Avalanche (AVAX) Plunges 5.1% Amid Broader Crypto Market Selloff
Avalanche (AVAX) suffered a sharp decline of about 5.1% over the last 24 hours, mirroring the broader crypto market's risk-off move in response to the US CLARITY Act vote and the upcoming Federal Reserve decision.
The macroeconomic uncertainty triggered by the CLARITY Act's uncertain passage and the expected Fed rate hike led to a selloff across major cryptocurrencies, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) all trading down around 1% intraday.
Avalanche's price drop is consistent with its role as a higher-beta altcoin in a leverage-heavy environment, where liquidations and reduced risk appetite amplify moves driven by macro news.
Despite the negative price action, Avalanche has seen several positive fundamental and adoption headlines over the same period, including partnerships with South Korea's KRW-backed stablecoin KRW1 and the UAE's Telecommunications and Digital Government Regulatory Authority to use Avalanche technology for verified government documents.