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AVAX Price Shoots 10% As Avalanche Foundation Announces Token Repurchase from Luna
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5 hours agoon
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adminThe AVAX price has surged by a staggering 10% in the last few hours after the recent announcement by the Avalanche Foundation of a repurchase agreement with the Luna Foundation Guard (LFG) – the entity associated with Terra blockchain – to buy back all tokens sold back in 2022. This has pushed AVAX closer to $30 taking its market cap above $11.5 billion.
Avalanche Agreement With Luna Foundation
As per the latest announcement, the Avalanche Foundation has reached an agreement to repurchase all AVAX tokens sold to the Luna Foundation Guard (LFG) in April 2022. However, the deal is currently pending approval from the Bankruptcy court. The announcement has led to huge bullish momentum for the AVAX price as bulls rush to fill their bags beforehand.
Ahead of its bankruptcy back in the summer of 2022, LFG held a total of 1.97 million AVAX tokens worth a staggering $60 million. The Luna Foundation purchased AVAX as part of its reserves to boost the strength of its UST stablecoin.
This strategic decision from the Avalanche Foundation will prevent LFG from breaching the original agreement and restricting AVAX token usage. Besides, this move from Avalanche will protect the assets from the complexities of bankruptcy trustee liquidation. Earlier this year, LFG started moving its token following the Terraform Labs settlement with the US SEC.
Upon completion, the Avalanche Foundation will reclaim 1.97 million AVAX tokens, bolstering its capacity to foster growth and development within the Avalanche ecosystem.
The Avalanche Foundation has negotiated an agreement to repurchase all AVAX tokens previously sold to the Luna Foundation Guard (LFG) in April 2022, which is now awaiting approval from the Bankruptcy Court.
This action ensures that LFG would not violate the original…
— Avalanche Foundation 🔺 (@AvalancheFDN) October 11, 2024
AVAX Price Rally to Continue?
The repurchase of AVAX tokens has provided a major catalyst to the AVAX price bolstering confidence among investors. This massive purchase of 1.97 million tokens by Avalanche Foundation will significantly reduce the AVAX circulating supply thereby putting upward price pressure on the altcoin.
At press time, the Avalanche price is up 9.33% trading at $28.49. On the technical chart, the AVAX price is also forming a flawless breakout from the falling wedge pattern formation over the past few months.
Also, the Relative Strength Index (RSI) for AVAX stands at around 49.8 while the Moving Average Convergence Divergence (MACD) is positive at 0.19, signaling bullish momentum. Crypto analyst ‘Crypto Winkle’ hinted at further AVAX price surge if the bulls manage to break the crucial resistance past $30. Market analysts are already predicting the Avalanche price rally to $50.
#AVAX Breaking Out! Avalanche showing incredible strength as wedge pattern executes flawlessly
The falling wedge we’ve been tracking for months has finally paid off! Strong money flow confirmed this textbook breakout, launching $AVAX into a beautiful ascending channel.
Current… pic.twitter.com/QRDU65ZbPD
— Crypto Winkle (@CryptoWinkle) October 10, 2024
Additionally, the Avalanche blockchain is turning out to be a preferred choice for traditional financial players to launch their products in the market. Earlier this week, Colombian neobank Littio shifted its base from the Ethereum to the Avalanche blockchain.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ripple CEO Slams US SEC For XRP Security Claim In Bitnomial Case
Published
8 hours agoon
October 12, 2024By
adminRipple CEO Brad Garlinghouse has accused the U.S. Securities and Exchange Commission (SEC) of ignoring a court decision that determined XRP is not a security as the regulator still claims. He made the remarks following the agency’s stand in the Bitnomial case which saw the crypto derivatives exchange go to court against the SEC over the classification of XRP futures.
Ripple CEO Slams US SEC For XRP Security Claim
Brad Garlinghouse voiced his anger regarding the US SEC’s actions in a post on X (formerly Twitter), noting that the agency does not seem to care that, according to a court’s decision, XRP is not a security. He pointed out that the agency’s behavior proves that it thinks it can act beyond the law, questioning the regulator’s responsibility.
