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Avalanche (AVAX) Successful Retest Signals Potential Price Rally

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Avalanche (AVAX) appears to be on the brink of a notable upward trend in its value. Following Bitcoin’s recent decline, AVAX also faced a setback but managed to rebound from its support level. Despite this temporary setback, AVAX shows strong potential for a significant surge in value.

Crypto analyst Rekt Capital offers some insight into Avalanche (AVAX)’s current position showing how far the cryptocurrency has come. This accomplishment may lead to higher volatility in Avalanche’s market direction.

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The analyst underlines the importance of a successful retest of the $47.30 (red colour) level so that the Avalanche can continue marching northward. This retest means everything because it validates price action and confirms strong support.

However, despite the overall bullish sentiment, there remains the possibility of downward price fluctuations during this retest. These fluctuations, represented by downside wicks, could signify temporary price dips or profit-taking by investors.

As of the time of writing, AVAX has garnered attention, with its current price standing at $47.85 and a 24-hour trading volume of $1.21 billion, contributing to a market capitalization of $18.06 billion. Over the past 24 hours, the price of AVAX has increased by 1.46%.

AVAX 1D graph coinmarketcap 2

Avalanche (AVAX) April Price Forecast

According to the latest forecast from Changelly, Avalanche (AVAX) is expected to have a substantial appreciation, such as a 13.68% rise to $57.85 by April 3, 2024. This forecast shows optimistic sentiment for AVAX in the near future.

Also, technical indicators provided by Changelly show Neutral Bullish market sentiment with a 72% confidence level on Avalanche. Moreover, the Fear & Greed Index, which measures investor sentiment, is currently at a score of 79, indicating Extreme Greed among market participants.

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Avalanche (AVAX) Successful Retest Signals Potential Price Rally 4

Considering the historical price changes of Avalanche at the beginning of 2023, crypto analysts expect an average AVAX rate of $100.27 by April 2024. This suggestion means there might be an upward trend in the long term. The projected lowest and highest values of AVAX are envisaged at $97.60 and $102.93, respectively, showing a range of possible price movements within that time frame.

Related Reading |  Ethereum Plummets Below $3,400 Indicates Further Price Decline, Says Analyst

CryptoRank Unveils Varied Crypto Market Trends Amidst Bitcoin Surge

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One of the recognized analytical platforms CryptoRank, made an overview of the current state of the cryptocurrency market. The revelation is a potpourri of trends with Bitcoin (BTC) in the lead rising above the $66,000 level.

The report looks into the top 10 cryptocurrencies performances and it is noticed that there is a diverse trading direction of the top 10 cryptocurrencies. Solana (SOL) was among these with a significant uptick of 2.82%; Ethereum (ETH) and Ripple (XRP), however, decreased by 2.18% and 1.93% each.

Surging Crypto Values And Market Dynamics

The latest update from CoinMarketCap is a rise in the value of popular digital currencies, which indicates a positive trend in digital finance. Leading the way, Bitcoin has surged to a striking $66,094. Subsequently, Ethereum also soared and reached $3,317. Solana, a close follower in the growth rate, is now valued at $188.10. Meanwhile, Ripple (XRP), trending upwards, is trading at $0.5842. All digital assets represent different market positioning and strategies, making the entire market dynamic and diverse, which develops the vibrancy and fluidity of that digital financial ecosystem.

The analysis has also drawn attention to the overall market capitalization, which has slightly declined by 0.73% to $2.61 trillion. In a closely watched metric, the market dominance of Bitcoin only fell slightly to 49.91%, which is a loss of 0.03%. In these financial waves, a Fear & Greed Index reported that the market is 71 greedy.

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Source: Alternative.me

The top performers highlighted by platform have significantly overperformed the rest of the market. Klima DAO (KLIMA) was the first to grow, gaining 42.9%. A cat in the dogs world, also known as MEW, followed closely with a 41.2% increase. Then came Fluence (FLT) and Script Network (SCPT), which both surged by over 40%. Verge (XVG) finished the list with a 37.5% gain, revealing the wide possibilities for growth in the digital space.

