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BNB Price May Have Another Chance For A Bullish Streak: Here’s How

BNB price is attempting a fresh increase from the $515 zone. The price could gain bullish momentum if it clears the $572 resistance zone. BNB price started a fresh increase after it found support near the $515 zone. The price is now trading below $555 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair could gain bullish momentum if it clears the $572 resistance zone. BNB Price Faces Hurdles After a downside correction below $550, BNB price found support near the $515 zone. A low was formed at $513.6 and the price started a recovery wave, like Ethereum and Bitcoin. There was a move above the $525 and $530 resistance levels. The bulls pushed the price above the $540 pivot level and the 23.6% Fib retracement level of the downward move from the $630 swing high to the $513 low. There was also a break above a key bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair. The price is still trading below $550 and the 100 simple moving average (4 hours). Immediate resistance is near the $555 level. The next resistance sits near the $572 level or the 50% Fib retracement level of the downward move from the $630 swing high to the $513 low. Source: BNBUSD on TradingView.com A clear move above the $572 zone could send the price further higher. In the stated case, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $630 resistance. Any more gains might call for a test of the $650 level in the coming days. Another Decline? If BNB fails to clear the $572 resistance, it could start another decline. Initial support on the downside is near the $532 level. The next major support is near the $520 level. The main support sits at $515. If there is a downside break below the $515 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $465 level. Technical Indicators 4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $532, $520, and $515. Major Resistance Levels – $555, $572, and $600.

Ethereum Price Faces Crucial Test: Will $2,850 Withstand the Pressure?

Ethereum price is still consolidating near the $3,000 zone. ETH could start a steady increase if the bulls push the price above the $3,100 resistance. Ethereum is still struggling to recover above the $3,100 resistance zone. The price is trading below $3,100 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $3,070 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if there is a close below the $2,850 support zone. Ethereum Price Consolidates Ethereum price attempted another recovery wave and remained stable above the $3,000 level. However, the bears defended the $3,100 resistance zone, like Bitcoin. There was another decline below $3,000. The price even spiked below the $2,900 support. A low was formed at $2,867 and the price is now recovering losses. It climbed above the 23.6% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. Ethereum is still trading below $3,100 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,070 level and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $3,070 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. The next key resistance sits at $3,120, above which the price might rise toward the $3,200 level. Source: ETHUSD on TradingView.com The main downtrend resistance sits at $3,280. A close above the $3,280 resistance could send the price toward the $3,350 pivot level. If there is a move above the $3,350 resistance, Ethereum could even climb toward the $3,550 resistance. More Losses In ETH? If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $2,920 level. The first major support is near the $2,850 zone. A clear move below the $2,850 support might send the price toward $2,620. Any more losses might send the price toward the $2,550 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $2,850 Major Resistance Level – $3,100

Central Bank of Fiji Warns About Penalties For Purchasing Cryptocurrency

Central Bank of Fiji Warns About Penalties for Purchasing CryptocurrencyThe Reserve Bank of Fiji, Fiji’s central bank, reminded Fijians that cryptocurrencies were not accepted as legal tender in the country. In a recent press release, the institution reinforced that purchasing cryptocurrency with funds held in Fiji was illegal and that penalties could be applied to citizens doing so without the bank’s approval. Reserve Bank […]

Bitcoin Price Still At Risk of Major Downside Break Below $60K

Bitcoin price is showing bearish signs below the $63,000 resistance zone. BTC must stay above the $60,000 support zone to avoid a major decline. Bitcoin is still struggling to start a recovery wave above the $63,000 resistance zone. The price is trading below $62,800 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bearish momentum if it settles below the $60,000 support zone. Bitcoin Price Struggle Continues Bitcoin price started another increase above the $61,500 resistance zone. BTC cleared the $62,500 and $63,000 resistance levels. It even spiked above $64,000 but failed to surpass the key level at $65,000. A high was formed at $64,142 before there was a sharp decline. There was a break below a connecting bullish trend line with support at $62,400 on the hourly chart of the BTC/USD pair. It dived below the $60,800 level and retested $59,650. A low was formed near $59,666 and the price is now attempting a fresh recovery wave. The price climbed above the 23.6% Fib retracement level of the recent decline from the $64,142 swing high to the $59,666 low. Bitcoin price is trading below $62,800 and the 100 hourly Simple moving average. Immediate resistance is near the $62,000 level. It is close to the 50% Fib retracement level of the recent decline from the $64,142 swing high to the $59,666 low. The first major resistance could be $63,000. The next resistance now sits at $64,200. If there is a clear move above the $64,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. Source: BTCUSD on TradingView.com The next major resistance is near the $66,500 zone. Any more gains might send Bitcoin toward the $67,500 resistance zone in the near term. More Losses In BTC? If Bitcoin fails to rise above the $62,000 resistance zone, it could start another decline. Immediate support on the downside is near the $60,800 level. The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward the $59,550 level. Any more losses might send the price toward the $58,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $60,800, followed by $60,000. Major Resistance Levels – $62,000, $63,000, and $64,200.

