{"id":194191,"date":"2023-11-15T22:03:40","date_gmt":"2023-11-15T16:33:40","guid":{"rendered":"https:\/\/dripp.zone\/news\/avalanche-price-explodes-hitting-20-as-citi-taps-avacloud-for-blockchain-fx-solution-crypto-news\/"},"modified":"2023-11-15T22:03:46","modified_gmt":"2023-11-15T16:33:46","slug":"avalanche-price-explodes-hitting-20-as-citi-taps-avacloud-for-blockchain-fx-solution-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/avalanche-price-explodes-hitting-20-as-citi-taps-avacloud-for-blockchain-fx-solution-crypto-news\/","title":{"rendered":"Avalanche Price Explodes Hitting $20 As Citi Taps AvaCloud For Blockchain FX Solution – Crypto News"},"content":{"rendered":"

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\nAvalanche price uptrend seems unstoppable with support at $20 affirming the bullish grip. In case of dips below $20, investors can look toward $15 and $13 for fresh entries.\t\t\t\t<\/p>\n

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Published 7 seconds ago <\/p>\n

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Avalanche (AVAX) towered above the crypto market horizon on Wednesday with gains exceeding 20% in 24 hours amid news that Citi had collaborated with AvaCloud to test the execution of forex trades.<\/p>\n

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The network\u2019s native token AVAX, which has been rallying since October, climbed higher, with gains surpassing the $20 level. Although profit-booking resulted in a sudden dip to $15.5, Avalanche had already recovered and trading at $19.87 at the time of writing.<\/p>\n

Traders are most likely betting on\u00a0Avalanche price<\/span><\/a>\u00a0continuing with the uptrend above $20. Therefore, a daily close above this level would imply a higher probability of AVAX closing the distance to $30.<\/p>\n

Citi Taps AvaCloud For Project Guardian<\/h2>\n

According to an article that appeared on the\u00a0Business Wire<\/span><\/a>\u00a0and shared by Avalanche on Twitter (now X), Citi, a leading global bank, has tapped Avalanches\u2019s AvaCloud, \u201ca managed blockchain service enabling teams to rapidly build, deploy, and scale decentralized networks\u2013customized for any use case,\u201d to build an innovative application that utilizes \u201cblockchain infrastructure to price and execute bilateral spot foreign-exchange (FX) trades.\u201d<\/p>\n

The application was developed in collaboration with the Monetary Authority of Singapore (MAS) and the country\u2019s financial industry. Citi and MAS tested the applicator for Spot FX on the USD\/SGD pair but it can be adapted to suit any fiat currency pair.<\/p>\n

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.@AvaCloud<\/a> was used by @Citi<\/a> to test an app to price & execute simulated FX trades. <\/p>\n

Citi\u2019s on-chain solution tracks real-time streaming of price quotes while recording trade executions on @AVAX<\/a>, supporting the secure record-keeping of trade data.https:\/\/t.co\/uF0ZmpsGdO<\/a><\/p>\n

\u2014 AvaCloud (@AvaCloud) November 15, 2023<\/a><\/p>\n<\/blockquote>\n

The application used a private permissioned blockchain instance from the Avalanche protocol in the completed phase to record price quotes and trade confirmations for all parties involved.<\/p>\n

\u201cWhile blockchains have demonstrated promise for streamlining post-trade processes, our objective is to drive improvement at all stages of the trade life cycle, including pre-trade and execution,\u201d Shobhit Maini, Co-Head of Digital Assets for Markets at Citi said.<\/p>\n

Avalanche Price Prediction: Can AVAX Surge To $30k This Week?<\/h2>\n

Avalanche is trading above key levels and hinting at the uptrend progressing toward $30. A buy signal from the Moving Average Convergence Divergence (MACD) indicator is compelling investors and traders to keep booking positions in AVAX.<\/p>\n

On top of the MACD buy signal, a bullish cross recently confirmed by the 50-day Exponential Moving Average (EMA) (red) flipping above the 100-day EMA (blue), reinforces the bullish thesis.<\/p>\n

\"Avalanche