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Hedera’s HBAR is currently up by 5.63% in the last 24 hours, exchanging hands at $0.05175. This comes amid rising optimistic sentiments across the crypto market. HBAR holders are now speculating that the token can go as high as $1 in the times to come. While that is a far-fetched dream, a reason why the community is bullish about it is because of a partnership with the Ripple and Aptos Foundation.
Hedera has joined the Ripple and Aptos Foundation as a founding member of the MiCA Crypto Alliance. The aim is to assist in fulfilling the requirements set by the European Union (EU). Hedera and other partners will do so by advancing clarity on regulatory requirements and sustainability. The mission is to streamline compliance efforts across the industry.
The DLT Science Foundation provides technical support for Hedera.
1/3 #Hedera is excited to join @Ripple and @Aptos Foundation as Founding Members of the MiCA Crypto Alliance, with technical support from DLT Science Foundation. 🔗To learn more or get involved: https://t.co/UJVxCzmXGH pic.twitter.com/f4L1rvu5ur
— Hedera (@hedera) September 16, 2024
Nilmini Rubin, the Chief Policy Officer at Hedera, called this a strategic move, adding that it allows them to collaborate with the leaders of the crypto industry. Rubin further stated that they will bring a lot to the table, including expertise, to achieve the shared objectives. Hedera, at the core of the collaboration, will look to enhance transparency and establish a cohesive regulatory framework.
The development has strengthened the belief that HBAR can breach the mark of $1. The token is expected to hover around $0.083321 in the next 30 days, according to near-term predictions. That will be a jump of 57.50% from the current value. It is based on the current situation. This implies that the actual result could differ, and the value could fluctuate accordingly. The HBAR price prediction projects that the token will end in 2024 at around $0.156. Alternatively, it could float in the market at $0.122 before the new year begins.
A lot depends on how MiCA really works. The organization is committed to solving a total of four problems. These include a lack of industry coordination, a lack of knowledge among practitioners, high overhead costs, and outdated ESMA practices. Members of the collaboration have benefits including, but not limited to, advanced sustainability indicators, influence over standards, technical support, strategic guidance, legal liability protection, and human-in-the-loop AI white paper elaboration tools.
The development coincides with the upcoming Singapore Hackathon, set to take place from September 20, 2024, to September 22, 2024. It is in association with ETH Global and has a $10,000 prize pool. The three categories are Ecosystem Builder Bounty, EVM Starter Bounty, and Hedera-Native Services Starter Bounty.
Joining Ripple and Aptos Foundation as a founding member of the MiCA Crypto Alliance could work well for HBAR and Hedera. It will not only boost the token value but also fuel its reputation to rank higher in the industry. Offering clarity over regulatory requirements is potentially an ideal approach to implement irrespective of the geographical region.