The last market overview from the platform clarifies not only the unpredictable characteristic of digital assets but also the changes of the situation in this digital environment. The disparity that is witnessed among other top cryptos and gainers is the complexity and thrill that comes with crypto trading.

Wormhole Unveils $2.1B Token Roadmap

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With its groundbreaking token roadmap launch, the decentralized messaging protocol Wormhole is trailblazing the cross-chain bridge ecosystem. The highly anticipated airdrop will kickstart its journey as a native SPL token on the Solana blockchain. But that’s just the beginning, as the W token will expand to all Wormhole-connect EVM chains thanks to Wormhole Native Token Transfers [NTT].

As stated in the blog post, the team outlined a brief overview of the utility plans of the W token. After debuting on Solana, NTT will allow seamless transfer of W across Solana [SOL], the Ethereum mainnet [ETH], and layer two protocols. The strategic maneuver is to sidestep liquidity fragmentation while ensuring the preservation of its distinctive functionality for the Wormhole ecosystem.

By adopting a flexible approach to the rollout of W, the Wormhole contributors aim to ensure a secure and controlled introduction that will promise an exciting future for token holders and the wider blockchain community. Stay tuned for updates on these developments as the mission continues to advance.

W token holders would wield the power through a pioneering multichain governance system, bringing Solana, Ethereum, and EVM L2s under one decentralized DAO. The project’s roadmap also highlighted on-chain governance, empowering users to lock and delegate their W tokens on both Solana and EVM chains.

Wormhole’s Financial Backing and Tokenomics

Besides facilitating encrypted asset transfers between Layer 1 blockchains, Wormhole enjoys a first-mover advantage compared to LayerZero. The project earlier secured $225 million in funding, and with a valuation of $2.5 billion, Wormhole enjoys robust financial backing from multiple well-known VCs within the crypto industry, demonstrating remarkable strength and vision.

Thirdly, the project has an active presence on social media platforms, with vibrant communities in both Chinese and English-speaking regions, fostering continuous and effective communication among its solid user base.

Wormhole
Wormhole Unveils $2.1B Token Roadmap 7

Furthermore, its meticulously crafted tokenomics, featuring an initial lockup of 82% of tokens, ensures controlled circulation and presents numerous opportunities. Scheduled for initial listing on Bitget Global at noon, April 3rd [UTC], this red-hot project is undoubtedly one to watch closely.

GF Securities Launches First Tokenized Commercial Paper in Hong Kong

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GF Securities (Hong Kong), a re­nowned Chinese se­curities firm, achieved a re­markable milestone by issuing the­ inaugural short-term commercial paper (Comme­rcial Paper) tokenized se­curities under Hong Kong’s legal frame­work. ABT Tech, a locally incubated blockchain technology company, provided technical expertise.

Hong Kong, known as a world financial center, is now wholeheartedly embracing innovation to spearhead a new phase of digital real asset investment. From Web 3.0 to virtual assets and Real World Assets (RWA) tokenization, the city has made some positive steps forward.

This significant offe­ring heralds the introduction of tokenize­d securities, following the issuance­ of pivotal regulatory guidelines from the­ Hong Kong Securities and Futures Commission last Nove­mber. It signifies a transformative mile­stone in the region’s digital finance­ landscape.

The tokenized security is based on the Ethereum blockchain public network ecosystem and has numerous benefits, including better transactional security, transparency, and efficiency. Free from institutional constraints, investors can obtain all the information they need concerning tokens.

It is a paradigm shift that takes us away from the traditional intermediaries of the issue of tokenized securities and makes investment democratic. This move reduces the participation threshold significantly and expands the number of investors, creating favorable conditions for personalized product design.

Tokenized RWA Reform Investment Accessibility

However, the tokenized RWA represents just an initial step towards digitizing assets. Allowing tokens to be issued and traded, therefore, allows investors to own tangible physical assets on a public ledger in blockchains, which is able to reduce the investment thresholds and optimize asset liquidity.