Bitcoin Miners Always Sell Into Halvings, Is This Time Any Different?

On-chain data shows Bitcoin miners have always sold as Halvings have occurred. With the next one just around the corner, how are miners behaving this time? Next Bitcoin Halving Is Less Than Two Days Away Now In a CryptoQuant Quicktake post, an analyst discussed Bitcoin miners’ behavior in the build-up to the next Halving. The “Halving” is a periodic event on the Bitcoin network where the cryptocurrency’s block rewards (the compensation miners receive for solving blocks) are permanently slashed in half. Related Reading: Chainlink (LINK) Forms Bullish Pattern That Led To 50% Rally On Average This event occurs approximately every four years, and according to NiceHash’s countdown, the next one will occur in just over 32 hours. The countdown to the next halving event | Source: NiceHash Bitcoin miners earn revenue from two sources: transaction fees and block rewards. Historically, the former has been quite low on the BTC network, so the miners primarily depend on the latter to pay off their running costs. Since the block rewards are cut in half during Halvings, these events naturally deal a significant blow to the miner’s revenues. As such, it’s not surprising that the miners have generally shown a reaction to the event in the past cycles. “One of the common dynamics that occur in every cycle of cutting the issuance of new BTC is the significant selling pressure exerted by miners,” says the quant. One way to gauge the degree of selling pressure coming from these chain validators is via the Miner to Exchange Flow metric. This indicator tracks the total amount of Bitcoin moving from miner-associated addresses to wallets connected to centralized exchanges. As miners usually deposit Bitcoin to these platforms for selling, this flow can provide hints about their selling behavior. Now, here is a chart that shows the trend in the 30-day moving average (MA) BTC Miner to Exchange Flow over the last few years: Looks like the 30-day MA value of the metric has observed a steep plunge in recent days | Source: CryptoQuant As displayed in the above graph, the 30-day MA Bitcoin Miner to Exchange Flow had surged to high levels in the 2020 Halving event, implying that this group had potentially been participating in a selloff. This selling push may have come from the miners planning to exit, given the sharp revenue reduction that was set to occur. The graph, though, clearly shows that no such selling pressure has emerged this time around despite the event being just around the corner. Related Reading: 69% Of PEPE Holders Left In Profits After 26% Plunge So, what’s going on here? The analyst suggests that the Bitcoin miners may have already completed the latest round of selling in advance (as the exchange inflows from the cohort did spike in February). If this is true, the quant thinks this could benefit the market in the short term. BTC Price Bitcoin has continued to move sideways inside a range recently, as its price is still trading around $63,500. The price of the coin appears to have rebounded a bit from its latest drop | Source: BTCUSD on TradingView Featured image from NisonCo PR and SEO on Unplash.com, CryptoQuant.com, chart from TradingView.com

Bitcoin: Expect The Unexpected – Analyst Sees Unconventional Bull Run Post-Halving

