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Avalanche Foundation Acquired 1.97 Mln AVAX tokens from LFGThe Avalanche Foundation recently took a bold step to reclaim its ecosystem's autonomy by acquiring 1.97 million AVAX tokens from the liquidated Luna Foundation Guard (LFG) for $53 million. This buyback, paired with CRYPTOCAP:AVAX ’s strong technical outlook, positions Avalanche well for further growth in the evolving crypto market. Let’s dive into what this buyback means for Avalanche, its partnership history with LFG, and the technical indicators suggesting where CRYPTOCAP:AVAX might be headed next. The AVAX Buyback The Luna Foundation Guard (LFG) originally acquired $100 million worth of AVAX tokens from the Avalanche Foundation as part of a reserve strategy to support TerraUSD (UST), the algorithmic stablecoin of the Terra blockchain ecosystem. In return, the Avalanche Foundation received $200 million worth of UST and LUNA tokens, signaling a cross-ecosystem partnership intended to strengthen both platforms. However, following the collapse of UST, the Avalanche Foundation faced a dilemma. The 1.97 million AVAX tokens LFG still held became a potential risk, as their future sell-off could create a major price disruption. In response, Avalanche reclaimed these tokens to mitigate uncertainty and reaffirm its commitment to the community. Aytunç Yildizli, CEO and Executive Director of the Avalanche Foundation, expressed optimism regarding this acquisition, viewing it as a reinforcement of Avalanche’s ongoing commitment to growth and development. How the Tokens Will Be Used Avalanche’s reclaimed AVAX tokens will be funneled into initiatives supporting its ecosystem. According to Avalanche representatives, these tokens are earmarked for community grants, ecosystem development, and technological advancements. By using the tokens in this way, Avalanche aims to foster community engagement, expand its ecosystem, and ultimately attract more projects and developers to the platform. The Partnership with Terra The original partnership between Avalanche and LFG was a milestone in cross-chain collaboration. By contributing $100 million worth of AVAX to UST’s reserve, Avalanche became the first major crypto asset outside of Bitcoin to support UST, expanding its role in the Terra ecosystem. The collaboration had initially sparked hopes for integrating Terra-based DeFi protocols within the Avalanche ecosystem. Although the plans were cut short by the Terra collapse, this collaboration showed the potential of cross-chain partnerships in crypto. Technical Analysis Despite its impressive fundamentals, CRYPTOCAP:AVAX has experienced a minor dip of 1% at the time of writing. However, the daily chart reveals a promising “Golden Cross” pattern, a technical indicator where the 50-day moving average crosses above the 200-day moving average. Historically, this pattern is considered a strong bullish signal, often indicating that the asset is primed for an upward reversal. Yet, caution remains necessary. If selling pressure persists, CRYPTOCAP:AVAX could dip to its next support level around $24. This would provide an opportunity for accumulation, especially for those who believe in the token's long-term potential. AVAX’s Role in the Layer-1 Ecosystem As a leading layer-1 blockchain, Avalanche differentiates itself through its unique subnet architecture, enabling highly customizable and scalable applications. This modular approach has drawn various developers to build DeFi, gaming, and enterprise applications within the Avalanche ecosystem. With the AVAX buyback, the Avalanche Foundation signals a strategic focus on expanding and supporting these use cases, enhancing the platform’s utility and resilience. Conclusion: Is AVAX Ready for a Rebound? Avalanche’s proactive buyback of AVAX tokens from LFG demonstrates the Foundation’s commitment to fostering stability and long-term growth. Coupled with a Golden Cross pattern on the daily chart, these fundamentals suggest a promising outlook for $AVAX. The token remains a valuable asset for investors seeking a solid foundation within the layer-1 blockchain sector. While short-term volatility may persist, Avalanche’s combination of technical indicators and ecosystem developments makes it well-positioned for a potential bullish trend. For investors eyeing layer-1 assets, CRYPTOCAP:AVAX offers a compelling mix of fundamentals, technical strength, and future growth potential.