Furthermore, The Hong Kong Securities and Futures Commission (SFC) has clarified that Security Token Offerings (STOs) and RWA investments can now be accessed by retail investors, which will attract a large influx of funds into the Hong Kong market.

The beginning of RWA and STO are projected to inject a new drive into the Hong Kong economy by improving asset liquidity and bettering operational efficiency. Even as these changes are still in their infancy, regulatory improvements and increased investor knowledge will steer traditional financial institutions.

Hong Kong’s Role in RWA Innovation

Looking ahead, Hong Kong has huge potential when it comes to RWA and STO innovation. Supported by a strong regulatory framework, the city is well-placed to drive the change towards Web3 in the industry. However, this momentum must be maintained through more breakthroughs and infrastructure improvements.

Despite the challenges posed by technological advancement and compliance issues, Hong Kong’s regulatory authorities have been open and supportive of RWA innovation. That means when retail investors are embraced, there will be more funds available for RWA innovation in Hong Kong.

Standing at the precipice of the digital economy era, Hong Kong’s embrace of the RWA revolution exemplifies its commitment to pioneering innovative development. With concerted efforts from all stakeholders, Hong Kong can capitalize on the opportunities presented by Web 3.0, leading the charge toward a thriving digital economy.

Related Reading | DOGE Downturn Amid Bitcoin’s Dip: Navigating Market Swings with $0.20 in Sight

Deribit Secures Conditional VASP License from VARA, Relocates HQ to Dubai

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Crypto derivative­s leader Deribit se­cured a conditional Virtual Asset Service­ Provider license from Dubai’s re­gulatory authority, solidifying its global presence within Dubai’s flourishing crypto ecosystem. Dubai’s crypto hub presents opportunities De­ribit aims to leverage through this lice­nsing move.

The conditional lice­nse, acquired on April 2nd, 2024, covers spot and derivatives trading. However, the company re­mains inactive until Deribit mee­ts certain VARA-mandated prere­quisites. This involves finalizing localization processe­s and conforming to continuous regulatory oversight. However, Deribit’s leadership views this as a necessary step for long-term growth.

“Securing the conditional VASP license from VARA is not just a regulatory milestone; it’s a sign of our unwavering commitment to providing a secure, transparent, and innovative platform for our users,” said John Jansen, Deribit Co-Founder.

This sentime­nt resonates with the appointme­nt of Luuk Strijers as the new CEO. Strije­rs, an experience­d professional with nearly two decade­s in the financial sector, possesse­s extensive knowle­dge in product developme­nt and client engageme­nt strategies.

He unde­rscores the vast prospects offe­red by VARA’s progressive re­gulatory framework. Strijers aims to capitalize on De­ribit’s established client trust while­ driving further innovation within the evolving cryptocurre­ncy marketplace, exe­mplifying his forward-thinking approach.

Deribit strengthens its leadership ense­mble by welcoming Dennis Dijkstra, forme­r Chief Executive Office­r of Flow Traders, and industry veteran Wille­m Meijer as Non-Executive­ Directors (NEDs). Their extensive expertise will catalyze Deribit’s strategic navigation towards sustaine­d growth, solidifying its leading marke­t standing.

Dubai Crypto Hub Influences Deribit’s Strategic Move

Dubai eme­rges as a worldwide crypto hub, crucial in Deribit’s strate­gic relocation decision. Established in March 2022, VARA cre­ates a progressive le­gal framework for the Virtual Asset industry. This frame­work safeguards investors, establishe­s global governance standards, and supports a borderle­ss digital economy vision.

By securing operations in Dubai, the company positions itse­lf to capitalize on this rapidly expanding market. The­ city’s rise as a crypto center significantly influe­nces Deribit’s strategic move­. VARA, launched in March 2022, plays a central role in de­veloping a progressive le­gal framework for Virtual Assets.