Bitcoin has been moving lower ahead of the Halving event, going against analysts’ expectations. This price action has been unexpected and shows how the coin tends to go against predictions, basically charting its path.  Bitcoin Breaking The Mold In light of Bitcoin’s randomness, especially in the past few months following the approval of spot exchange-traded funds (ETFs), one analyst expects the coin to continue defying expectations by clocking in a bull run that defies historical trends. The analyst cites two recent instances where Bitcoin defied expectations to justify this bullish outlook. First, following the rapid expansion in the 2020 to 2021 bull run that saw Bitcoin soar from less than $10,000 to fresh all-time highs of around $70,000, prices sharply contracted in 2022.  Related Reading: Bitcoin To $455,000: Expert Echoes Previous Halving Pattern Then, the United States Federal Reserve shifted its monetary policy to curb raging inflation by rapidly increasing interest rates. Following this and other market-related events, Bitcoin prices dipped below the all-time high of the previous cycle of $20,000. By November 2022, prices fell to as low as $15,000, accelerated by the collapse of FTX. This retest of previous highs and fall below $20,000 had never happened before.  Another anomaly occurred last month. For the first time, Bitcoin prices expanded and broke the previous all-time highs of around $70,000 before the Halving event. As Bitcoin’s past price action shows, prices only rally to fresh all-time highs after Halving. However, this changed when BTC soared to $73,800, possibly paving the way for bulls to join in and push the coin back to unchartered territory post-Halving.  Is BTC Ready For A Multi-Year Rally? With this in mind, the analyst believes Bitcoin will continue uniquely shaping its path, deviating from history. For instance, the analyst thinks BTC will outperform altcoins in the coming months. The analyst adds that increased regulatory scrutiny following high-profile collapses like FTX and Luna could dampen altcoin enthusiasm.  Related Reading: Here’s What Would Happen If The Bitcoin Price Fell Below $58,000 The coin will ride on the fact that it is the only one with an ETF from the United States SEC receiving investments. As a result of this capital injection, Bitcoin will likely register a multi-year “up only” phase, just like gold did once its ETF was approved. Prices remain depressed ahead of this. Though prices are increasing at spot rates, the coin is within a bear formation. Currently, BTC has local resistance at around $65,000. Feature image from DALLE, chart from TradingView

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

News Bytes - Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering OperationHong Kong customs officers arrested three individuals involved in a HK$1.8 billion ($228 million) money laundering operation that utilized a cryptocurrency platform and bank accounts of shell companies, with investigations revealing suspicious activities such as abnormally frequent large transactions in accounts with no clear financial backgrounds. The suspects, who did not know each other, allegedly […]

Plan B Predicts Repeat Performance Post-Bitcoin Halving Amid Mixed Analyst Forecasts

Plan B Predicts Repeat Performance Post-Bitcoin Halving Amid Mixed Analyst ForecastsAt block height 839,856, the Bitcoin blockchain stands a mere 144 blocks short of the forthcoming reward halving at block height 840,000. Historically, bitcoin’s price has seen substantial increases following prior halving events. However, there are speculations that this occurrence might not follow the previous pattern. This week, the creator of the stock-to-flow (S2F) price […]

Ethereum Blockchain’s Q1 2024 Success: Unveiling The Factors Behind The $370M Profit Surge

