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AVAX price outlook: SkyBridge Capital to tokenize $300M on Avalanche blockchain AVAX price outlook: SkyBridge Capital to tokenize $300M on Avalanche blockchain

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AVAX price outlook: SkyBridge Capital to tokenize $300M on Avalanche blockchain – Crypto News

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4 months ago

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  • SkyBridge will tokenize $300M of hedge funds on the AVAX blockchain.
  • The move positions Avalanche as a leading platform for RWAs.
  • AVAX charts suggest a potential 45% price jump if broader sentiments improve.

While cryptocurrencies retreated from their recent peaks, Anthony Scaramucci’s alternative investment company, SkyBridge Capital, supercharged Avalanche’s (AVAX) fundamentals.

According to the latest press release, SkyBridge plans to tokenize hedge funds worth $300 million on the Avalanche network.

Under this initiative, SkyBridge’s Legion Strategies Ltd. and Digital Macro Masfer Fund Ltd. will tokenize on AVAX’s network through leading financial service providers Apex Group and Tokeny.

Commenting on the move, SkyBridge’s CEO and founder, Anthony Scaramucci, stated:

Tokenizing our funds on Avalanche, supported by the technology and operational infrastructure of Tokeny and Apex Group, represents a significant step forward in modernizing the alternative investment landscape.

We look forward to bringing our hedge funds into the digital, on-chain era, improving transparency, liquidity, and accessibility for our investors.

The news renewed sentiments around AVAX’s potential amidst the ongoing broad market bloodbath.

Digital assets trade in the red as Bitcoin falls below $114,000.

Nevertheless, analysts remain bullish, perceiving the current correction as a healthy one after BTC’s surge to all-time highs of around $124,000.

With large-cap altcoins in the traders’ radar after the recent Ethereum rally, this article checks AVAX’s potential comeback once market sentiments improve.

The real-world assets (RWAs) sector is experiencing significant growth momentum as DeFi and TradFi converge.

Hedge fund tokenization will enrich Avalance’s ecosystem, as it already hosts tokenized credit, stocks, private equity, venture, and MMFs.

SkyBridge decision sets AVAX for impressive performance in the coming sessions.

The price chart supports a bullish case, pointing to a potential AVAX recovery to $32.

That would mean an over 45% gain from the altcoin’s current price.

Why Avalanche?

Financial institutions are never random when venturing into crypto.

Avalanche’s EVM compatibility, near-instant finality, and scalability likely attracted SkyBridge.

The $300 million initiative unlocks the AVAX platform for large-scale tokenization.

According to Tokeny co-founder Danie Coheur:

SkyBridge’s tokenization on Avalanche proves that with the right technology, trusted operators, and regulatory clarity, tokenization at scale is not just possible, it’s happening.

AVAX price outlook

While the tokenization updates strengthen Avalanche’s fundamentals, broad market weakness weighs on AVAX’s performance.

The alt hovers at $22 after losing around 1.80% in the past 24 hours.

AVAX remained relatively calm as markets crashed ahead of Powell’s anticipated speech.

Meanwhile, Avalanche looks poised to lead the next leg up, fueled by institutional interest, especially if SkyBridge succeeds in its plans.

Such a narrative aligns with the bullish chart pattern.

The Elliot Wave analysis shows that AVAX is finalizing a wave two correction.

This setup phase often precedes a massive wave three rally.

The structure highlights possibilities of recoveries to the $32 ceiling.

That would be an approximately 45% surge from AVAX’s market price.

However, improved broader market sentiments remain vital to support the upside.

Failure to overcome the obstacle between $26 and $27 will likely delay the projected AVAX recovery.

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