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Peter Davis

An writer at FOMOdrive

  • Dec 12, 2023
  • 4 min read

Avalanche (AVAX) soars 57% - what's going on?

The global population is increasingly embracing Bitcoin.

El Salvador is introducing a new type of bond, known as Volcano Bonds, which will be backed by Bitcoin (BTC).

The US Senate has seen a rise in backing for legislation that would broaden KYC (Know Your Customer) requirements.

New York prosecutors have been awarded a settlement of $22 million from the KuCoin exchange.

The first phase of testing for the PSC stablecoin has been successfully completed by Palau authorities.

Anthony Scaramucci, founder of SkyBridge Capital, has expressed his belief that the increasing number of Bitcoin addresses is a sign of the cryptocurrency's growing popularity among the world's population. He believes this will be a major factor in the growth of Bitcoin in 2024. Scaramucci also took the opportunity to criticize Jamie Dimon, CEO of JPMorgan, for his recent comments about Bitcoin.

Five senators backed the bill suggested by Elizabeth Warren, which would implement KYC procedures for “crypto wallets, miners, validators and other network participants.” Critics view the initiative as a direct assault on technological advancement and a repudiation of liberal principles.

John Deaton, a lawyer who defends the interests of cryptocurrency companies, claims that Senator Elizabeth Warren and SEC head Gary Gensler have conspired against cryptocurrencies. He alleges that at the Senate hearings on the topic of cryptocurrencies, the SEC leadership was only asked pre-prepared questions.

KuCoin, a crypto exchange, has come to an agreement with the New York State Attorney's Office to pay more than $22 million in settlement. In March, the platform was charged with breaching securities regulations by offering digital assets without a license.

In the first quarter of 2024, El Salvador will introduce Volcano Bonds, which are backed by Bitcoin. These bonds will be available on the Bitfinex Securities platform, a blockchain-based stock and bond trading platform registered in El Salvador. According to CoinGecko, only 2% of El Salvadorans have become cryptocurrency investors in the two years since its launch.

SBI Holdings, a Japanese financial conglomerate, and Saudi Aramco, a Saudi oil company, have reached an agreement to collaborate on investments in cryptocurrencies and the manufacture of semiconductors.

The Republic of Palau's Ministry of Finance has confirmed that the first phase of testing for the state stablecoin PSC has been successfully completed. This project, which was initiated in June 2023, utilizes Ripple Ledger technology for its transactions.

Circle, the issuer of the USDC stablecoin, has reported a surge in interest in blockchain and stablecoins. In the past year, global stablecoin settlement volumes have surpassed $7 trillion, which is more than double the amount of settlements made through Visa and Mastercard systems ($14 trillion). Latin America is now the largest consumer of digital currencies.

Uniswap, the largest decentralized exchange, has integrated the Rootstock sidechain into its operations, allowing it to expand into the Bitcoin ecosystem. The GFX Labs team behind the Oku trading terminal has deployed the third version of the DeFi protocol on the network, furthering Uniswap's reach.

Avalanche (AVAX) has skyrocketed into the top 10 cryptocurrencies with the highest market capitalization, surpassing Dogecoin. Over the past 7 days, the AVAX rate has surged by 57%, and its growth in 30 days is an impressive 104%. Major banks such as Bank of America, Citi and JPMorgan are exploring the possibility of utilizing the Avalanche blockchain to tokenize real-world assets. Bernstein has predicted that there will be an increased demand for AVAX, leading to further growth of the asset.

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