QNT, the native token of Quant, has seen a 10% surge over the past day, making it the top gainer in the market today.

According to price data from crypto.news, Quant (QNT) was trading at $77.02 upon writing. The altcoin reached an intraday high of $77.77 That’s 37.5% above its weekly low of $56.54, demonstrating strong upward momentum in tandem with the rise in the broader altcoin market.

The spike in QNT’s value appears linked to the recent announcement of new staking capabilities on the Overledger Network, as confirmed by Gilbert Verdian, CEO of Quant. The updated Terms and Conditions now include provisions for staking, which is poised to enhance the token’s utility by promoting long-term holding and reducing its circulating supply.

Moreover, the strategic update not only incentivizes token holders with potential rewards but also bolsters the intrinsic value of QNT by integrating it more closely with the network’s operations.

This development has resonated positively among investors, who view the enhancement as a dual catalyst for increased demand and reduced supply, thereby potentially driving the price upwards.

Quant is known for facilitating seamless connections across different blockchain networks, allowing developers to build decentralized multi-chain applications. This capability is critical for fostering interoperability and paving the way for a more cohesive digital economy.

Whale activity and decreased exchange supply

Another factor contributing to QNT’s price movement is heightened activity from large investors, or whales, who have been accumulating the token during its recent dips. Data from FishTheWhales highlights an uptick in whale transactions, signaling booming confidence in the asset’s prospects.

Similarly, metrics from Into The Block show a substantial increase in netflow of large holders—those owning at least 0.1% of QNT’s supply—from -3.1k QNT to 7.42k QNT from early to mid-September.

Additionally, the number of addresses holding QNT for more than a year has surged by 37.2%, reaching over 102.9k. This uptrend in long-term holding is paralleled by a notable 87.4% rise in open interest, climbing from $6.47 million to $12.13 million in the first half of September, as per Coinglass data.

Analyst eye potential upside for QNT

Crypto analyst Dami-Defi, on X, pointed out that QNT has broken out of a falling wedge pattern, a traditionally bullish signal indicating a possible reversal. Following this breakout, QNT moved past the $69 resistance level, setting its sights on higher targets.

Dami-Defi predicts that if the momentum sustains, QNT could potentially test resistance at $82 and may even soar to $145.5, representing a major jump from its current price levels.

EToro reached a $1.5 million settlement with the U.S. Securities and Exchange Commission over alleged violations of federal securities laws.

According to an greement disclosed by the SEC, eToro also agreed to cease nearly all cryptocurrency trading and transactions for U.S. customers. Moving forward, American users can only trade Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) on the platform. 

Following the order issued on Sept. 12, the trading venue has 187 days to offboard all other cryptocurrencies and liquidate existing assets. Customers will receive proceeds equal to their balance.

The SEC’s complaint claimed that eToro operated an unlicensed broker and clearing agency since at least 2020. Although the exchange reached a settlement with the SEC, it declined to admit or deny the SEC’s allegations. Gurbir S. Grewal, director of the SEC’s enforcement division, said eToro’s cooperation provides a pathway for other crypto intermediaries to comply with U.S. rules.

By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework… The $1.5 million penalty reflects eToro’s agreement to cease violating applicable federal securities laws as it continues its U.S. operations.

Gurbi S. Grewal, director of the SEC’s enforcement division

While the platform refrained from debating the security status of cryptocurrencies, the settlement may be used as a precedent in future cases. Separating BTC, BCH, and ETH from other cryptocurrencies suggests the SEC views most, if not all, other digital assets as securities.

EToro’s past decisions reinforce this view among some service providers. In 2020, when the SEC sued Ripple, eToro delisted (XRP) and three other cryptocurrencies in response. Still, the company’s crypto services proceeded in other markets. As reported, the firm bagged a CySEC CASP approval to offer digital asset facilities in all EU countries.

Meanwhile, the SEC and other U.S. regulatory watchdogs continued a sweeping crackdown across the burgeoning blockchain sector. SEC fines against crypto entities have exceeded $7.4 billion since 2013.