Avalanche Foundation Buys Back 2 Million AVAX Tokens from Luna Foundation Guard
The Avalanche Foundation has reached an agreement to repurchase approximately 2 million AVAX tokens sold to Luna Foundation Guard (LFG) in April 2022. These tokens, currently valued at over $55 million, were purchased by LFG in a $100 million deal to bolster the reserves of the Terra ecosystem. The future of these tokens was uncertain after the collapse of the Terra ecosystem in May 2022. The buyback is intended to prevent the tokens from being impacted during LFG’s bankruptcy liquidation. The agreement is subject to approval by the bankruptcy court overseeing Terraform Labs’ assets. Following this announcement, the price of AVAX increased by more than 13%.
Mt. Gox Creditors’ Payments Delayed Until 2025
The trustee overseeing Mt. Gox’s assets has postponed payments to creditors by a year, extending the deadline to October 31, 2025. The delay comes after the initial payments began in July 2024, and the exchange was crashed after a major hack in 2014. There are still around 44,900 BTC (worth around $2.8 billion) left, and the delay is due to many creditors not yet having completed the necessary procedures to receive their payments. While the delay eases short-term concerns that creditors may have about selling Bitcoin in bulk, there is still uncertainty about what will happen to the market once this large amount of Bitcoin starts to move.
Ripple Co-Founder Chris Larsen Donates $1 Million to Kamala Harris Campaign
Ripple co-founder Chris Larsen has donated $1 million worth of XRP to the Future Forward PAC, which supports Vice President Kamala Harris’ presidential campaign. The donation was made on August 14 for 1.75 million XRP, according to Federal Election Commission records. The PAC previously supported President Joe Biden’s reelection campaign, but turned its support to Harris after Biden dropped out of the race. Other notable donors to the PAC include Michael Bloomberg, Reid Hoffman, and Coinbase. The cryptocurrency sector has become a major topic in the 2024 election, with both Harris and Donald Trump touching on the sector in their campaigns.
Uniswap’s New Layer 2 Blockchain Unichain Could Earn $500 Million Annually
According to Michael Nadeau, founder of DeFi Report, Uniswap’s new Layer 2 blockchain, Unichain, could generate around $500 million annually for Uniswap Labs and UNI token holders by redirecting fees that would otherwise go to Ethereum validators. The launch could see Uniswap Labs capture $368 million in fees and the entire Maximum Extractable Value (MEV), while liquidity providers could benefit through staking. However, Ethereum validators and ETH holders are expected to suffer losses due to fewer fees and ETH being burned. While Unichain, which launched on October 10, promises faster and cheaper transactions, some are questioning whether a new Layer 2 blockchain is even needed.
World Liberty Financial Launches $300 Million ICO on Scroll Blockchain
World Liberty Financial (WLFI) is launching a $300 million Initial Coin Offering (ICO) on October 15, 2024, using the Scroll blockchain. The company aims to provide scalable decentralized finance solutions and promises high-speed transactions with low fees. The ICO has a pre-valuation of $1.5 billion and aims to appeal to both individual and institutional investors. WLFI’s focus on scalability and efficiency, combined with the growing demand for decentralized finance (DeFi), puts it in a competitive position. Investors are encouraged to follow the ICO closely to learn more about tokenomics and future developments.
Utah Senator Mike Lee Issues Three Major Threats to Crypto Regulation
Utah Republican Senator Mike Lee outlined three major threats to the cryptocurrency industry at the Permissionless III crypto conference in Salt Lake City. These include the creation of a centralized digital currency (CBDC), conflicting regulation by states, and excessive federal oversight. Lee and Republican Congressman John Curtis criticized current regulations, comparing them to financial oversight that could harm the crypto industry. Lee argued that cryptocurrencies are a medium of exchange, opposing their classification as securities, and argued that capital gains from crypto transfers should not be taxed. He also condemned CBDCs, which he sees as a threat to financial freedom.
————————————————————————————————
BITCOIN (BTC)
BTC is priced at $63,930 with a 1.70% gain as of the morning hours. The price has approached a significant resistance area at 64,000, while there is also a clear support line at 62,360. The price has bounced back from this resistance and exhibited a downward movement, testing the 62,360 level below this level. In the 59,000-60,000 range, where buying pressure is strong, the price has made an upward leap from these levels. However, there is another strong support area at lower levels between 55,000-56,000, and the price is trying to move higher by buying at these levels.
ETHEREUM (ETH)
ETH is priced at $2526.48 with a 2.32% increase in value as of the morning hours. The price has tested an important support area at 2,480, and is approaching the resistance area around 2,560 with an upward movement. The 2,680 – 2,760 range in the upper region is becoming evident as a critical resistance area where it may encounter strong selling pressure. If a downward movement is observed, the support at 2,338 may allow the price to move upwards again from this level. In general, the current status of ETH may support the continuation of an upward trend with the protection of the 2,480 support and the 2,560 resistance being overcome.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5368 with a 0.90% gain. The price is approaching a significant resistance area at 0.5500, while above this level there is a stronger resistance around 0.5600. Below, there is a significant support area between 0.5200 – 0.5100, and if the price finds support at this level, an upward movement may occur. If the 0.5500 resistance cannot be broken, the price is likely to experience a decline towards 0.5200. In short; XRP’s direction will be determined by whether the 0.5500 resistance is broken or not, and support levels will play a critical role in possible downward movements.
AVALANCHE (AVAX)
AVAX is priced at $29.43 with a 1.27% gain as of the morning hours. The price has created a clear support area around 28.50 and is approaching the $30.00 level. The 30.00 level stands out as a significant resistance area and a move above this level towards 32.00 is possible. Below, there is another support area between 27.00 – 28.00 and a close below this level could cause the price to fall towards 25.00. In the current situation, the direction of AVAX can be determined by the break of the 30.00 resistance and if it passes this level, buying pressure can be expected to increase.
SOLANO (SOL)
SOL is priced at $151.50 with a 2.52% increase in value as of the morning hours. An increase of up to $162 was achieved. While the price has approached an important resistance area at 152.00, a move towards 156.00 is expected above this level. Below, there is a support area around 148.00, which may create buying pressure if the price moves downwards. There is stronger support at 144.00. If the 152.00 resistance is overcome, an increase to 156.00 may be seen. However, if this resistance level is not broken, the price is likely to pull back towards 148.00. In general, the direction of SOL will be determined by whether the 152.00 resistance is broken or not, and support levels will continue to play a critical role in possible downward movements.