Not only has Ethereum (ETH) seen an impressive rise of nearly 100% in the first quarter of 2024 in terms of price action, but the Ethereum blockchain has also generated substantial profits of up to $369 million during this period. This unexpected profitability has raised questions about how a blockchain like Ethereum can be profitable.  Ethereum Revenue Potential As noted in a recent analysis by the on-chain data platform Token Termina, the collection of transaction fees is a critical aspect of Ethereum’s business model.  All network users are required to pay fees in ETH when interacting with applications on the blockchain, which serves as an important source of revenue for Ethereum. Once transaction fees are paid, a portion of the ETH is burned and permanently removed from circulation. This process, commonly referred to as “ETH buyback,” benefits existing ETH holders, as the reduction in supply increases the scarcity and value of the remaining ETH tokens. Thus, the daily burning of ETH contributes to the economic benefit of those holding Ethereum. Related Reading: Here’s What Would Happen If The Bitcoin Price Fell Below $58,000 In contrast to the burning of ETH, Ethereum also issues new ETH tokens as rewards to the network’s validators for each new block added to the blockchain.  These rewards are similar to traditional stock-based compensation and are designed to incentivize validators to secure and maintain the network’s integrity.  Nonetheless, it’s important to note that the issuance of new ETH tokens dilutes the holdings of existing ETH holders. According to Token Terminal, the difference between the daily USD value of the burned ETH (revenue) and the newly issued ETH (expenses) represents the daily earnings for existing ETH holders, essentially the Ethereum blockchain owners. This calculation allows for the determination of Ethereum’s profitability on a day-to-day basis. Reduced Transaction Costs Drive $3.3 Billion Growth In addition to the overhauled revenue model implemented by the Ethereum blockchain, the launch of the much-anticipated Dencun upgrade to the Ethereum ecosystem at the end of the first quarter of 2024 brought significant changes, including the introduction of a revolutionary data storage system called blobs.  This upgrade has reduced congestion on the Ethereum network and significantly reduced transaction costs on Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base.  Implementing the Dencun upgrade, alongside the adoption of blobs and Layer 2 networks, has significantly impacted Ethereum’s revenue.  According to Token Terminal data, the blockchain’s revenue has witnessed an 18% annualized increase, amounting to an impressive $3.3 billion. These revenue gains can be attributed to reduced transaction costs, making Ethereum a more attractive platform for users and developers. Related Reading: Bitcoin To $455,000: Expert Echoes Previous Halving Pattern Despite the positive revenue growth, it is essential to acknowledge the impact of market corrections and dampened investor interest in the second quarter of 2024.  Over the past 30 days, Ethereum’s revenue has declined by over 52%. This downturn can be attributed to the broader market dynamics and the temporary decrease in investor enthusiasm.  Examining the data over the past 30 days, Ethereum’s market cap (fully diluted) has decreased by 15.2% to $358.47 billion. Similarly, the circulating market cap has declined by 15.2% to reach the same value.  Additionally, the token trading volume over the past 30 days has declined 18.6%, totaling $586.14 billion.  ETH is trading at $3,042, up 0.4% in the last 24 hours. It remains to be seen whether these changes and the reduction in fees will have the same effect in the second quarter of the year, and how this, coupled with a potential increase in trading volume, can push the ETH price to higher levels.  Featured image from Shutterstock, chart from TradingView.com 

Bitcoin Halving: Goldman Sachs Downplays Impact of ‘Buy the Rumor, Sell the News’

Bitcoin Halving: Goldman Sachs Downplays Impact of 'Buy the Rumor, Sell the News'Goldman Sachs analysts believe that whether the upcoming Bitcoin halving will turn out to be a “buy the rumor, sell the news” event may have less impact on bitcoin’s medium-term outlook. They explained that the bitcoin price performance will likely continue to be driven by the supply-demand dynamic and continued demand for spot bitcoin exchange-traded […]

Bitcoin Could Drop To $52,000 If Price Breaks Below This Mark – CryptoQuant

Amidst the ongoing fluctuations in the cryptocurrency market, the price of Bitcoin has surged by 1.7% in the past 24 hours, hovering above the $62,000 mark. However, recent warnings from CryptoQuant, a leading crypto analytics platform, suggest that Bitcoin could face a significant downturn to $52,000 if specific key levels are violated. This cautionary note comes amidst growing uncertainty in the Bitcoin derivatives market, with derivative traders showing unprecedented caution compared to previous halving cycles. Related Reading: Bitcoin Halving Hysteria: Will History Repeat Itself Or Are We Heading For A Market Meltdown? Bitcoin Risky Level CryptoQuant’s analysis highlights declining open interest and funding rates in the Bitcoin derivatives market, indicating a “cautious” stance among traders, particularly with the arrival of several institutional participants. CryptoQuant analyst Shiven Moodley noted: At this halving, derivative traders exhibit far more caution than in previous instances. This season witnesses the entry of numerous new institutional players into the market. According to the analyst, If Bitcoin’s price falls below the critical $60,000 support level, the top cryptocurrency could experience a notable correction to $52,000, signaling a potential short-term bearish trend. Derivative Uncertainty “If the price breaks below $60,000, we might witness a decline to $52,000 before a subsequent rise.” – By @ShivenMoodley Full post 👇https://t.co/XSBnfexbzZ — CryptoQuant.com (@cryptoquant_com) April 18, 2024 However, the presence of institutional Bitcoin Spot ETFs may mitigate the severity of the decline by absorbing “excess supply from liquidations” around the $60,000 support zone. Moodley stated: If the price breaks below $60,000, we might witness a decline to $52,000 before a subsequent rise. However, given the significant dominance of institutional ETFs, I wouldn’t be surprised if they accumulate excess supply from liquidations near the short-term support level of $60,000. Analysts Sound Alarm On BTC’s Fragile Position Meanwhile, crypto trader and analyst Ali has further fuelled concerns by identifying a pivotal price level for Bitcoin. Ali’s analysis indicates that if Bitcoin drops to $50,500, over $15 billion in liquidations could occur on the Binance alone. #Bitcoin dropping to $50,500 will trigger over $15 billion in liquidations on #Binance alone! pic.twitter.com/9wQTVwprgx — Ali (@ali_charts) April 17, 2024 Such a significant liquidation event could exert immense pressure on the market, potentially leading to further price declines and heightened volatility. This outlook echoes recent warnings from prominent analyst Crypto Rover, who has also cautioned about a potential liquidation event affecting short holders if Bitcoin climbs back to the crucial price mark of $71,600. Despite these concerns, some analysts remain optimistic about Bitcoin’s long-term prospects. Crypto analyst Plan B, known for his Stock-to-Flow (S2F) model, has made bullish predictions for Bitcoin’s future price movements. Related Reading: Bitcoin Bears Beware: $3 Billion Short Liquidation Looms At This Price Mark, Warns Analyst According to Plan B, Bitcoin’s upcoming Halving event will serve as a central driver for price increases, with the cryptocurrency expected to surpass $100,000 this year and exceed $300,000 by 2025. Featured image from Unsplash, Chart from TradingView