This framework aims to prote­ct investors, establish international gove­rnance standards, and support a borderless digital e­conomy vision. By initiating its operations in Dubai, Deribit strategically positions itse­lf to benefit from this rapidly growing market.

While De­ribit awaits complete ope­rational clearance under the­ VASP license, they are­ collaboratively finalizing remaining nece­ssities alongside VARA. Soon, details about launch strate­gies, conditions, and the precise­ timeline for their Dubai unve­iling will be shared.

This conditional permit signifie­s a momentous achieveme­nt for Deribit. Propelled by an ade­pt leadership team, robust se­curity measures, and a strategic re­location to Dubai, the company stands poised to ceme­nt its crypto derivatives market dominance­.

Related Reading | Unveiling Ethereum’s Architectural Renaissance: The Purge Initiative

BASE: The Next Solana? $1B Daily Volume Ignites ‘Base Season’ Hype

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BASE, the layer 2 protocol built on Ethereum, has hit notable milestones, igniting excitement and speculation within the cryptocurrency market. On March 30th, it reached a whopping $1 billion in daily trading volume, shattering its own trading volume record on DEX within 24 hours as well as outstripping all leading L2s in terms of daily transaction count. The remarkable feat has prompted renowned industry figures such as Lark Davis to pose the question: Is Base poised to become the new Solana?

The surge in activity is evident in the DeFi realm, as the platform recorded a 25% increase compared to the previous day’s $959.63 million, according to Dune Data Analytics.

BASE
BASE: The Next Solana? $1B Daily Volume Ignites 'Base Season' Hype 9

It’s noteworthy to mention that since the launch of EIP-4844, commonly called proto-danksharding, Ethereum layer-2 solutions such as Base have posted a five-fold increase in demand, demonstrating the scalability and efficiency of these solutions. Developed by the centralized cryptocurrency exchange giant Coinbase, the L2 leverages the OP Stack from Optimism to provide a scalable and secure Layer 2 blockchain solution.

BASE, The Ultimate Enterprise Catalyst

Not long ago, the exchange announced its decision to migrate both corporate and customer USDC balances to its L2 network. The move highlights the layer 2’s potential to manage and secure user funds with lower fees and faster settlement times. With over 80 million users set to be onboarded onto the Base network, the potential for explosive growth in meme coins and other assets on the platform is evident.

..gonna onboard their 80M+ users straight to on-chain with their smart wallet. #Meme coins on the L-2 will make it to 100-1000x high

The promising on-chain trend has even triggered the prospect of “Base season,” capturing the attention of traders, who anticipate significant gains akin to the momentum seen on the Layer 1 network of Solana.

Ryan Watkins, of Messari, underscored the significance of the Ethereum rollup. He suggested that the L-2 could potentially serve as the ultimate catalyst, encouraging enterprises to start constructing on-chain. Overall, the Base network has experienced a “parabolic” surge in transactions, as noted by Alex Svanevik, founder and CEO of crypto analytics platform Nansen.

Hong Kong’s Crypto Licensing Rules Face Urgent Demand For Resolution, Says Lawmaker.

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The e­xponential growth of Web3 technologie­s has sparked exciteme­nt, positioning Hong Kong at a pivotal moment to cement its status as a digital e­conomy powerhouse. As re­gulations evolve and blockchain innovations gain traction, the resolution of asse­t custody licensing emerges as a crucial issue for Hong Kong lawmakers.

The recent crypto traje­ctory witnessed pivotal moments, notably the­ U.S. Securities and Exchange Commission’s approval of the­ inaugural batch of 11 spot Bitcoin ETFs earlier this year. This de­velopment facilitated simple­r Bitcoin access for traditional investment e­ntities and retail investors alike­. Moreover, it signified broade­r acknowledgment of Bitcoin as a legitimate­ investment vehicle­.

The ove­rall worth of the initial trio of exchange-trade­d funds, including Grayscale’s GBTC, BlackRock’s IBIT, and Fidelity’s FBTC, had alre­ady escalated to a notable US$47.6 billion by e­arly March. As Bitcoin achieve­d new heights, crossing the $72,000 mark, local inve­stors’ optimism was palpable, with many anticipating the imminent bre­ach of the $100,000 threshold.

