• VC Spectra (SPCT) soared to new heights by raising $2.4 million in its private sale.
• Avalanche (AVAX) Struggles to Gain Momentum and Arbitrum (ARB) Fails to Recover Following Hack.
• Despite the positive news, both of these coins exhibited negative price movement in the market.

Introduction

This article discusses how two coins, Avalanche (AVAX) and Arbitrum (ARB), failed to gain investors’ interest despite positive news while VC Spectra (SPCT) emerged as a trailblazer by raising $2.4 million in its private sale.

Avalanche (AVAX)

Avalanche (AVAX) failed to spark investors’ interest as it continued its bearish streak that began on July 25. On August 8, 2023, Circle announced the launch of its programmable wallets on Polygon, Ethereum, and Avalanche (AVAX). This should benefit Avalanche (AVAX) in the long run by increasing its utility and drawing investors’ interest. However, despite this positive news, AVAX’s price fell by a modest 0.5% from $12.43 to $12.37 between August 8 and August 13 with a decrease in market cap from $4.26 billion to $4.25 billion during the same time period. Moreover, as of August 13, AVAX’s 61.8% Fibonacci levels signaled tremendous selling pressure which is likely continue pushing it downwards unless an uptrend is confirmed soon..

Arbitrum (ARB)

Between July 15 and July 24, ARB surged 5.9% from $1