COINBASE:AVAXUSDLong
by DEXWireNews
FTT , FTX and SAM vs. CZPeter Brandt just post a head and shoulders pattern for FTT!! anyway... in the hours before FTX secured rescue from Binance, it sought a bailout of more than $1 billion from Silicon Valley and Wall Street billionaires. By midday Tuesday the hole appeared far deeper closer to $5 billion to $6 billion. SBF wrote in a message to staff sent on Tuesday morning, “in the last 72 hours, we’ve had roughly $6b of net withdrawals from FTX”. Withdrawals at FTX are “effectively paused”, he wrote, adding that would be resolved in “the near future” targets 5 , 4 , 3
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by moonypto
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USTC, Out of Slumber soon. Multiple X Surge Prospect!USTC recently suprised everyone when it suddenly woke up from its deep slumber from its 0.10 range to surge at 0.18 level. It corrected back to 0.13 range as we speak. The sudden spike conveys a buying volatility is already in order. Expect another upside attempt from here on with possible significant breakout. This one is very sensitive to pump at the current range. Recent development conveys a permanent omission of minting of the coin to support its repeg. Spotted at 0.013. TAYOR.
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by JSAL
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The Fallout: 3AC Demands $1.3 Bln From Bankrupt Terraform LabsIn the latest development in the crypto world’s legal drama, Three Arrows Capital (3AC), once one of the most prominent hedge funds in the industry, has filed a staggering $1.3 billion claim against the now-bankrupt Terraform Labs. The claim adds a new layer of complexity to the already convoluted legal struggles surrounding Terraform Labs and its founder, Do Kwon, as the repercussions of the TerraUSD and LUNA collapse continue to unfold. The Rise and Fall of TerraUSD and LUNA ( NASDAQ:LUNA ) Terraform Labs, led by the controversial figure Do Kwon, was once at the forefront of the cryptocurrency boom, with TerraUSD (UST) and LUNA being key players in the market. However, the ecosystem’s catastrophic collapse in May 2022 sent shockwaves through the industry. The implosion resulted in billions of dollars in losses, with LUNA’s value plummeting to near zero and UST losing its peg to the US dollar. For Three Arrows Capital, this collapse was nothing short of disastrous. The hedge fund had heavily invested in LUNA ( NASDAQ:LUNA ), reportedly holding up to $462 million worth of the token at its peak. However, within weeks, that investment was reduced to a mere $2,700, leading to the eventual downfall of 3AC. 3AC’s Allegations: Market Manipulation and Inflated Valuations Three Arrows Capital’s $1.3 billion claim centers on allegations of market manipulation and inflated valuations by Terraform Labs. According to the court filing, 3AC accuses Terraform Labs of orchestrating the selloff that led to the devaluation of LUNA and UST, thereby directly contributing to 3AC’s collapse. The hedge fund asserts that Terraform Labs manipulated the market by artificially inflating the value of its assets, leaving investors like 3AC with devastating losses. This legal move marks a significant escalation in the ongoing fallout from the Terra ecosystem’s collapse. As 3AC seeks to recoup its losses, the claim underscores the broader impact that the Terra meltdown had on the crypto industry, affecting not just retail investors but also institutional giants like Three Arrows Capital. Legal Battles on Multiple Fronts The $1.3 billion claim against Terraform Labs ( NASDAQ:LUNA ) is just one of many legal challenges facing the company and its founder, Do Kwon. The crypto world has been closely following Kwon’s legal woes, with his extradition to South Korea still pending. The Supreme Court of Montenegro recently delayed the extradition in response to a request from the State Prosecutor’s Office, further prolonging the legal limbo in which Kwon finds himself. In a related development, the crypto lending platform Celsius Network is also entangled in its own legal battle, seeking to claw back $2.4 billion from Tether over allegations of Bitcoin transaction fraud. The legal entanglements of Celsius and Terraform Labs highlight the broader struggles of the crypto industry as it grapples with the consequences of the market’s volatility and the collapse of key players. The Road Ahead: What’s Next for Terraform Labs and 3AC? As the legal battle between 3AC and Terraform Labs heats up, the crypto community will be watching closely to see how the