Avalanche’s price has fallen significantly since the crypto asset’s all-time high, as the token’s value has dropped 83 percent.In a recent interview published on May 31, Avalanche co-founder Emin Gün Sirer discussed how bear market conditions affected cryptocurrencies like avalanche (AVAX). referring to “macro conditions,” the Avalanche co-founder stated that “all asset prices, not just crypto, but stocks as well. went down.”
Emin Gün Cyrel. Prices are not what I am best interested in – I am building”
Currently, the crypto economy is facing a downturn after numerous digital assets lost 40% to 80% or more of their value against the US dollar. For example, Bitcoin (BTC) is down 56.9% from its all-time high of $69K seven months ago. Crypto assetAvalanche (AVAX)has lost roughly 83.9% of its value against the USD since its record ATH on November 21, 2021. Just recently, Emin Gün Sirer, co-founder of Avalanche, discussedAVAX‘s descent in ainterviewwith Forbes author Steven Ehrlich.
Despite the bear market in the crypto economy, Gün Sirer is very optimistic about the future of AVAX and he sincerely believes it is the I believe it is the best form of it.” Avalanche is, quite simply, the most innovative blockchain platform device ever.” Avalanche’s co-founder explained to Ehrlich.” It represents the best technology we know from a scientific perspective to build a blockchain that scales and is customizable.” In response to Gün Sirer’s remarks about Avalanche, Forbes reporter Ehrlich asked about the declining value of AVAX.
Gün Sirer noted thatAva Labs is aprivately held company and noted that it is a “thriving” company. The co-founder said that approximately 180 people are employed by the company and that the staff is expected to grow to 250 by the end of the year. The co-founder of Avalanche explained that “we have multiple revenue streams and are well capitalized for who knows how many years to come.” He added, “We are in very good shape as a company and growing rapidly.”
In addition, Gün Sirer was asked about the falling value of theAVAX; he was asked about the AVAXfalling in value and the interviewer asked him to give his thoughts on the situation.” There are a lot of things happening in this space.” Gün Sirer replied.” So the macro situation is what is happening, right? We print tons of money all over the world, and now everyone wants to shrink the money supply. All asset prices are falling, not just crypto, but stocks as well. That’s kind of where we are.”
The Avalanche co-founder also discussed Federal Reserve policy, saying the central bank could “back away from aggressive policy” if certain macro conditions fuel a deeper recession. However, Gün Sirer stressed that he does not know what will happen with the economy and the value of crypto fiat money, which is not in his “best interest. “Gün Sirer further stated, “I am building and everyone I know is building.” However, AVAX has been hit hard since the Terra LUNA and UST debacle, as confidence in decentralized finance (Defi) has been shaken.
Over the past month, the total value lock (TVL) of defi hosted on the Avalanche blockchain has dropped by59.82%Avalanche today has $3.73 billion worth locked, the fourth large defi TVL. when Gün Sirer interviewed Ehrlich,. avaxwas down 76%. today, the token is down over 83% from its all-time high. 65.3% has been lost in the last month, 19.8% in the past two weeks. According to the Wayback Machine archives, AVAX has slippedpositions among the 13,400 crypto asset market caps. on January 27, AVAX was the 12th largest market valuation, today AVAX is the 15th largest market cap is.
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