Bitwise: Bitcoin Halving Is a ‘Sell the News’ Event, Market Underestimates Long-Term Impact

Bitwise: Bitcoin Halving Is a 'Sell the News' Event, Market Underestimates Long-Term ImpactAsset management firm Bitwise has cautioned that data suggests the upcoming Bitcoin halving is a “sell the news” event. However, the firm explained that the market likely “prices in the short-term impact of the halving but underestimates the long-term impact,” emphasizing that the data “also suggests that, long-term, the halving may be conducive to price […]

Crypto Analyst Predicts Cardano Rally To $3 As Price Reaches ‘Ultimate Support Test’

Crypto analyst Trend Rider has drawn Cardano (ADA) holders’ attention to the crypto token’s potential to experience a significant price rally soon enough. Based on Trend Rider’s analysis, Cardano could rise to as high as $3 when this happens.  Cardano To Rise To $3 If History Repeats Itself Trend Rider mentioned in an X (formerly Twitter) post that if history repeats itself, Cardano might be on the brink of its “ultimate support test” before it makes a parabolic move to the upside. He further suggested that the crypto token could soar to $3, considering the same happened in October 2020 when Cardano’s price dipped to $0.10 and skyrocketed to $3 afterwards.   Related Reading: Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report The crypto analyst also revealed that Cardano was currently experiencing a bullish Relative Strength Index (RSI) crossover and retest, which could mean it was indeed gearing up for another parabolic move. This RSI crossover is an indicator that “perfectly predicts bull and bear markets for ADA.” Source: X Meanwhile, in an earlier X post, Trend Rider explained how crucial it was for Cardano to hold its current support level. According to him, ADA’s price is “right now at an extremely critical level, and if it fails to hold its current support zone, then it could fall quickly to $0.25.” However, if Cardano manages to hold above this support level, then this could be the “exact bottom right now” before it rises to $1, Trend Rider claimed.  Trend Rider further elaborated that Cardano’s next move will depend “entirely” on what Bitcoin does. He predicts that altcoins like Carano will experience a “monstrous bounce” if the flagship crypto rises above $65,000 after its current price dip. However, if Bitcoin’s price continues to dip, then it is “bear market mode,” Trend Rider added.  Cardano Won’t Be In The Red Forever  Crypto analyst Alan Santana has provided some form of optimism to ADA holders, stating that the crypto token won’t be red forever. He made this statement while acknowledging that Cardano has maintained a bearish outlook, having been in the red for seven weeks now. Despite that, he remains bullish on the crypto token’s future trajectory as he predicts that Cardano will experience a “big green” in the “latter part of 2024 and most of 2025.” Related Reading: Historical Trends Show What To Expect For Bitcoin Price Following The Halving Santana also noted that this was an excellent time to accumulate for those who intend to enjoy the “entire bullish wave.” For those looking to invest in ADA long-term, the crypto analyst highlighted the price range of $0.40 and $0.45 as a good “buy zone.” That is also the price area Santana had previously predicted Cardano could drop to in its bid to find support. At the time of writing, Cardano is trading at around $0.45, down almost 2% in the last 24 hours, according to data from CoinMarketCap.  ADa price struggles to hold $0.45 | Source: ADAUSDT on Tradingview.com Featured image from The Daily Hodl, chart from Tradingview.com

