Crypto Project Worldcoin May Face UK Data Regulator Probe
Worldcoin, a controversial cryptocurrency and ID project, is under scrutiny from data regulators in the UK due to concerns over privacy and biometric data safety. The Information Commissioner's Office (ICO) will examine the project and initiate further inquiries to ensure compliance with data laws. Despite securing $115 million in funding from major investors, Worldcoin has faced criticism for its onboarding practices, which reportedly involved deception and exploitation of workers in developing countries. The project's native token, WLD, will not be launched in the US due to regulatory concerns and speculation about its classification as an unregistered security.
Republican Presidential Candidates with Pro-Crypto Views to Participate in First Debate of Election
The first debate of the US Presidential race will be held on August 23 in Milwaukee, featuring a group of Republican candidates who are the most crypto-friendly in US history. Vivek Ramaswamy, a biotech entrepreneur and political newcomer, is among the candidates who support cryptocurrency and has criticized his opponent, Florida Governor Ron DeSantis, for his lack of knowledge about it. Ramaswamy has expressed a broad vision of a presidency that embraces Bitcoin's success while recognizing the complexities of crypto.
Bitcoin Coinbase Premium Gap Turns Negative, Signaling Selling Pressure from US-based Investors
Data indicates that the Bitcoin Coinbase Premium Gap has turned negative, indicating that large US-based investors may be selling the cryptocurrency. The Coinbase Premium Gap is an indicator of interest from US investors in Bitcoin, measuring the difference between the Bitcoin price listed on Coinbase and that on Binance.
Bitcoin Traders Indecisive as Social Volume Shows More Bulls than Bears
Bitcoin traders are currently undecided about whether to go bullish or bearish, as the cryptocurrency's price has remained in a narrow range between $29,000 and $30,200 for the past few weeks. However, Santiment's analysis shows that the number of bullish calls outweighs those calling for a price top, indicating that traders are more likely to camp on the bullish side. Additionally, Bitcoin's social dominance is at a healthy level, with the percentage of trader discussions related to Bitcoin still above the healthy zone of discussion rate. The liquidity flow into the market has been relatively modest, with the Open Interest hovering around the same area for a while.
Dogecoin Jumps 10% Amid Speculation of Integration into Elon Musk's X Payments System; Price Predictions Become Bullish
Dogecoin (DOGE) has seen a 10% surge in value, with weekly gains reaching almost 15%. This is due to speculation that the cryptocurrency may be integrated into a future X crypto-based payments solution, following Elon Musk's support and advocacy of the token. Technical developments suggest that Dogecoin's bear market may be coming to an end, with a potential retest of 2023's highs in the $0.16 area, marking gains of nearly 100% from current levels. Additionally, a new token called BTC20, which runs on an eco-friendly, low energy consuming Proof-of-Stake Ethereum blockchain, is gaining hype as an alternative to Bitcoin.
CFTC Files Complaint Against Tennessee Couple for Multi-Million Dollar Commodity Pool Scheme Defrauding Over 100 Individuals
The Commodity Futures Trading Commission (CFTC) has filed a complaint against Michael and Amanda Griffis, residents of Clarksville, Tennessee, for allegedly defrauding over 100 individuals throughout the United States. The couple is accused of running a multi-million dollar commodity pool scheme called "Blessings of God Thru Crypto" from July 2022 to January 2023, promising high returns and minimized risks.
Stablecoins: The Bridge or the Abyss?
Stablecoins, a type of cryptocurrency backed by real assets, are gaining popularity in the financial world. However, Timothy Massad, former chair of the Commodity Futures Trading Commission, warns that the risks associated with stablecoins are being overlooked. Massad believes that inadequate regulations surrounding stablecoins could lead to significant financial instability. He calls for prompt crypto regulations and emphasizes the need for effective regulations to manage the risks and realize the potential benefits of stablecoins.
Insurance Firm Settles Crypto Lawsuit That Saw Retirees Lose $37 Millions
Wesco, an insurance company, has agreed to settle with the IRA Financial Group after a cyber breach in 2022 resulted in retirees losing $37 million in cryptocurrency. The settlement includes Wesco covering the IRA's legal expenses and customer losses. The IRA argued that Wesco's professional liability policy did not specifically exclude cyber threats, and accused the company of ignoring the issue. Custodian cybersecurity has become increasingly important in the crypto industry, with regulations requiring robust cyber hygiene and the separation of customer and corporate funds.
Italian Asset Manager Azimut Targeted by Ransomware Group BlackCat, Data Stolen
Italian asset management firm Azimut was hit by cyberattackers from the international ransomware group BlackCat, according to reports by cybersecurity firms DarkFeed and Palo Alto Networks. Azimut confirmed the attack, but said it had not affected client data. BlackCat is known to demand ransoms in Monero and Bitcoin, with an additional 15% fee for Bitcoin payments, according to cybersecurity firm SafeBreach. The group has targeted a range of non-crypto organisations, including cosmetics company Estelle Lauder.
IMF's Fear of Cryptocurrency: Why it Urges for Comprehensive Policies
The International Monetary Fund (IMF) is concerned about the increasing integration of cryptocurrency in global economies and is calling for a comprehensive approach towards crypto policies. The IMF believes that cryptocurrencies should not be granted the status of official currency or legal tender, as this could pose fiscal risks and potentially harm government finances.
