AVAX Price Swings 8.5% Amid Schwab Listing News and Altcoin Selloff
Avalanche (AVAX) experienced a significant price movement over the last 21 hours, influenced by both positive and negative market forces.
The announcement by Charles Schwab to add AVAX to its retail crypto platform, along with SOL and LINK, provided an initial boost to the token's price. This news led to a rise of about 3 to 5 percent in AVAX's value.
However, this positive momentum was short-lived as a broad altcoin selloff and significant futures liquidations drove the price down by about 8.5% overall. The total crypto market cap fell by around 3%, with altcoins excluding BTC dropping close to 3%. AVAX followed this trend, declining by approximately 3.5%.
The absence of any significant negative developments specific to Avalanche suggests that the price drop was more influenced by general market conditions rather than Avalanche-specific factors. The expansion of Aave V4 on Avalanche Core for real-world asset lending is a positive long-term development, but it did not contribute to the recent price movement.