• The quant (QNT) price surged close to $117 on Friday before trading near $100 on Monday morning.
  • QNT fell amid selling pressure after gaining on news that the blockchain platform had collaborated with the Bank for International Settlements (BIS) and the Bank of England on a UK CBDC.
  • Currently, the bears may target $80, but the deal is seen as a potential positive trigger for QNT price appreciation in the future.

With major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) suffering from another plateau, some investors are looking to make as much profit as possible. This is also true of today’s cryptocurrency market decline.

Quant (QNT) has fallen 2% in the past few hours and is trading just under $100 early Monday morning.

However, the token surged to a high close to $117 on Friday following news that the blockchain platform was working with the Bank for International Settlements (BIS) and the Bank of England on the UK’s Central Bank Digital Currency (CBDC).

QNT’s daily trading volume was $32.3 million, down 26% from the previous day over a 24-hour period.

Quant cooperates with UK CBDC’s Project Rosalind Test

Founded in 2018, Quant is a UK-based blockchain platform that aims to make blockchain technology easily accessible to traditional financial institutions. The platform pioneered the interoperable blockchain network Overledger, which a market expert says could be integral to the development of his CBDC.

June 16, Quant announced He has worked with digital transformation platform UST as a project vendor and played a role in Project Rosalind. Project Rosalind is a UK CBDC test led by the Bank for International Settlements and the Bank of England. Other participants were Bank of Canada, Barclays Bank, Amazon and Mastercard.

The purpose of this test was to explore how the application programming interface (API) can be used in the CBDC system.

This test showed that the API could potentially enable CBDC systems to achieve several benefits related to payment functionality and security. Rosalind also showed that innovative use cases around CBCD are possible, including the use of CBCD in supporting the further digitization of the economy.

For the first time money is ready for the digital agesaid Gilbert Verdian, founder and CEO of Quant. “CBDC will enable citizens and businesses to automate cumbersome payments and processes and implement logic into their money

Verdian is Prompted to banks and other financial institutionsRead the Project Rosalind report to start planning your smart money infrastructure strategy

Quant price prediction

Quant’s role in Project Rosalind and the news announced on Friday was a positive catalyst for QNT’s price. With this outlook, blockchain platforms hint at a potential role in the growing CBDC sector.

However, when it comes to price movements over the past 10 months, the bear market decline has seen the token currently trading more than 76% off its all-time high of over $427 reached in 2021. This trend could see QNT drop below $10. If the support level near $95 fails, the bears target $80 level.

Conversely, QNT could rebound and aim for $200 if positive sentiment permeates the cryptocurrency market, perhaps as Bitcoin (BTC) price recovers to $30,000. There are two possible hurdles to the upside: $105 and $120.

By Jules

Leave a Reply