AVAX, NEAR Hold Steady Amidst Market Retraction

Friday began with Avalanche’s native token AVAX and Near Protocol’s NEAR maintaining reasonable initial prices, while the broader market retracted gains from earlier in the week, influenced by equities.

At press time, AVAX had experienced a 24-hour increase of 8.2%, while NEAR was trading 6% higher.

In the interim, bitcoin has declined 2.5% over the past twenty-four hours, trading below $36,500, whereas ether has fallen 3.3% and is now worth less than $2,000.

The participation of Avalanche in Project Guardian, a tokenization initiative led by the Monetary Authority of Singapore (MAS), is believed to have stimulated investor enthusiasm for its native token, AVAX.

According to announcements from Avalance and the MAS, Onyx by JP Morgan and Apollo Global showcased a blockchain Proof of Concept for asset management revolutionization under the auspices of MAS’s Project Guardian.

This parallels Citi’s use of comparable technology for FX trade simulations. Onyx is the blockchain-based fixed-income trading network of JP Morgan.

The preceding examples illustrate how smart contracts and tokenization can be employed to automate and improve the scalability and efficacy of financial services.

This aligns with the Singaporean regulator’s emphasis on applying blockchain technology to FinTech rather than cryptocurrencies.

In the interim, NEAR presumably derived support from favorable declarations made throughout the Nearcon conference.

The decline of market leaders elsewhere resulted in significant liquidations of leveraged positions.

Since twenty-four hours ago, $30 million in ether long positions have been liquidated, compared to $48 million in bitcoin long positions, according to data from Coinglass.