The cryptocurrency market is experiencing significant downward pressure as global economic uncertainties impact digital assets across the board. Avalanche (AVAX) has been particularly affected, with increased selling occurring at high volume, establishing strong resistance at the $22.35 level.

New Jersey’s Bergen County announced on Wednesday that it plans to digitize all property deeds on the Avalanche network under a five-year agreement with blockchain software firm Balcony.

Technical Analysis

• Significant bearish momentum with price dropping from $23.04 to $21.48, representing a 6.78% loss over 24 hours.

• Strong volume-based resistance established at the $22.35 level with exceptionally high volume (2.24M).

• Multiple recovery attempts were rejected at the $21.88 zone, forming a clear resistance ceiling.

• Support emerged around $21.32-$21.40 with increasing buy volume.

• Price briefly rallied to $21.53 on high volume.

• Multiple support tests around $21.45-$21.47 suggest consolidation forming.

Trump Media and Technology Group (DJT), the operator of Truth Social, said on Friday it has closed a $2.44 billion fundraising deal to establish a bitcoin BTC treasury.

DJT shares erased early morning losses and were up 5.6% on the day following the news.

The company sold nearly 56 million shares at $25.72 apiece and issued $1 billion in 0% convertible notes maturing in 2028, according to a press release. Some 50 institutional investors subscribed to the offering. The placement was led by Yorkville Securities and Clear Street, with Cantor Fitzgerald serving as financial advisor.

The firm said it will direct the net proceeds of $2.32 billion to purchase BTC for its treasury, with Crypto.com and Anchorage Digital providing custody services.

The move adds the company to a growing list of publicly-traded firms that have raised capital for adding crypto assets like bitcoin to their balance sheet, a playbook pioneered by Michael Saylor’s Strategy (MSTR). The software firm has become the world’s largest corporate holder of the leading crypto asset, accumulating over $60 billion in BTC by financing the purchases via a combination of equity and debt issuances.

Trump Media shared plans earlier this year to launch a financial services platform focusing on crypto and customized exchange-traded funds. It also said it wants to partner with crypto exchange Crypto.com to launch the ETF products.

U.S.-listed spot bitcoin BTC exchange-traded funds (ETFs) recorded their first day of net outflows in 10 trading sessions on Thursday, according to a research report by JPMorgan (JPM).

The Wall Street bank estimated that spot bitcoin ETFs saw $358 million of redemptions yesterday, according to a Friday report, with just one, BlackRock’s iShares Bitcoin Trust (IBIT) attracting a net inflow. IBIT gathered in a net $125 million, the bank observed.

In contrast, Fidelity’s FBTC saw net outflows of $166 million, leading the redemptions, the report said. Other major contributors included the Grayscale Bitcoin Trust (GBTC) -$107 million, ARK 21Shares Bitcoin ETF (ARKB) -$89 million and the Bitwise Bitcoin ETF (BITB) -$71 million, the bank said

JPMorgan said smaller outflows were also noted across the remaining issuers.

The bitcoin price slipped 1.1% on the day, but market activity remained robust with trading volumes of $5.39 billion, well above the 20-day average of $2.81 billion, the report added.

The world’s largest cryptocurrency was trading around $105,656 at publication time.

Read more: U.S. Spot Crypto ETFs Saw Strong Inflows on Wednesday, JPMorgan Says