Avalon Labs Unveils Initiative to Bring Bitcoin-Backed Financial Products to the Mainstream

Avalon Labs, a big name blockchain firm, has just taken the wraps off an initiative geared towards getting mainstream adoption of Bitcoin-backed

Blockchain giant Avalon Labs is embarking on an ambitious initiative to bring Bitcoin-backed financial products to the mainstream.

The company will be exploring a Bitcoin-backed Public Debt Fund, adhering to the regulations stipulated by the United States Securities and Exchange Commission (SEC), to bridge the gap between traditional finance and crypto.

Bitcoin DeFi For Crypto Natives And Wall Street Types?

According to a press release covered by crypto journalist Colin Wu, Avalon Labs is set to introduce Bitcoin DeFi yield opportunities catering to both hardcore crypto enthusiasts and Wall Street executives.

With Bitcoin presence in financial institutions’ portfolios increasing through exchange-traded funds (ETFs) and other investment vehicles, Avalon Labs sees this as the optimal time to introduce Bitcoin-backed solutions accessible to all.

Avalon Labs’ mission is to “make Bitcoin DeFi yield accessible to everyone, building a product that is so intuitive that even your non-crypto friends, family, and colleagues can understand and benefit from it.”

In the long run, the blockchain company notably aims to become the leading on-chain capital market for Bitcoin, cementing BTC’s role as digital gold and driving real-world adoption.

Crypto’s Going Mainstream Faster Than the Internet Did – Get Ready for Web3, NFT Fiends

Bitcoin Price Analysis

At the time of writing, Bitcoin trades at $96,336.78, having seen a slight decrease of nearly 2% in the past day, according to data from CoinMarketCap.

The cryptocurrency faces key resistance at the 20-day Exponential Moving Average, which is situated at $98,534. If BTC manages to break above this level, traders can anticipate a movement 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 that things are calming down in terms of volatility, which could mean a potential breakout is quite 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.

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