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Avalanche Price Soared After the Amazon Deal: Be Careful!

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Avalanche was the talk of town on Thursday as the token surged by more than 30%. This AVAX price rally happened as investors reacted to a new deal between Amazon and Avalanche. The token soared to a high of $16.52, which was the highest point in months. It has jumped by more than 40% from the lowest point in 2022.

Avalanche and Amazon deal

The biggest crypto news of this year is the deal between Amazon and Avalanche. Amazon is the biggest e-commerce company and the largest cloud computing provider in the world. Avalanche, on the other hand, is one of the biggest smart contract platforms in the world.

In a statement, Avalanche said that Amazon will use the blockchain in its cloud computing product for both companies and governments. AWS will support Avalanche’s infrastructure and dApp ecosystem while node operators will be able to run in AWS GovCloud. 

Another part of the deal will see Ava Labs become a member of the AWS Partner Network. This means that the company will help customers deploy custom offerings on AWS. For a start, it will add Subnet deployment as a managed service to the AWS Marketplace. In a note, the president of Ava Labs said:

“AWS Activate is an excellent resource for developers to bring apps to the masses with Avalanche’s trailblazing speed, security, and scalability at their core.”

This deal is a samp of approval for Avalanche. For one, there are hundreds of similar projects that include Ethereum, Aptos, Solana, and BNB Chain. It is also an important thing because of the scale of Amazon since it is one of the biggest companies in the world.

However, Avalanch still faces numerous challenges. For example, its DeFi ecosystem is deteriorating, with the total value locked falling from over $12 billion to just $800 million.

Avalanche price prediction

Avalanche Price

Historically, crypto prices tend to soar when there is a major announcement. However, these gains tend to be short-lived as the enthusiasm fades. A look at the four-hour chart shows that the token soared and moved above the key resistance level at $14.40, the highest point since December 13. The coin moved above all moving averages. 

Therefore, the coin will likely continue falling and retest the key support level at $14.40. If this happens, it will then resume the bullish trend and retest this week’s high of $17.

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Livepeer Price is Soaring: Here’s Why it Will Recoil Soon

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Livepeer

Livepeer price drifted upwards on Friday as investors moved to video-focused tokens. LPT price soared to a high of $10.3, the highest point since November 8 of this year. It has jumped by more than 164% from the lowest point in December. 

What is Livepeer? 

Video is a major industry that is currently dominated by large centralized platforms like Vimeo and YouTube. These platforms work well because of the vast amount of money the companies have invested in video infrastructure. 

However, some industry players believe that the industry is ripe for disruption using the blockchain technology. Some of the leading players disrupting the video industry is Livepeer and Theta Network. Instead of relying on centralized servers, these networks rely on thousands of distributed servers.

The network works in a relatively simple approach. The video broadcaster comes up with a video content and then distributes through a distributed network. 

Livepeer has been used to build several decentralized video platforms in the industry like Xeenom, Bonfire, Kavarii, and LiveSpace among others. For example, Lenstube is a decentralized and open-source video-sharing social media platform while The Lot Radio is an independent online radio that streams on a 24/7 basis.

However, there are concerns whether Livepeer and similar platforms are needed in the first place since centralized ones like YouTube, Rumble, and Vimeo work just…

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Solana Price Forms Triple-Top as DeFi and NFT Volume Soars

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Solana price has formed a bearish chart pattern as Solana’s ecosystem makes a stunning comeback. SOL/USD was trading at $24 on Friday evening, which was a few points below the year-to-date high of $26.50. It has soared by more than 206% from the lowest level in 2022.

Solana DeFi volume rebounds

Solana TVL

Solana, once a popular blockchain, came under intensure in November, following the collapse of FTX and Alameda Research. In addition to FTX Token, it was the most exposed cryptocurrency in FTX since the company was one of its key funders.

FTX and Alameda also had a major role in Serum, then the biggest DeFi protocol in the ecosystem. Serum made it possible for investors to earn yield in Solana. Serum collapsed because its public key was controlled by FTX. 

In the aftermath of this collapse, Solana saw its total value locked (TVL) plunge from more than $12 billion to less than $400 million. Serum, which had a TVL of more than $1 billion has collapsed. And in its place, the developers are working on a new product known as OpenBook. However, it has not gained much traction as its TVL stands at $4…

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Ethereum Price Outlook as the DXY Index Crash Continues

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Cryptocurrency prices remained in an upbeat tone on Thursday as the US dollar index continued its bearish move. Bitcoin, the biggest cryptocurrency in the world, rose to $23,165, the highest level in months. Similarly, Ethereum has risen by more than 4% in the past 24 hours while BNB Coin and XRP surged to $307 and $0.41, respectively. 

US dollar index retreats

Cryptocurrencies have an inverse relationship with the US dollar index. For example, the DXY, which looks at the performance of the greenback vs other currencies, soared to a 20-year high of $115 in 2022. As that happened, cryptocurrencies like Bitcoin plunged during the year.

The foundation of this relationship is the Federal Reserve. In most periods, the US dollar index tends to rise when the Fed is extremely hawkish and vice versa. And it was extremely hawkish in 2022 as it hiked interest rates by more than 400 basis points. 

Therefore, while the Fed has remained hawkish recently, the US dollar has dropped because of what the data is saying. Data published recently showed that America’s inflation is easing. The closely watched consumer price index dropped to 6.5% in December while core inflation fell to 5.7%. 

At the same time, other parts of the economy are showing that the American economy is indeed recoiling. Retail sales dropped sharply in December while many…

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