The price of Avalanche has slid significantly since the crypto asset’s all-time high as the token has dropped 83% in value since then. In a recent interview published on May 31, Avalanche co-founder, Emin Gün Sirer, discussed how bear market conditions have impacted cryptocurrencies like avalanche (AVAX). The Avalanche co-founder mentioned “macro conditions” and that “all asset prices—not just crypto but also equities—have gone down” in value.
Emin Gün Sirer: ‘Price Is Not Something That I’m Supremely Interested in — I’m Building’
A number of digital assets that have experienced losses between 40% and 80% against the U.S. dollars are causing a decline in the cryptocurrency economy. Bitcoin (BTC), for instance, is now down 56.9% from the $69K high it reached seven months ago. Since November 21st, 2021’s ATH, the crypto asset avalanche (AVAX), has lost approximately 83.9% against the USD. Just recently, Avalanche co-founder Emin Gün Sirer discussed the AVAX downturn in an interview with Forbes author Steven Ehrlich.
Despite the crypto economy’s bear market, Gün Sirer is very optimistic about the future of AVAX and he wholeheartedly believes it is the best form of blockchain technology out there today. “Avalanche is, simply put, the most innovative blockchain platform device to date,” the Avalanche co-founder explained to Ehrlich. “It represents the best technology that we know from a scientific perspective for building blockchains that scale and are customizable.” Following Gün Sirer’s statement about Avalanche, Forbes reporter Ehrlich asked about AVAX’s decline in value.
Gün Sirer noted that Ava Labs is a private company and one that is “thriving.” The co-founder shared that there’s roughly 180 people employed by the firm and by the end of the year he expects the staff to grow to 250. “We have multiple revenue sources, and we’re well-capitalized for the next I don’t know how many years,” the Avalanche co-founder explained. “So we’re in a very good situation as a company, growing fast,” he added.
Moreover, Gün Sirer was asked about AVAX sliding in value and the interviewer asked him if he would share his thoughts on the situation. “In this space, there are a whole bunch of things happening,” Gün Sirer responded. “So the macro conditions are what they are, right? There was a huge amount of money printed around the world, and everyone now wants to control the money supply. All asset prices—not just crypto but also equities—have gone down. That’s sort of where we are.”
The Avalanche co-founder also discussed the Federal Reserve’s policies and said there’s a chance central banks could “back off of the aggressive policies” if certain macro conditions fueled a deeper recession. However, Gün Sirer stressed that anything can happen with the economy and the fiat values of crypto is something he’s not “supremely interested in.” “I’m building, and everybody I know is building,” Gün Sirer further remarked. AVAX has suffered a severe hit since Terra LUNA’s and UST’s fallouts, as people have lost faith in decentralized financial (defi).
The total value of all defi on Avalanche has fallen 59.82% in the past month. Avalanche is currently the fourth largest defi TVL, with $3.73 trillion in locked value. When Gün Sirer did his interview with Ehrlich, AVAX was down 76% but today the token is down more than 83% in value since its all-time price high. The token lost 65.3% in the last month, while 19.8% were lost over the past two week. Archive from the Wayback Machine shows that AVAX fell in position amongst the 13,400 crypto assets market caps. AVAX had the 12th highest market valuation on January 27th, but AVAX now has the 15th largest crypto asset market cap.
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