Altcoins
Worldcoin Price Plummets Under $2 as Regulatory Scrutiny Intensifies
Worldcoin price has been in a steep decline for the past few days amid regulatory pressures and a decline in the asset’s buying pressure. The asset has plunged by more than 27% over the past week but remains 1028% higher in the year to date. Worldcoin’ s total market cap has slipped to $210 million, ranking it the 135th cryptocurrency by market cap. The total volume of the WLD token traded over the last day has crashed by more than 13%.
Regulatory Concerns
Despite making headlines for the past few weeks, Worldcoin has been experiencing a downturn since the start of this month, dropping to its lowest level since its launch on July 24, 2023. The Worldcoin price has been under intense pressure for the past few weeks amid recent news that key developers have left the project and increased regulatory scrutiny globally.
With over 50 altcoins labeled as securities by the US Securities and Exchange Commission, investors have been cautious about Worldcoin’ s status. Notably, Ethereum founder Vitalik Buterin recently raised an alarm about Worldcoin’ s technology, stating that there were major privacy and security concerns. Data privacy watchdogs in Germany and Kenya have been investigating the Worldcoin project over privacy concerns.
Kenya suspended Worldcoin’ s operations on August 2, investigating its observance of citizen privacy rights. Its Kenyan warehouse was raided earlier this week by authorities, while machines with stored data were seized during the operation. The Kenyan government has criticized the project due to the processing of personal data without valid reason which is against Kenyan law.
Germany’s Bavarian State Office for Data Protection Supervision also launched an investigation, with its concerns centered on Worldcoin’ s data processing practices and its transfer of information. Additionally, Argentina’s regulators are currently investigating the company’s operations in the country. Regulators in France and the United Kingdom have also questioned the company’s data handling practices.
With numerous investigation activities on the company, the Worldcoin price is likely to continue falling in the coming days. According to data by Santiment, the number of active users adopting WLD in daily transactions has plummeted over the past few weeks.
Worldcoin Price Prediction
The daily chart shows that the Worldcoin price has been in a bearish trajectory for the past few weeks amid regulatory concerns. The WLD price has formed a descending triangle pattern, shown in yellow, indicating the continuation of the bearish trend in the coming days. Its Relative Strength Index (RSI) is in the oversold region, with the Moving Average Convergence Divergence (MACD) indicator supporting the downward trajectory.
Consequently, the Worldcoin price is likely to pull back in the ensuing sessions as the company faces scrutiny globally. The next support levels to watch will be $1.50 and $1.00, respectively. However, a move above the bullish support level of $2.00 might pave the way for further gains to the important resistance zone of $2.50.
WLD Price Chart
Solana price has been struggling to break above the key resistance level of $21.10 over the past few days. Earlier in August, the digital asset encountered a strong rejection at the crucial resistance level of $25.45, curtailing gains above the fashionable level of $30. Even so, the smart contract token is among the best-performing cryptocurrencies so far this year, with a 102.61% jump in its year-to-date price. SOL’s total market cap has climbed by more than 5% over the last day to $8 billion, while the total volume of the asset traded over the same period increased by 40%.
Brighter Future Ahead?
Solana price faced significant challenges in 2022, including a 93% decline in its total market capitalization and a 96% drop in its total value locked (TVL). However, the SOL network has posted significant resilience in 2023, defying general market movements. Priority fees and network upgrades have contributed to a consistent 100% network uptime.
The Solana DeFi ecosystem has also shown significant recovery, with a 41% growth in the TVL. Its liquid staking derivatives have also played a role in the asset’s renaissance. The ecosystem has expanded into other sectors such as NFTs, gaming, and consumer-based applications, driven by technical advancements like state compression.
Notably, Solana recently admitted that the network has been facing difficulties in the decentralized finance (DeFi) sector. Even so, it believes that its new strategy will help it regain its foothold and…
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…
Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.
Economic Concerns
Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.
Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…
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