Decentral Block Post

Decentralized social media (DeSo) application Stars Arena has caused a major uptick in activity on Avalanche’s C-chain network.

As network activity increased, so did the price of the network’s native AVAX (AVAX) token, which has gained more than 8% in the last 24 hours. 

Launched in late September, the Friend.tech-inspired Stars Arena has seen the total number of daily transactions on the Avalanche C-chain — the blockchain component specifically designed for running smart contracts on Avalanche — grow by more than 186% over the past two days.

Total Avalanche C-chain network activity spiked 186% from Oct. 1. Source: Snowtrace.io

The Stars Arena application has grown rapidly as well, with more than 10,000 unique active wallets on the platform. Over the course of the past 2 days, the platform has witnessed more than $3.26 million in total trading volume and a little over 462,000 transactions, according to data from DappRadar.

Stars Arena has grown rapidly since its launch in late-September. Source: DappRadar

Meanwhile, data from DefiLlama shows that the platform has exceeded $1 million in total value locked (TVL). This however, still pales in comparison to Friend.tech, which commands some $44.27 million in TVL.

United States 10-year Treasury yields soared above 4.8% on Oct. 3, their highest level since 2007. DoubleLine Capital CEO Jeffrey Gundlach said in a post on X (formerly Twitter) that the spread between the 2-year and 10-year Treasury yields has narrowed from 109 basis points a few months ago to 35 basis points. He cautioned that this “should put everyone on recession warning.”

Arthur Hayes, former CEO of crypto exchange BitMEX, warned in a recent X thread that the government will have to print money to save the bond market as a faster bear steepener — a condition where long-term interest rates rise more quickly than short-term rates — will cause firms to collapse. Some investors believe that this could trigger a cryptocurrency bull market.

Daily cryptocurrency market performance. Source: Coin360

It also looks like the institutional investors have started to warm up to cryptocurrencies. CoinShares’ latest Digital Asset Fund Flows Weekly Report shows inflows of $21 million into digital asset investment products for the first time in six weeks.

In this uncertain macro environment, let’s take a look at the charts to determine the next potential move.

Bitcoin price analysis

Bitcoin (BTC) rose above $28,143 on Oct. 2 but the long wick on the candlestick shows the bears are aggressively selling at higher levels. The bears tried to build upon their advantage on Oct. 3 but the bulls held their ground at $27,160.