case unfolds. The outcome could set a significant precedent for other cases involving market manipulation and the responsibilities of crypto companies toward their investors. For Terraform Labs, the $1.3 billion claim is yet another hurdle in its fight for survival amidst ongoing lawsuits and regulatory scrutiny. Meanwhile, Three Arrows Capital, once a titan in the crypto hedge fund space, is seeking to salvage what it can from the wreckage of its investments. The case serves as a stark reminder of the high stakes and risks involved in the cryptocurrency market, where fortunes can be made and lost in an instant. As the industry continues to evolve, the legal and regulatory frameworks surrounding it will likely undergo significant changes, driven in part by cases like this one. Technical Outlook As of the time of writing, Terra Luna ( NASDAQ:LUNA ) demonstrates a 3.32% increase on Monday, accompanied by a Relative Strength Index (RSI) of 43, indicative of an unhealthy scenario in light of the developments pertaining to Terraform Labs, where 3AC is demanding $1.3 billion from the bankrupt entity. The daily price chart displays a bearish hanging man pattern, recognized as a bearish reversal candlestick pattern following a price advance, characterized by a small real body and a long lower shadow measuring at least twice the size of the real body. This bears ominous implications for NASDAQ:LUNA in conjunction with the ongoing matter involving 3AC. Conclusion: A Turning Point for the Crypto Industry? The $1.3 billion claim filed by Three Arrows Capital against Terraform Labs represents a significant moment in the ongoing legal saga of the crypto industry. As both companies navigate their respective challenges, the outcome of this case could have far-reaching implications for the future of cryptocurrency regulation and the responsibilities of crypto firms to their investors. For now, all eyes are on the courts as the battle between 3AC and Terraform Labs plays out. The stakes are high, and the consequences could shape the future of the crypto industry for years to come.
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by DEXWireNews
FTX - BIG NEWS - Everyone Getting Money BackMartyBoots here. I have been trading for 17 years and I am here to share my ideas with you to help the Crypto space. The Bull market is here FTX BIG NEWS , SETTLEMENT of funds. Even tho the bull market is here FTX has not fully mooned yet there is still time to buy on DIPS . The market has just hit a critical level . This is a bullish structure and dips are buys, when these dips happen FTX can start its move higher . This needs to be watched carefully . FTX can get very bullish with the ETH ETF launch also so we need to watch carefully This can moon Please watch the video for more information
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by MartyBoots
LUNC ANALYSIS (6H)LUNC appears to be forming a large triangle or diametric pattern. It looks like wave D is over and we are now entering wave E. Wave E appears to be a diametric. After the completion of wave e and f from E, we are expected to move towards the targets for wave g from E. The green range is where we look for buy/long positions. Closing a daily candle below the invalidation level will violate the analysis. For risk management, please don't forget stop loss and capital management When we reach the first target, save some profit and then change the stop to entry Comment if you have any questions Thank You
by behdark
LUNA/USDT Looking Good For a Bounce Back to Supply Zone 🚀 💎The recent market activities for #LUNAUSDT have caught our attention. Currently, LUNA is finding footing at a support area, highlighted by a bullish rejection candle, signaling possible upward movement. 💎This setup suggests a bounce could be imminent, propelling #TerraLuna towards higher resistance targets. The presence of this bullish candle at support hints at a strengthening of momentum, potentially steering the price toward notable resistance levels. 💎Conversely, if NASDAQ:LUNA struggles to sustain this support or the bounce falters, it may point to a weakening of bullish forces. A drop below the support level could usher in a bearish phase, emphasizing the need for vigilance. 💎Monitoring #LUNA's response to this support zone is crucial. We need to watch closely for either a confirmation of the bullish trajectory or signs of a reversal to bearish trends. Stay alert, Paradisers, as these market shifts unfold. MyCryptoParadise i Feel the success 🌴
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by MyCryptoParadise_Simon