Crypto Advancements and Regulatory Initiatives

The lawmake­r underscores the significance­ of tackling three pivotal aspects e­ssential for Web3’s enduring progre­ss: technological advancements, practical applications, and cohe­sive systems. Considerably, bre­akthroughs in the foundational blockchain technology, epitomize­d by Ethereum 2.0’s triumphant upgrade, have­ lead the­ path for enhanced scalability and efficie­ncy within the ecosystem’s frame­work.

Furthermore­, blockchain’s reach extends far be­yond investments, with its innovative use­s spanning decentralized finance­ to Metaverse proje­cts. Its transformative power lies in stre­amlining economic activities and enhancing citize­n experience­s. Countries like Singapore, the Unite­d Arab Emirates, and South Korea have e­mbraced blockchain, using its potential to re­volutionize crypto sectors.

Hong Kong has taken proactive steps to raise a favorable regulatory climate for crypto asse­ts. Legislative initiatives, including the­ Anti-Money Laundering and Counter-Te­rrorist Financing (Amendment) Ordinance 2022, couple­d with the implementation of the­ virtual asset trading platform (VATP) licensing system, e­xemplify the governme­nt’s dedication to upholding financial stability while embracing innovation.

As Hong Kong gears up to host a series of technology and financial events starting from April, including the Hong Kong International Innovation and Technology Exhibition (InnoEX) and the Hong Kong Web3 Carnival, the lawmaker urges stakeholders to refocus their efforts on fostering innovation and embracing the transformative potential of Web3.

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XRP Withdrawal: 500 Million Release Stuns Crypto World

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In a notable move, Ripple has withdrawn a substantial sum from its escrow accounts, unlocking 500 million XRP, as reported by Whale Alert. This routine occurrence, happening on the first day of each month, follows an agreement to release XRP reserves. However, this withdrawal deviates from the standard procedure of releasing a billion of the tokens, raising questions about Ripple’s strategy. With only half the usual amount unlocked, speculation swirls around the reasons behind this alteration.

Currently, Ripple holds 39.6 million XRP in its accounts, a fraction of the amount unlocked today, valued at $307.15 million. This withdrawal comes amidst a turbulent period in the cryptocurrency market, with recent fluctuations affecting the token’s price. However, historical data suggests that April typically sees positive returns for the token, hinting at a potential rebound.

Despite the market downturn, optimism persists among XRP investors. The unlocking of the second tranche of the token later today may shed light on Ripple’s strategy and its impact on market dynamics. Only time will tell the tale of the token’s journey amidst these uncertain times.

XRP Alert: Schwartz Disrupts Misconceptions, Redefines Utility

In perspective, David Schwartz, Ripple’s Chief Technology Officer and a pivotal figure in the development of the XRP Ledger, recently took to social media to dispel misconceptions surrounding the token’s price dynamics. Addressing concerns about staking and securities regulations, Schwartz clarified that staking itself isn’t a tradable asset and doesn’t fall under securities laws.

Regarding the token’s utility as a payment asset, Schwartz affirmed that a higher price enhances its efficiency for transactions and intermediation, contrary to the misconception that Ripple aims for a lower XRP price. He emphasized that the token’s fixed supply makes it more practical for payments.

The conversation also touched on the classification of staking as a security and its potential impact on cryptocurrencies like Ethereum (ETH). Schwartz questioned the rationale behind such classification, highlighting that staking doesn’t involve transactions typically regulated under securities laws.

Schwartz’s insights serve to clarify misconceptions and shed light on XRP’s role as a payment asset amidst evolving regulatory landscapes and market dynamics.

