Franklin

Bitcoin

Franklin OnChain U.S. Government Money Fund

USDC

Avalanche

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-weekly-surge-lifts-altcoins" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin’s Weekly Surge Lifts Altcoins</a><br></p>
<p style="text-align: justify">Bitcoin (BTC) experienced a notable 10% increase in value within a week, climbing from $57,800 to $64,000. This surge positively impacted many major altcoins, including <a href="https://en.bitcoinhaber.net/bitcoins-rise-spurs-altcoin-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Avalanche</a> (AVAX), which saw its price soar by over 30% in the last seven days. This substantial rise allowed AVAX to break through a critical resistance level that had held for five months, signaling a potential trend reversal.</p>
<h2 id="franklin-templeton-s-bold-move">Franklin Templeton’s Bold Move</h2>
<p style="text-align: justify">Global investment giant Franklin Templeton expanded the Franklin OnChain U.S. Government Money Fund (FOBXX) by integrating it with the Avalanche network on August 22. This move, which aims to broaden the fund’s accessibility, leverages the increasing number of institutional players utilizing Avalanche <a href="https://newslinker.co/category/technology/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">technology</a>. The fund, launched in 2021, is notable for being the first U.S.-registered investment fund to utilize a public blockchain for transactions and share ownership recording.</p>
<p style="text-align: justify">The integration generated additional momentum for AVAX’s price, propelling it above the psychological threshold of $25. Moreover, Franklin Templeton introduced new features for FOBXX, enabling Benji wallet holders to convert the USDC stablecoin for investing in the fund’s shares and facilitating peer-to-peer transfers on a public blockchain.</p>
<h2 id="technical-indicators-and-future-targets">Technical Indicators and Future Targets</h2>
<p style="text-align: justify">From a <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a> viewpoint, AVAX continues to exhibit upward potential. Since mid-August, the altcoin has shown a robust recovery, marked by nine successive green candles on its daily chart. This surge took AVAX’s price from $19.78 to $27.7, reflecting a 40% growth and pushing its market cap to $11.4 billion.</p>
<p style="text-align: justify">The recent price breakout past a key resistance line, which had been in place since March 2024, indicates a possible 20% increase as AVAX targets the $33 resistance level. Surpassing this point could set the next target at $41.82. However, it’s important to note that AVAX remains below the 100- and 200-day EMAs, suggesting the long-term trend is still bearish.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<p style="text-align: justify">– Franklin Templeton’s integration with Avalanche aims to enhance fund accessibility and attract more institutional participants.<br> – The introduction of new features for FOBXX allows for the conversion of USDC stablecoin and peer-to-peer share transfers.<br> – AVAX’s price has broken a long-standing resistance, opening the potential for a further 20% increase.<br> – Despite recent gains, AVAX remains below long-term EMAs, indicating potential bearish trends if selling pressure escalates.</p>
<p style="text-align: justify">In conclusion, while AVAX shows significant short-term momentum and potential for further gains, caution is warranted due to its current position below crucial long-term moving averages, suggesting that the broader trend remains uncertain.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoins-weekly-surge-lifts-altcoins" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin’s Weekly Surge Lifts Altcoins</a></h5>

Bitcoin’s Weekly Surge Lifts Altcoins

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