Ripple’s Chief Legal Officer Stuart Alderoty also commented on the agency’s position in the Bitnomial case saying that one has to wonder about the legitimacy of a regulatory agency that simply ignores a court decision. According to Alderoty, the US SEC has embarked on unconstitutional aggressive measures in the case and this further erodes the credibility of the agency.
He cited a rather worrying situation where a regulatory body after being defeated in court orders compliance through threats of enforcement in clear disregard of court orders.
Bitnomial Lawsuit Challenges US SEC’s XRP Futures Stance
The case in Bitnomial involves the US SEC’s assertion that XRP futures are ‘security futures,’ which subjects them to more rules than those set by the Commodity Futures Trading Commission (CFTC).
Bitnomial, a crypto derivatives exchange, declared that the XRP futures should fall under the jurisdiction of CFTC only, as XRP has not been registered as a security. In its complaint filed with the U.S. District Court for the Northern District of Illinois, Bitnomial claimed that the SEC’s requirement of the company to register as a national securities exchange is an undue regulatory burden.
Aligning with the Ripple CEO, the exchange also noted that the SEC’s position is in direct conflict with the court’s decision in the case where the court held that XRP itself was not a security. Bitnomial’s challenge is the latest in a long-standing feud between the agency and the crypto industry over the agency’s approach to regulating digital assets.
Concerns Over Regulatory Overreach
The Bitnomial case is the latest development in the U.S. Securities and Exchange Commission ongoing efforts to regulate cryptocurrencies. Despite losing the court battle with Ripple, the agency’s continued insistence that XRP is a security has drawn widespread criticism from the crypto community.
Aligning with the Ripple CEO, Pro-XRP lawyer Bill Morgan and other legal experts have accused the SEC of overreaching its authority and disregarding legal precedents.
I fought @GaryGensler’s @SECGov on behalf of 75K XRP token holders, including 627 here in MA. I did it all pro bono and spent $75,000 of my own money prosecuting the case. Every time I believed the SEC couldn’t degrade itself any further, the lawyers at the SEC proved me wrong. A… https://t.co/NThDe7whb1 pic.twitter.com/TwbNlLM4ow
— John E Deaton (@JohnEDeaton1) October 11, 2024
Concurrent with Ripple CEO, John Deaton, who represented XRP holders in the Ripple case, also criticized the U.S. Securities and Exchange Commission’s conduct. He pointed out that the agency has been found to act “arbitrary and capricious” in its enforcement, a severe legal standard to meet. Deaton also referenced a recent case involving the crypto firm Digital Licensing (Debt Box), where the SEC was sanctioned for misconduct, further adding to concerns about the agency’s regulatory practices.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Telegram Gifts Go Live As Pavel Durov Celebrates 40th Birthday
Published
11 hours agoon
October 11, 2024By
adminTelegram Founder Pavel Durov recently turned 40, and to commemorate this event, he announced the launch of a special edition, “Gift.” Notably, Durov’s birthday also coincided with Telegram’s 11th anniversary. Durov took to Telegram to announce the release of this new limited-edition gift set. He claimed the popular BirthdayCollection emoji pack inspired it.
The Telegram Gift Edition
The “Gift” set includes three exclusively designed characters to celebrate this milestone. Therefore, they offer a fun and interactive experience for users. This Telegram Gift feature was initially introduced about a week ago. The reception from the Telegram community members was quite profound.
In a matter of 24 hours following the launch of the first two limited-edition gifts, which included 500,000 lollipops and 100,000 cherry blossom icons, the entire inventory sold out. Even Durov acknowledged the turnout, noting that the team did not expect the result in such a short time.
He assured the community members that the team behind the Gift will create a working system to handle sold-out products.
Additionally, Telegram intends to improve on the functionality of the newly introduced feature. The upgrade will include the users’ ability to convert their limited-edition gifts into Non-fungible tokens (NFTs) on The Open Network (TON).
Users would get the opportunity to tokenize their digital gifts. Later, these tokenized assets could then be traded or auctioned on external blockchain platforms.
