All Smoke And Mirrors? Why The Aptos-Microsoft Deal Is A Reason To Short APT
10 Août 2023 - 11:15AM
NEWSBTC
Aptos (APT) has scored a major deal with tech giant Microsoft
yesterday. However, the announcement of a “partnership” between
Aptos Labs and tech giant Microsoft has raised eyebrows and ignited
debates across the crypto community if this is just smoke and
mirrors. With the APT token witnessing a surge of nearly 20%
following the news, and a significant token unlock looming, the
timing and nature of this partnership have come under scrutiny.
Aptos-Microsoft Deal Just A Click? In the official press release,
Aptos Labs revealed its plans to integrate Microsoft’s artificial
intelligence (AI) technology. The collaboration aims to introduce a
range of tools and services, including the Aptos Assistant chatbot,
powered by Microsoft’s Azure OpenAI Service. The chatbot is
designed to assist users with queries about the Aptos ecosystem and
offer resources to developers crafting smart contracts and
decentralized applications. Related Reading: Aptos Labs’
Collaboration With Microsoft Sends APT Soaring By 17% CEO Mo Shaikh
commented on the convergence of AI and blockchain, stating,
“Artificial intelligence and blockchain technologies are quickly
converging for one important reason: They are both generational
breakthroughs that profoundly impact the evolution of the internet
and shape society.” However, the partnership’s announcement has not
been without its critics. Renowned crypto analyst @DefiSquared,
known for being the top-ranked trader on Bybit, took to Twitter to
express his skepticism. He pointed out, “lmao what. Did you guys
really just pump Aptos 15% on the “news” that it’s paying to use
Microsoft Azure services? Seems like an obvious short on a chain
that yes, still has no users and an $8 bil valuation with an
infinite token supply and 100% annual emissions.” @DefiSquared
further highlighted the timing of the news, just two days (on
Friday) before more than 4.5 million APT tokens (2% of the
circulating supply) will be unlocked, suggesting potential ulterior
motives. He also shared a screenshot from Microsoft’s website,
indicating the ease with which entities can join the Microsoft AI
Cloud partner program, sarcastically remarking, “Aptos really
clicked ‘Enroll at no cost and become a partner today’ and added a
billion dollars to their market cap. Who knew it was that easy?”
Aptos really clicked “Enroll at no cost and become a partner today”
and added a billion dollars to their market cap. Who knew it was
that easy? pic.twitter.com/Lt42y4vpB2 — DeFi^2 (@DefiSquared)
August 10, 2023 Related Reading: Aptos (APT) Succumbs To Bearish
Pressure, Loses 10% In A Single Week While the partnership promises
to explore blockchain-based financial services, including asset
tokenization and central bank digital currencies, the specifics
remain vague. Aptos’ representative emphasized the collaborative
nature of the partnership, stating, “This is a collaboration from
day one. Aptos Labs’ team of AI experts, Ph.Ds, and Web3 developers
are working directly with Microsoft’s AI team to train models,
integrate AI technology into the Aptos Assistant and GitHub
elements integrating with Aptos’ blockchain.” APT Price Analysis As
the crypto community continues to dissect the nuances of this
partnership, the question remains: Is this a genuine stride forward
for Aptos, or a well-timed PR move to buoy token prices ahead of a
significant unlock for venture capitalists (VCs)? Only time will
tell. At press time, the APT price stood at $7.27. Thus, APT failed
to post a higher high. The price has already bounced downwards off
the resistance at $7.98 and also ahead of the 200-day EMA as well
as the 23.6% Fibonacci retracement level. Featured image from
iStock, chart from TradingView.com
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