• Crypto market has been struggling due to speculation of an interest rate hike from the SEC.
• Avalanche (AVAX) is set for a substantial token release on August 26, which may cause further decline in its price.
• Aptos (APT) saw a surge in its price after announcing partnership with Microsoft and NEOWIZ, but soon declined again due to the SEC news.
Crypto Market Struggles Amid Interest Rate Hike Speculation
The crypto market has been facing bearish trend in the past week due to speculation of an interest rate hike from the US Securities and Exchange Commission (SEC). This has caused many projects to dip down significantly in price.
Avalanche (AVAX) Nears Key Token Unlock
Avalanche (AVAX) is no exception, as it has dropped by 14% from $12.16 on August 16 to $10.4 as of August 21. Additionally, Avalanche is set to unlock 9.54 million AVAX tokens on August 26, which will be put into circulation – corresponding to 2.77% of the current circulating Avalanche (AVAX) supply . This could potentially result in a selling spree that exerts additional downward pressure on the project’s price trajectory.
Microsoft Partners With Aptos Labs
The price of Aptos (APT) surged by 18% from $6.65 on August 8 to $7.85 on August 9 after announcing a new partnership with Microsoft and Aptos (APT) Labs , aimed at advancing AI and web3 capabilities . However, this was short-lived following SEC’s announcement regarding interest rate hike , causing APT’s price to drop by 19%, from $6.87 on August 16 to $5.51 on August 18 . Fortunately, Aptos Labs announced another new strategic partnership with South-Korean game publisher NEOWIZ and Web3-gaming platform Intella X , bringing hope for a potential surge in APT’s price once more .
Crypto Investors Shift To VC Spectra (SPCT)
Amid this bearish market trend, investors have shifted their attention towards VC Spectra (SPCT), seeing it as more attractive than its peers Avalanche(AVAX) and Aptos(APT). The reason behind this shift remains unclear at the moment; however, many believe SPCT could be positioned better than its competitors when it comes to attracting investors amidst bearishness prevailing in the market .
Conclusion
Overall, despite a few positive developments from Avalanche(AVAX) and Aptos(APT), these projects are still subject to bearish trends caused by speculation of an interest rate hike announcement from the SEC., causing investors to flock towards VC Spectra(SPCT).