Pavel Durov Arrest, Release and Global Scrutiny
Noteworthy, Durov is celebrating this 40th birthday after a narrow escape from legal actions. He was arrested recently in France over some privacy compliance issues. His arrest brought some strain on Telegram’s operations. After mounted global pressure, the Telegram CEO was later released four days after but kept under judicial supervision.
The conditions of his release included the fact that the Russian-born tech mogul is not allowed to leave the territory of France. He was also asked to pay €5 million bail and report to the police twice weekly.
So far, Telegram has been under scrutiny in several regions including India and South Korea. It is worth noting that Telegram faces risk of a ban in India as it was recently used in a major data leak.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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X Empire (XEMP) Daily Combo Codes, Riddle & Rebus For Today October 11
Published
14 hours agoon
October 11, 2024By
adminThe long-awaited launch of the Telegram-based Tap-to-Earn (T2E) game X Empire (XEMP) is almost here. Ahead of the token airdrop, here are the Daily combo codes, Riddle and Rebus, for October 11 to help users get a larger allocation for the XEMP airdrop.
Daily Combo Codes For X Empire (XEMP)
The daily combo for today’s Episode (63) is 83163. Investors can use this X Empire YouTube code to earn more rewards. Community members usually have to watch daily video episodes that are shared on YouTube to get these codes. Getting this code increases a user’s chance of boosting their in-game currency, especially with there being increasing expectations for the X Empire price.
To use these X Empire YouTube codes, players simply need to click on the “Quests” section on the game. Then, proceed to select the “Watch YouTube Video” option and input the code. Once done, players click the “Check” button to claim their rewards. Below is a list of codes from the previous episodes:
Episode 1: 45666
Episode 2: 65755
Episode 3: 97025
Episode 4: 77375
Episode 5: 36487
Episode 6: 57624
Episode 7: 37519
Episode 8: 35489
Episode 9: 28139
Episode 10: 28210
Episode 11: 29711
Episode 12: 30712
Episode 13: 32813
Episode 14: 37814
Episode 15: 39915
Episode 16: 33016
Episode 17: 34117
Episode 18: 35218
Episode 19: 36319
Episode 20: 36319
Episode 21: 37121
Episode 22: 37422
Episode 23: 38923
Episode 24: 39024
Episode 25: 34425
Episode 26: 39326
Episode 27: 35527
Episode 28: 75928
Episode 29: 34329
Episode 30: 64930
Episode 31: 61931
Episode 32: 12932
Episode 33: 86133
Episode 34: 48134
Episode 35: 15235
Episode 36: 93136
Episode 37: 72837
Episode 38: 22938
Episode 39: 44139
Episode 40: 65340
Episode 41: 10941
Episode 42: 83242
Episode 43: 87843
Episode 44: 62944
Episode 45: 23745
Episode 46: 83946
Episode 47: 24147
Episode 48: 26148
Episode 49: 52649
Episode 50: 89350
Episode 51: 37251
Episode 52: 61152
Episode 53: 19953
Episode 54: 10954
Episode 55: 71755
Episode 56: 81156
Episode 57: 49057
Episode 58: 88658
Episode 59: 01959
Episode 60: 88960
Episode 61: 52161
Episode 62: 98162
Bill Gates Episode: 2021
Satoshi Nakamoto Episode: 2021
Create AI avatar: 10
Steve Jobs Episode: 1989
Elon Musk Episode: 1
Vitalik Buterin Episode: 6
Pavel Durov Episode: 35
Donald Trump Episode: 2007
Jeff Bezos Episode: 0
Warren Buffet Episode: 1958
Sam Altman Episode: 2023
Mark Zuckerberg Episode: 2011
No number Episode: 3
Riddle And Rebus For Today
Meanwhile, players will need the answers to the daily riddles and rebus on the Telegram game to enjoy more rewards. X Empire players usually have to guess one riddle every day to earn more coins. Today’s riddle is:
The service of securely storing digital assets on behalf of individuals or institutions, often provided by specialized firms. What is it?
The answer to this riddle is ‘CUSTODY.’
On the other hand, the answer to the X Empire rebus of the day is ‘YIELD.’ With this, players have the required armour to earn more coins ahead of the airdrop. The Telegram-based has already announced that the airdrop will take place on October 24.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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