- Avalon Labs aims to explore a Bitcoin-backed Public Debt Fund in the US.
- The firm also seeks to provide Bitcoin DeFi yield opportunities for investors.
- BTC failed to reclaim the 20-day EMA and faces significant resistance at $98,500.
Avalon Labs, a big name blockchain firm, has just taken the wraps off an initiative geared towards getting mainstream adoption of Bitcoin-backed financial products rolling.
The firm plans to bridge the gap between traditional finance and crypto by looking into a Bitcoin-backed Public Debt Fund while playing by the rules of the United States Securities and Exchange Commission (SEC).
Bitcoin DeFi for Crypto Natives and Wall Street Types?
According to a press release shared by journalist Colin Wu, Avalon Labs wants to open up Bitcoin DeFi yield opportunities for both hardcore crypto fans and suits on Wall Street.
With Bitcoin getting more and more tangled up in financial institutions’ portfolios via exchange-traded funds (ETFs) and other investment vehicles, Avalon Labs reckons this is prime time to introduce Bitcoin-backed solutions that anyone can use.
Avalon Labs’ mission is to “to unlock Bitcoin DeFi yield for everyone, creating a product so intuitive that even your non-crypto friends, family, and colleagues can understand and benefit from it.”
Notably, in the long-term, the blockchain company wants to be the leading on-chain capital market for Bitcoin, cementing BTC’s status as the digital gold while pushing real-world adoption.
Related: Crypto’s Going Mainstream Faster Than the Internet Did
Bitcoin Price Analysis
Meanwhile, at the time of writing, Bitcoin trades at $96,336.78, having slipped almost 2% in the past day, CoinMarketCap data verifies.
The cryptocurrency faces significant resistance at the 20-day Exponential Moving Average, which stands at $98,534. If BTC breaks above this level, investors can expect a move towards the $100,000 price resistance.
As per the daily chart provided by TradingView below, Bollinger Bands indicate price compression, with the upper band at $106,303 and the lower band at $93,319. This suggests things are calming down in terms of volatility, which could mean a potential breakout is pretty likely in either direction.
Related: 480k to 146k: Bitcoin’s OTC Exodus and the Bull Market Debate
On the other hand, the Relative Strength Index (RSI) is holding at 43.34, which points to neutral-to-bearish momentum. A move above 50 would signal bullish momentum getting stronger. The gradient of the line suggests people are quietly buying up more of the market-leading digital asset as the cryptocurrency holds strong above $93,000-$94,000 support.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/avalon-labs-bitcoin-defi-for-mainstream-new-fund-aims-to-bridge-crypto-tradfi-gap/