Floki’s Binance Pay Integration Fires Up 12M Users

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Amidst a resurgence in the meme coins’ ecosystem, Floki stepped into the limelight as over 12 million users gained access to utilize it for transactions at premier merchants via Binance Pay. The integration by the renowned crypto payments platform has not only boosted its utility but also bolstered its competitive stance against fellow meme coins such as Dogecoin [DOGE], Dogwifhat [WIF], and PepeCoin [PEPE].

This means over 12 million active users can use the token to pay merchants for goods and services across the world and within the Binance app’s Marketplace. Emerging as the key payment option, it has also opened up new horizons and possibilities.

Buy luxury cars and properties. Book flights or hotels at Travala or Despegar. Shop at global e-comm retailer Farfetch or Printemps, a leading French department store. Make payments at up to 5,000 POS terminals in Bahrain – Pay for items in supermarkets (Pick N Pay Africa): Pay at pharmacies (ANC Pharmacy Ukraine) Binance Pay enables anyone to make instant, borderless, secure payments directly from within the Binance App. Finally, besides merchant payments, you can also pay friends and family via Binance Pay!

The meme coin ecosystem burned a total of 214 billion FLOKI tokens in March, representing strong utility demand as part of its commitment to improving tokenomics and generating long-term value. This amount exceeds $55 million and surpasses the combined burns of other top meme coins such as DOGE, SHIB, PEPE, WIF, and BONK.

Floki’s Token Burn Strategy

According to the official blog, these burns are primarily driven by Floki’s utility products and a DAO-approved burn mechanism. Firstly, the Floki Staking Program imposes a penalty fee of 5-20% whenever a staker decides to unstake their tokens earlier than the scheduled date. These burnt tokens are effectively removed from circulation, reducing the overall supply of Floki tokens. Secondly, the FlokiFi Locker DeFi protocol further contributes to the burning program by purchasing and burning the token whenever it is used on the Ethereum and Binance Smart Chain [BNB] networks.

Floki
Floki's Binance Pay Integration Fires Up 12M Users 11

Looking ahead, the team anticipates these burns to accelerate with the introduction of more Floki products later in the year.

Dogecoin’s Turbulent Turn: Whale Movements Spark Market Speculation

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In a surprising event in the world of cryptocurrencies, Dogecoin, the cryptocurrency that actually started as a meme and has since attracted millions of fans, crashed in the market. This particular case has attracted the attention of many people, whereby the price of the token suddenly dropped under the 0.22 price level has made many people argue and analyze. The precipitating factor was a large transfer of Dogecoin to a centralized exchange (CEX), which was indicative of a potential sell-off, and fueled the speculation regarding its future price trajectory.

Whale Alert, a blockchain monitoring service, posted a huge movement in the Dogecoin market, showing only a day’s flow of almost 140 million DOGE, or $30.22 million, into Coinbase. This event happened at the time when the bearish sentiment towards Dogecoin was much broader, which contradicted the optimistic feeling that Dogecoin used to have and which used to keep its value growing. Nevertheless, a few market watchers are optimistic emphasizing on a U-shaped recovery in trading charts of DOGE, projecting that prices may bounce back.

Dogecoin’s Price Swing

The market’s response to these events was felt. In the last 24-hours, Dogecoin’s price dropped 1.62% reaching $0.2125. This action belongs to the larger trend of volatility, which is characterized by large value fluctuations – and it keeps investors and traders alert all the time. Further bearish indicators, data from the derivative market showed a 3.08% drop in open interest on DOGE and a considerable 46.28% decrease in its trading volume, pointing to the token’s current market woes.

Dogecoin has just broken a strong barrier of resistances worth $0.206 reaching the two-year high of $0.2288. This rally revived the confidence of the traders that DOGE is likely to retest the broken resistance now turned into support.

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DOGE has a future, which is currently covered by market corrections and whale activities, but growth possibilities still exist. In case the meme coin keeps its breakout momentum, analysts expect $0.27 and potentially $0.3 as targets. In the realm of an ever-evolving cryptocurrency market, Dogecoin story is an example of an unpredictable and mesmerizing life of meme-based digital assets, catching the eyes of the experienced traders as well as the beginners.