On Thursday, Visa launched the Visa Tokenized Asset Platform (VTAP) through a partnership with a Spanish bank. VTAP is a tool for banks to launch real-world assets (RWAs), connecting them to the crypto ecosystem.

The RWA market is growing, and Visa hopes to reap the rewards of plugging banks in.

VTAP’s Early Stages

Credit card giant Visa declared this news via a press release, describing its new product as the Visa Tokenized Asset Platform (VTAP). Visa called it a product for traditional finance (TradFi) to bridge fiat currencies with blockchains and planned a wide-release live pilot with Ethereum in early 2025.

Read More: Real World Asset (RWA) Backed Tokens Explained

The press release may describe VTAP as a completely new product, but this is not its first public appearance. Visa began a partnership with Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) in late September, intending to carry out a small “sandbox” test of VTAP. BBVA will continue to play this leading role in VTAP’s gradual rollout.

“We are proud to continue spearheading the exploration of tokenized solutions with Visa through its VTAP platform. This collaboration marks a significant milestone… and will ultimately help enable us to broaden our banking services and expand the market,” said Francisco Maroto, Head of Blockchain and Digital Assets at BBVA.

Visa’s press release focused on VTAP’s ability to plug traditional finance into crypto by creating RWAs, especially stablecoins. This big-picture analysis, however, is less useful at describing VTAP’s influence in regular bank operations. A Fortune interview with Maroto helps elucidate the picture on the ground.

Visa, Real-World Assets and Stablecoins

The interview described BBVA’s partnership with Visa as more of a stablecoin launch than the development of a new financial tool. Maroto didn’t mention VTAP by name, claiming instead that BBVA is building a new stablecoin for the crypto settlements. BBVA’s European area of operations is a big asset to Visa due to recent EU stablecoin regulations.

Read More: What Is Markets in Crypto-Assets (MiCA)?

In other words, VTAP isn’t just a platform to connect TradFi to the blockchain world; it’s a way to connect Visa to the growing RWA market. Visa has conducted experiments with RWAs, such as tokenized deposits in multiple jurisdictions this year, and VTAP aims to take it worldwide. RWAs are a growing market, and VTAP looks like Visa’s ticket in.

Considering the sheer speed of growth in the RWA market, Visa’s project will be quite interesting. If other banks follow BBVA’s lead and use VTAP to enter the stablecoins sector, Visa will reap huge rewards. However, if profits are tempting enough, other institutions will surely develop their own RWA platforms.

Ultimately, VTAP is still in the early stages. Visa will focus on the specific partnership with BBVA for at least several months, and the results will determine the wider rollout. Still, if conditions are right, VTAP could prove a formidable tool for TradFi institutions in the future.

Bitcoin price is consolidating above the $60,000 support. BTC seems to be eyeing a fresh increase above the $61,200 and $61,500 levels.

• Bitcoin is consolidating above the $60,000 support zone.
• The price is trading below $61,750 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $61,200 resistance zone.

Bitcoin Price Signals Positive Moves

Bitcoin price extended its decline below the $61,200 support. BTC broke the $60,500 and $60,200 support levels to move into a short-term bearish zone. The price even dipped below $60,000.

A low was formed at $59,850 and the price is now consolidating losses. There was a minor increase above the $60,450 level. The price climbed above the 50% Fib retracement level of the downward move from the $62,350 swing high to the $59,850 low.

There was also a break above a key bearish trend line with resistance at $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $61,750 and the 100 hourly Simple moving average.

On the upside, the price could face resistance near the $61,400 level. The first key resistance is near the $61,750 level or the 76.4% Fib retracement level of the downward move from the $62,350 swing high to the $59,850 low. A clear move above the $61,750 resistance might send the price higher. The next key resistance could be $62,350.

A close above the $62,350 resistance might initiate more gains. In the stated case, the price could rise and test the $62,850 resistance level. Any more gains might send the price toward the $63,200 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $61,750 resistance zone, it could start another decline. Immediate support on the downside is near the $60,450 level.

The first major support is near the $60,000 level. The next support is now near the $59,850 zone. Any more losses might send the price toward the $58,800 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,450, followed by $60,000.

Major Resistance Levels – $61,400, and $61,750.

OpenAI’s latest funding could be a great development for the Sam Altman-led company. However, for Artificial Intelligence (AI) coins, including Bittensor (TAO) and Artificial Superintelligence Alliance (FET), it is a classic “sell the news” event.

On previous occasions, developments like this have triggered a substantial hike in the prices of this altcoin. But today, it is not the same as FET and TAO prices, which are down. But what’s next after this development?

OpenAI Value Rises, But TAO Goes the Other Way

On October 2, Open AI raised $6.6 billion from several investors. According to Reuters, Microsoft, the company’s largest backer, led the round. The report also saw a notable investment from Nvidia, the world’s leading Graphics Processing Unit (GPU) supplier.

“The funding came in the form of convertible notes, and the conversion to equity hinges on a successful structural change into a for-profit that would no longer be controlled by the non-profit board and the removal of the cap on returns for investors,”  the Reuters report stated

However, unlike previous times when news triggered a hike in AI coins market cap, that did not happen. As of this writing, TAO’s price has decreased by 8.55% while trading below $500. FET is another AI coin affected by the development as its value tanked nearly 7%.

Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

Three days ago, TAO showed readiness to climb toward $700. However, according to the Balance of Power (BoP), buyers’ strength has become weak. This decline gives sellers the upper hand.

Hence, TAO’s price could face another downturn. With TAO’s price at $498.30, the Fibonacci retracement indicator suggests that the token, which is one of the AI coins with the highest market cap, can drop to $465.70.

Meanwhile, TAO’s price might rebound if sellers get exhausted and bulls capitalize on the fatigue. In that circumstance, the altcoin’s value might jump to $617.90.

FET Price Could Drop Again

FET’s situation is not exactly different from that of TAO. As of this writing, FET’s price is $1.40 and has now dropped below the 20-day Exponential Moving Average (EMA). The EMA places great significance on recent price trends in order to measure trend direction.

When the price is above the EMA, the trend is bullish. However, since the AI coin’s value is below the threshold, it indicates a bearish trend. Considering the altcoin’s position, it might find it challenging to rebound. Instead, the FET’s price might continue to trend downward.

Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024

If that happens, the token could decline to $1.22. However, FET could rise to $1.74 if AI coins eventually see a bullish reversal largely due to increased capital flow.