Robert Steinadler, 5 months ago
Social media is going wild over the fact that Ava Labs has announced a partnership with AWS. It appears that most traders are absolutely bullish on the news and the market is going wild amidst uncertain times. After a long and hard bear market in 2022, the current rally for AVAX and the rest of the market is a big relief.
What is this partnership all about, and which other factors could influence the AVAX rally?
According to the official blog post from Ava Labs, AWS is supporting the broader blockchain adoption by partnering with and supporting Avalanche. Customers can now run a validator node on AWS by buying it as a one-click-hosting solution on the AWS marketplace.
While this is good news, there is no official press statement from AWS available, which hints that this is rather a service agreement between Avalanche and AWS than a full-fledge partnership. Other blockchains are also supported and users can set up nodes for Ethereum or Algorand for instance. So, is this all a big nothing burger?
Not quite because it depends on what Ava Labs and AWS are going to present in the future. Ava Labs has claimed in another blog post that both parties are going to support the Web3 development in the future. This is a broad statement, and it remains to be seen if and how this will play out.
The AVAX price has jumped up by more than 28% within the last 24h at the time of writing. This is mostly due to the fact that the whole market is rallying. Many traders are speculating that today’s release of US CPI data will reveal a positive development.
However, depending on how these numbers are going to play out, volatility could kick in once again and ruin all the fun. The upside of this event is the possibility that the market will continue this trend if expectations are being exceeded.
This week could be wild and while many are betting on a bullish reversal, others are hedging their bets in the derivatives market by placing short positions. In this context, it is also important to watch the stock market carefully and check if the close connection between crypto and stocks remains intact. Should the correlation between them at some point start to decouple, things would get highly interesting.
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