Avalanche Financial News

Web3 dominance within crypto funding rounds has been well documented by Cointelegraph Research. In addition to the Web3 mega funds announced recently, venture capital has also been making smaller, more targeted investments in the sector. In this week’s Venture Capital (VC) Roundup, we chronicle the latest Web3 funding initiatives and draw attention to a sharding platform, nonfungible token (NFT) marketplace, crypto banking solution and co-ownership infrastructure provider. 

 

crypto tokens were trading sideways on Thursday as investors fretted over new job figures and OPEC oil cuts.Bitcoin held above the $20,000 mark, whereas Ethereum was seen marching towards the $ 1,400 mark again. However, economic factors including inflation and recession are likely to guide the riskier assets in the near term. Barring the US dollar-pegged stablecoins and Shiba Inu, all other top crypto tokens were trading higher on Thursday. XRP zoomed more than 4 per cent, whereas Ethereum, Avalanche and Polkadot gained a per cent each. The global cryptocurrency market cap was trading marginally higher at $972.12 billion, rising less than a per cent in the last 24 hours. However, the total trading volume dropped over one per cent to $59.92 billion.

Bitcoin and Ethereum cooled down over inflationary concerns. US Commerce Department report confirming that the world's largest economy was in recession by the traditional definition of two consecutive quarters of negative gross domestic product, hit the sentiments on Wall Street. Top crypto tokens were trading mixed on Friday. Ethereum and Bitcoin dropped marginally, whereas XRP soared 9 per cent. Polkadot gained over 4 per cent, followed by a 2 per cent rise in Polygon and Solana. The global cryptocurrency market cap was trading marginally higher at $942.84 billion, rising less than a per cent in the last 24 hours. However, the total trading volume tumbled as much as 16 per cent, close to $69.93 billion.

Russia escalated its unprovoked invasion of Ukraine and the prospects of a severe global recession increased exponentially, and Bitcoin, the largest cryptocurrency by market capitalization, was trading above $19,000. Barring the US dollar-pegged USD Coin, all top crypto tokens were trading sharply higher on Thursday. BNB zoomed more than 5 per cent, whereas Bitcoin, Solana and Ethereum rallied 4 per cent each. XRP and Polygon were 3 per cent up. The global cryptocurrency market cap was trading significantly higher at $941.75 billion, jumping as much as 3 per cent in the last 24 hours. However, the total trading volume tumbled over 12 per cent, close to $82.32 billion.

The rising fears of economic recession, interest rate hikes and strength in dollar are hurting the riskier assets, including cryptos. All top crypto tokens were trading sharply lower on Wednesday. XRP plunged 11 per cent, whereas Bitcoin, Ethereum, Solana and Polkadot dropped 7 per cent each. Cardano and Polygon were 6 per cent down each. The global cryptocurrency market cap was trading sharply lower at $911.80 billion, dropping more than 5 per cent in the last 24 hours. However, the total trading volume zoomed over 16 per cent, close to $94.45 billion.

Web3 and tech companies participated in a funding round for a data platform called Space and Time that aims to transform central databases into trustless data sources powered by smart contracts. 

Bitcoin topped the $20,000 mark, whereas Ethereum found some mojo back, the first time after the Merge. However, analysts believe that the recovery might be short-lived amid the macroeconomic turbulence and rising fears of recession. Thus, traders need to be cautious for the time being, they add. Barring the XRP and US dollar-pegged Tether, all top crypto tokens were trading sharply higher on Tuesday. Solana zoomed up to 8 per cent, whereas Bitcoin and Polkadot were up by 6 per cent each. The global cryptocurrency market cap was trading higher at $962.94 billion, gaining more than 4 per cent in the last 24 hours. However, the total trading volume zoomed almost 52 per cent, close to $81.16 billion.

Bitcoin and other crypto tokens extended their losses on Monday. Crypto assets continue to remain under pressure over the global macroeconomic environment. Barring the USD Coin, XRP and Polkadot, all top crypto tokens were trading in the red on Monday. Solana and Shiba Inu plunged 3 per cent each. Cardano, Polkadot, Polygon and Avalanche shed 2 per cent each. The global cryptocurrency market cap was trading marginally lower at $926.12 billion, dropping about a per cent in the last 24 hours. However, the total trading volume jumped almost 3 per cent, close to $54.33 billion.Global UpdatesBitcoin miner Iris Energy signed a deal to sell up to $100 million in equity to investment bank B Riley over the next two years, marking the bank's second big investment in the industry that is facing serious market headwinds.

Ethereum (ETH), the second most-valued crypto after Bitcoin, also was up 7% at $1352, while Ripple (XRP) gained by a whopping 30% to $0.536. The US-dollar pegged stablecoin Tether (USDT) traded with a mild cut, while meme-coins, including Dogecoin and Shiba Inu also rose in trade by up to 8%. Bitcoin (BTC) was largely holding on to $19,000 levels even as central banks globally have resorted to aggressive interest rate hikes following the US Fed’s ultra-hawkish outcome on Wednesday. After the Fed outcome, Bitcoin tumbled to below $18,400, its lowest level since early June, but later re-gained momentum in Thursday’s session after investors started to take positions again in the crypto market. Following sharp gains in digital tokens, the global market cap over the last 24 hours ascended by 5% to $953.18 billion, while volumes in the crypto universe tanked by over 16 per cent.