SEC Chair Gary Gensler’s Social Media Post Led Some to Believe He Was Resigning

SEC Chair Gary Gensler's Social Media Post Led Some to Believe He Was ResigningU.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s social media post expressing that “it’s been an honor to serve” as SEC chairman sparked speculation within the crypto community that he might be resigning from his position. Many people, including lawmakers, have criticized Gensler for taking an enforcement-centric approach to regulating the crypto industry. Gary […]

Aptos Labs Teams Up With Microsoft, SK Telecom For New Institutional Platform, APT Soars 3%

In a notable collaboration, Aptos Labs, the developer of the Aptos (APT) Layer-1 (L1) blockchain, announced a partnership with tech giants Microsoft, Brevan Howard, and South Korean telecommunications company SK Telecom for a new decentralized finance (DeFi) platform. Aptos Labs Unveils Aptos Ascend The announcement, made on Thursday, revealed that Aptos Labs is launching Aptos Ascend, which will leverage the technologies of cloud computing platform Microsoft Azure, Azure OpenAI service, and SK Telecom while benefiting from the expertise of Brevan Howard and Boston Consulting Group (BCG) to provide digital currency and asset management services to its user base.  This partnership effort aims to set new benchmarks for secure and scalable financial solutions built on the Aptos blockchain, specifically through the launch of Aptos Ascend. Related Reading: Historical Data Sparks Excitement: VeChain Price Poised For A Bullish Breakout? Aptos Ascend introduces advanced Digital Asset Controls designed to provide precision and adaptability in asset management. Key features include customizable tokens tailored to specific financial requirements, access control limited to approved transactions and participants, and increased confidentiality through Zero-Knowledge Proofs (ZKP) that ensure compliant transaction details remain secure. Furthermore, Aptos Ascend’s Network Controls empower financial institutions to upgrade their infrastructure and address future financial challenges. This is achieved through customizable solutions that allow adaptation of network settings to meet regulatory requirements, implementation of multi-signature protocols for improved security, and maintenance of transparency through comprehensive audit trails. Convergence Of AI And Blockchain Mo Shaikh, Co-founder and CEO of Aptos Labs, believes the project will “unlock the on-chain potential that financial institutions have been eagerly awaiting.”  Shaikh emphasized that this collaboration signifies the beginning of a ‘financial revolution” and expressed excitement about the future pioneers who will leverage the capabilities of the Aptos Ascend suite. In August 2023, Aptos Labs had already announced their utilization of Microsoft’s infrastructure to deploy new offerings that combine artificial intelligence (AI) and blockchain technology. Among these offerings was Aptos Assistant, a chatbot that provides increased user experiences. Shaikh highlighted the convergence of AI and blockchain as “transformative forces” that shape the internet and society and emphasized the shared vision of Aptos Labs and Microsoft to make this technology accessible to a wider audience. APT Breaks Month-Long Downtrend Following the collaboration and the introduction of the new platform, APT has experienced a significant breakthrough in its month-long downtrend, which amounted to a decline of over 40%. The unlock event of a substantial portion of APT tokens primarily drove this decline. Before the unlock event on April 12, APT had already witnessed a price drop of nearly 16%. In this event, $141 million worth of tokens were distributed, with $100 million allocated to investors, $38 million among community members, and $16 million earmarked for the ecosystem development foundation. The released APT tokens account for 6% of the current circulating supply. Related Reading: Bitcoin To $455,000: Expert Echoes Previous Halving Pattern Currently, APT is trading at $9.54, recording a surge of 6% concurrent with the collaboration unveiling.  Moreover, according to data from CoinGecko, the token’s trading volume has experienced a remarkable increase, reaching $238 million, reflecting a 46% surge compared to the trading volume on Wednesday. Featured image from Shutterstock, chart from TradingView.com