

Avalanche has doubled in the past 30 days alone and is up more than 3,000% over a year. Cryptocurrencies noted a highly volatile period as November dawned. AVAX, for one, mostly defied the general market movement to rally and outpace several well-known coins. One of the main catalysts was Ethereum’s high gas fees that have prompted market participants to look for viable alternatives.

The Avalanche Foundation’s Blizzard fund was yet another contributing factor. For the uninitiated, the organization behind the AVAX blockchain had announced raising $230 million from a private sale of the tokens which witnessed the participation of Polychain and Three Arrows Capital.

Trader Joe. who happens to be one of the most popular DeFi projects on Avalanche has increased the network user’s base by a whopping 37% last week. With this, the DeFi service even exceeded well-known players such as Uniswap and QuickSwap decentralized exchanges.

Avalanche [AVAX] Scores Fresh ATH; What’s Next?

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Avalanche [AVAX] has been outperforming its peers. The leading crypto-asset charted a new all-time high at $101.37 in the wee hours of the 17th of November. Besides, Avalanche has also witnessed tremendous growth on the DeFi front.

Prominent research and investment firm Delphi Digital observed that TVL on the network reached a new high on the 15th of November this year. In the backdrop of the native token’s price tapping new records, Avalanche’s DeFi TVL has crossed $10 billion. Delving further, the consulting platform said that AVAX continued to dominate against its competitors and has effectively managed to stand out with regards to its ability to attract capital inflows on its chain.

As per the latest stats on DeFiLlama, TVL on AVAX attained a new high of $10.36 billion two days back and is currently at $10.29 billion. Despite a minor pullback, the figure has continued to hover close to it.

Avalanche [AVAX] Daily Chart

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Avalanche [AVAX] Scores Fresh ATH; What's Next? 10

The network‘s positive development has reflected on AVAX’s price as well. At the time of writing, AVAX was trading at $97.34 after a daily rise of 7.53%. Its market cap was found to be at $21.68 billion while its 24-hour trading volume stood at $1.89 billion.

As gauged from the above 1-day price chart, the diverging Bollinger Bands [BB] depicted increased volatility in the coin market. The MACD indicator is aligned towards the bulls. On the other hand, the Klinger Oscillator [KO] appeared to be gearing up for a bearish crossover in the near term.

Avalanche [AVAX] 4-hour Chart

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In the 4-hour chart, the Awesome Oscillator [AO] is leaning towards a bullish momentum. With respect to the trading activity, the Relative Strength Index [RSI] indicator has managed to hold its ground above the 50-median line meaning buyers are dominating the market. The Chaikin Money Flow [CMF] cruising above the zero line is projecting strong capital inflows in the market.

Can Avalanche [AVAX] enter the coveted top 10 by end of this month?

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As large-cap cryptocurrencies rally appeared to be stagnated, altcoins such as Avalanche [AVAX] have managed to rake in tremendous gains. With the third-quarter kicking off, the collective crypto market recovered from the September losses with the total market capitalization standing above a handsome $2.77 trillion.

The AVAX token, for one, climbed to the 13th rank after fetching significant gains. As a matter of fact, AVAX has soared by more than 17% in less than 24 hours and charted a new high of $85.42 today, while the weekly gains were found to be above 35%. Avalanche’s native token is steadily closing the gap with its Terra [LUNA] and is a little below $2 billion with regard to market capitalization. The former’s upward price trajectory has raised new hopes of the token entering into a triple-digit figure, much faster than anticipated.

While echoing a bullish outlook, prominent crypto proponent Lark Davis tweeted,

Interestingly, the latest peak comes after the digital asset management firm, Grayscale Investments announced the addition of AVAX and LUNA on its list of assets under consideration, just three days ago.

Grayscale cited factors such as internal controls, custody arrangements, and regulations that play a crucial role in determining an asset’s eligibility to the portfolio. Although the entire process of allocating an investment product for Avalanche might look complex and multifaceted, AVAX has benefitted from the announcement, leading up to its all-time high. Its tweet regarding the same read,

“As the digital asset ecosystem continues to grow, so too does our list of assets under consideration. This week, Avalanche [AVAX] and Terra [LUNA] joined that list.”

Nevertheless, Grayscale’s latest move transpires from the demand as well as the competition of Layer 1 blockchains with smart contracts capabilities such as Avalanche.

Avalanche’s [AVAX] scores ATH in Total value locked [TVL]

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Avalanche continued its rapid strides in terms of total value locked [TVL] with $9.24 billion tapping a fresh high in the process. Over the last month, the figures increased by more than 100% according to on-chain data provider, DefiLlama. Earlier this week, the Avalanche Foundation announced a new $200 million fund dubbed ‘Blizzard’ aimed at facilitating liquidity support for startup projects with its ecosystem, while focusing on decentralized finance [DeFI], nonfungible tokens [NFT], Institutions, and other cultural applications.

Avalanche’s [AVAX] heckled by the bear; $70 out of AVAX’s sight?

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The crypto market was finally recovering from the bruises caused by the bear. Avalanche [AVAX], XRP, and Uniswap [UNI] were lagging behind and were seen taking longer than usual to navigate the path towards recovery. Despite garnering limited gains, Bitcoin [BTC] and Ethereum [ETH] were seemingly out of danger.

The latest trend reversal made no impact on BTC as it stayed still at the $42K zone. Ethereum [ETH] endured a similar fate and affirmed that $3K was still a long way ahead. The drop in its prices was mirrored by the assets’ market cap. The latter, however, made no difference as both these coins were well settled as the first [BTC] and second-largest [ETH] cryptocurrencies.

Avalanche [AVAX] created an uproar in the crypto market with its notable price change. The asset followed the footsteps of Solana [SOL] and jumped to another level. However, the altcoin was seen taking a break from its hot streak. AVAX, during the time of writing, was trading for $65.03 with a 2.44% stumble over the last 24-hours. The altcoin had recently hit $80, paving the way for speculations of its journey towards $100.

The altcoin undoubtedly escalated up the crypto ladder. From being one of the lesser-known assets, AVAX rose to the top as the 12th largest cryptocurrency in the market. At press time. the altcoin’s market cap was at $14.3 billion.

Avalanche [AVAX] one-hour price chart on Binance

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Avalanche's [AVAX] heckled by the bear; $70 out of AVAX's sight? 13

The short-term price chart of AVAX witnessed a change in its trend. Earlier today, the MACD line slowly took over the signal line and went on to form a bullish crossover. The Awesome Oscillator indicator laid out an array of green bars. However, a barely visible red closing bar was put in place by the indicator. This further announced the presence of the bear in the Avalanche market.

The Relative Strength Index [RSI] noticed moderate buying and selling activity.