[ccpw id="5"]

HomeBitcoinAvalanche: What a new update will mean for AVAX

Avalanche: What a new update will mean for AVAX



  • Avalanche extends its service to the European market with new stablecoins.
  • AVAX fails to sustain recent upside as demand falls short of expectations.

A few weeks ago, Avalanche revealed that it would support the EuroCoin [EUROC], a stablecoin pegged to the Euro currency. Well, that launch is finally here as it has been confirmed that it is now live on Avalanche.

EUROC’s launch on Avalanche marks an important milestone for the parties involved. Especially for Avalanche which expects to benefit in terms of network utility as one of the layer 1 networks supporting the stablecoin.

This is because EUROC also operates on the Ethereum network but its new launch on Avalanche may offer some benefits. These include faster and cheaper transactions.

The launch represents an interesting dynamic shift following the recent anti-crypto sentiments in the U.S. Europe has been a bit friendlier and offers more clarity as far as crypto regulations are concerned. As such, crypto companies are now eying Europe as a favorable market for crypto.

The new development came just a few days after Avalanche added support for EUROe. This is the first stablecoin, to secure MiCA-compliant stablecoin. MiCA is the EU regulation that oversees the issuance of stablecoins and crypto assets in the EU.

Will this shift in dynamics be favorable for AVAX?

The newly launched European stablecloins underscore healthy growth for the Avalanche ecosystem. It could be good for AVAX depending on the level of demand the new European stablecoins can generate in the short and long term.

AVAX extended its break below ascending support by almost 15% since the first week of May. Despite the bearish performance, it managed to avoid dipping into oversold territory and the bulls managed to regain control in the last few days, albeit briefly. AVAX exchanged hands at $14.46 at press time after shedding some of the gains achieved during the weekend.



Source: TradingView

AVAX registered noteworthy growth in the last 10 days, hence the shift in demand in favor of the bulls. This was a sign that there had been some accumulation confirmed by the MFI uptick during the same period. However, demand wasn’t quite there yet since there was still low volatility, which reflected the weak demand.


Avalanche volume, weighted sentiment and volatility


Source: Santiment

As far as the investor sentiment was concerned, the weighted sentiment has been up and down for the last few days. Not really favoring a particular side. It suggested that traders were still unsure of the market’s next move.

Despite the uncertainty, AVAX’s demand in the derivatives market has been growing. Furthermore, the demand specifically on Binance was positive, hence leaning on the bullish side.


Avalanche AVAX funding rates on Binance


Source: Santiment

This article originally appeared here. 

Here’s How To Stay Up To Date On Crypto With CryptosRUs!

Learn about Bitcoin, Ethereum, and so much more at the CryptosRus Academy.

For the best exchanges, check out our top exchange guide. 

Secure your crypto with Ledger and Trade your way to victory with help from LuxAlgo

Sign up for our bi-weekly newsletter for news and exclusive analysis.

Follow CRU News Desk on Twitter for our latest articles and Twitter exclusive threads.

Stay up to date with George on Tik TokInstagram, and his brand new clips channel.

The post Avalanche: What a new update will mean for AVAX appeared first on CryptosRus.


Wemade launches Drops NFT auction service on WEMIX PLAY 

Game NFTs and special NFTs will be available through English Auction on Drops  NFT auctions for new games Melting Earth, Ballies and Yield KingZ, will be...

Wemade welcomes two new US game developers to join top global blockchain gaming platform WEMIX PLAY

WEMIX PLAY to onboard Ballies, the innovative NFT project that combines sports, gaming & NFTs and immersive blockchain soccer management game, El Jefe Futbol Trading of...

Dubai to Witness World’s Largest Web3 Conference: ABC Conclave to Unite Global Web3 Pioneers in Dubai World Trade Centre

ABC Conclave, is set to gather blockchain enthusiasts, industry leaders, and innovators from around the globe on 7-8 October 2023 at the prestigious Dubai World...

Crypto Expo Dubai 2023 Unveils Premier Sponsors and Stellar Speaker Lineup

The much-awaited Crypto Expo Dubai 2023 is set to elevate the crypto landscape to new heights with an exciting array of sponsors and a lineup...

Follow us


Most Popular