The swathes of news on Silicon Valley Bank, among other banks that are facing liquidation, caused a flurry of selling on many crypto assets over the past week. This selling pressure many cryptocurrencies down by double-digit percentages, but how have the latest updates affected the price action?
FTM Price
The Fantom coin sunk to lows of just over $0.30 during the weekend trading, with many fearing that some of the major banks serving crypto corporations were crumbling and exiting crypto positions into fiat would be made impossible.
As the general public then came to realize, many banks serve the crypto industry, not just a select few. Once it was confirmed depositors would be able to withdraw 100% of their deposits, a strong reversal happened on a short timeframe, creating a strong bullish V pattern on the FTM Price.
Avorak Gains 75%
Avorak is another crypto netting investors huge profits. With a 75% price increase the past few days those that bought last week are already sitting in a great profit.
Avorak is developing a collection of tools that enable creative and financial actions, both on a small scale for retail and a large scale for corporate.
The project plans to introduce its first trading bot and AI-authoring products between the end of 2023 and the beginning of 2024 when the project’s initial revenue stream will begin.
The most interesting aspect of the entire initiative is that AVRK holders will receive a portion of the revenue. This means that individuals who use AVRK as intended (as a credit to access the products) will receive a rebate based on how much AVRK they still possess afterwards. Those who are simply holding AVRK will gain the revenue share as a form of ‘passive income.’
This incredible tokenomics that combines a deflationary aspect is likely to send this token many multiples, with those who invested last week already in an easy profit.
Youtubers have already begun to pick up on this new platform, with various videos already beginning to appear and spread the word about this new token.
Want to learn more about Avorak AI?
Website: https://avorak.ai
Whitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/
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Source: https://coinpedia.org/press-release/fantom-rebounds-after-silicon-valley-bank-news-avorak-ai-gains-investors/