Barring the US dollar-pegged stablecoins, all top crypto tokens were trading in the red on Friday. Ethereum slumped another 6 per cent, whereas Cardano, Dogecoin and Polygon tumbled more than 3 per cent each. The global cryptocurrency market cap was trading quite lower at $907.27 billion, dropping more than 2 per cent in the last 24 hours. However, the total trading volume zoomed almost 33 per cent, close to $90.85 billion.Expert takePrashant Kumar Founder weTrade said that crypto markets were choppy as they reacted to the US Federal Reserve’s decision to hike interest rates by 75 basis points.

Bitcoin barely held the $19,000 mark, whereas Ethereum was again trading in the red. Any surprise from the US Fed may lead to another selloff in the crypto space, experts believe. XRP was a standout gainer with a 9 per cent rise, whereas Dogecoin, Shiba Inu and Cardano added 2 per cent each. Bitcoin, Polygon and Avalanche dropped over a per cent each. The global cryptocurrency market cap was trading marginally lower to $926.78 billion, dropping about half a per cent in the last 24 hours. However, the total trading volume dropped over 9 per cent, close to $67.86 billion.

Bitcoin plunged below the $19,000 mark, whereas Ethereum sank 10 per cent, barely holding $1,300 levels. Some experts believe that Ethereum's merge was not undertaken at an opportune time. All top crypto tokens are trading in deep red. Ethereum, Polygon, Shiba Inu, Cardano and Avalanche plunged 10-11 per cent. Dogecoin, Solana, XRP and Polkadot plunged 7-9 per cent. The global cryptocurrency market cap was trading significantly lower at $909.80 billion, dropping as much as 7 per cent in the last 24 hours. However, the total trading volume zoomed about 45 per cent, close to $69.53 billion.

Decentralized exchange (DEX) GMX has reportedly suffered a price manipulation exploit from an exploiter who managed to make off with around $565,000 from the AVAX/USD market.

Bitcoin plunged below the $20,000 mark, whereas Ethereum sank 10 per cent, recording its biggest loss in the last one month. It broke below $1,500 after the much-awaited software update — the merge. Barring the dollar-pegged USD Coin and Tron, all other major crypto tokens were in the red on Friday. XRP and Avalanche dropped about 4 per cent each. The global cryptocurrency market cap was trading significantly lower at $959.65 billion, dropping more than 3 per cent in the last 24 hours. However, the total trading volume gained as much as 8 per cent, close to $84.22 billion.

BNB, the native token of Binance’s BNB Chain, entered a symmetrical triangle formation on Aug. 10, when it first faced the descending trendline at the $335 resistance. The following five weeks have been a struggle around $280, the exact intersection between the two conflicting ascending and descending patterns.

Bitcoin managed to hold $20,000 levels. The latest red-hot inflation numbers have put global investors on edge about the potential actions by the US Fed in its meeting next week. The FOMC is likely to push interest rates by 75 basis points, while a 100-bps hike can not be ruled out. Barring the US dollar-pegged Tether, all other major crypto tokens were trading lower on Thursday. Shiba Inu and Avalanche dropped 3 per cent each, whereas Bitcoin, Polkadot and Polygon shed 2 per cent each. The global cryptocurrency market cap was trading lower at $990.19 billion, dropping almost a per cent in the last 24 hours. However, total trading volume tumbled as much as 23 per cent, close to $78.30 billion.

Bitcoin barely held the $20,000 mark whereas the Merge-bound Ethereum outperformed its largest peer. Red hot US inflation numbers spooked traders across the globe. Markets are expecting another series of aggressive rate hikes by the US Fed to tame rising prices. Major crypto tokens were trading with big cuts as Solana plunged 11 per cent, followed by Avalanche which was down over 9 per cent. Polygon and Bitcoin dropped 8 per cent each. XRP and Ethereum shed 6 per cent each. The global cryptocurrency market cap tanked sharply to $997.97 billion, down as much as 6 per cent in the last 24 hours. However, the total trading volume increased by over 12 per cent, close to $101.37 billion.

Bitcoin topped the $22,000 mark, whereas Ethereum keenly awaited its software upgrade. Investors continue to eye Thursday's expected Merge, the technological overhaul of the Ethereum blockchain, that will shift its protocol from proof-of-work to more energy-efficient proof-of-stake. Solana zoomed 8 per cent, whereas Polygon jumped 5 per cent. Among losers, Ethereum and Cardano dropped about 2 per cent each. The global cryptocurrency market cap was trading marginally higher at $1.06 trillion, rising about half a per cent in the last 24 hours. However, total trading volume increased by about 24 per cent close to $90.43 billion.

Bitcoin continued to hold gains and marched towards the $22,000 mark. Barring the Bitcoin and US dollar-pegged Tether, all other top tokens were trading in the red. Bitcoin advanced over a per cent, whereas Ethereum and Dogecoin were the top losers, down about 2 per cent each. The global cryptocurrency market cap was trading marginally higher at the $1.06 trillion, almost unchanged in the last 24 hours. However, the total trading volume increased slightly to $72.92 billion.Global UpdatesEthereum co-founder Vitalik Buterin surprised attendees at the Kyiv Tech Summit yesterday to show support for war-torn Ukraine, an appearance that was a closely guarded secret for security reasons, CoinDesk reported citing organizers.

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.