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Malaysia adopts Worldcoin's iris scan technology amidst controversy
Key points:
Malaysia adopts Worldcoin's iris scan technology for identity verification.
Partnership aims to enhance digital credential verification.
News - Malaysia has become the latest country to adopt Worldcoin's iris scanning technology for identity verification. The government, through MIMOS Berhad, has partnered with the Worldcoin Foundation and MyEG to integrate the technology into its digital infrastructure.
This collaboration aims to enhance the verification of digital credentials and explore potential synergies in blockchain development.
Some hurdles - While the partnership marks a significant step forward for Worldcoin's global expansion, the technology has faced significant regulatory scrutiny in various jurisdictions.
Concerns over data privacy and potential misuse of biometric information have led to investigations and restrictions in countries like Germany, Spain, and Hong Kong.
Worldcoin has been working to address these concerns through measures such as open-sourcing its biometric data system and cooperating with regulatory authorities. However, the company continues to grapple with allegations of market manipulation and scams involving its native token, WLD.
Bitcoin’s funding rates plummet, signaling bearish sentiment
Key points:
Negative funding rates indicate a dominance of short positions.
Bearish sentiment is prevailing among traders.
News - Bitcoin's funding rates on Binance, a key indicator of market sentiment, have dropped to their lowest levels of the year.
This significant decline suggests a prevailing bearish sentiment among traders, with short positions outnumbering long positions.
What is funding rate though? Funding rates, which reflect the cost of holding open positions, have been negative for three consecutive days, indicating a growing demand for short positions.
This trend is echoed in the broader market, with the average funding rate across all exchanges also turning negative.
The bearish outlook is further supported by a lack of institutional interest in Bitcoin, as evidenced by the decline in stablecoin inflows. These inflows typically indicate strong buying pressure from institutional investors.
As the market grapples with these negative indicators, traders are closely monitoring Bitcoin's price movements for potential shifts in sentiment.
UAE court recognizes crypto as valid payment for salaries
Key points:
Landmark ruling overturns previous decision on crypto payments.
Court orders payment of cryptocurrency as per employment contract.
News - The Dubai Court of First Instance has made a landmark ruling, acknowledging cryptocurrency as a valid form of payment for salaries under employment contracts.
This decision marks a significant shift in the UAE's approach to digital currencies and positions the country at the forefront of crypto adoption.
In a recent case, the court ordered an employer to pay a portion of an employee's salary in cryptocurrency, specifically EcoWatt tokens, as stipulated in the employment contract.
What’s more? This ruling overturns a previous decision from 2023 where a similar claim was denied due to the lack of a clear valuation method for the cryptocurrency.
The court's acceptance of cryptocurrency as a legitimate form of payment reflects a growing recognition of the evolving financial landscape and the importance of adapting legal frameworks to accommodate digital assets. This decision is expected to encourage further integration of cryptocurrencies into the UAE's economy and boost investor confidence.
Bitcoin network to get a speed increase with new version BitVM2
Key points:
BitVM unveils second iteration, BitVM2, with improved features.
BitVM2 aims to create a more efficient Bitcoin rollup.
News - The creators of BitVM, a Bitcoin scaling solution, have introduced BitVM2 and the BitVM Bridge. This new iteration aims to significantly improve upon the original system by making it more permissionless and efficient.
The core focus of BitVM2 is to enable a rollup, a separate network built on Bitcoin, capable of handling transactions more swiftly while maintaining the original network's security. The BitVM Bridge will facilitate seamless transfers between Bitcoin and the rollup, reducing lock-up periods and capital requirements.
One of the key enhancements in BitVM2 is the ability for anyone to challenge suspicious transactions, simplifying the process and broadening participation. The previous version required a limited number of parties to initiate challenges and involved a more complex procedure.
The BitVM project has garnered significant attention since its inception, inspiring the development of various Bitcoin-based layer-2 solutions. However, the creators emphasize that BitVM's primary goal is to enhance Bitcoin's scalability rather than introducing DeFi applications.
More stories from the crypto ecosystem
Did you know?
Anyone can create a crypto coin, and the names can get as bizarre as you like. Some punniest names in the crypto sphere include Garlicoin, for the love for garlic bread, Coinye after the myth and legend himself, Kanye West, and DeepOnion, the creepy crypto that facilitates payments on the Tor browser.
The market cap of the total cryptocurrencies is more than the GDP of most countries. To put things into perspective, the current crypto market cap is over $2 trillion. However, only 12 countries in the world have a GDP of more than $1.5 trillion, as per the World Bank.
Gamers seem to be spearheading the crypto adoption process. As of 2023, 44% of gamers have either bought cryptos or have partaken in Web3 games. Blockchain users worldwide can now create and sell games and in-game items on dApps, which can change the gaming industry as we know it.
Top 3 coins of the day
Pepe (PEPE)
Key points:
The memecoin was 16.32% in the past 7-days.
Its RSI, at press time, was close to oversold levels.
What you should know - Pepe's recent price action has shown a sideways trading pattern, followed by a downward trend, indicating potential weakness in the market. However, the price has now entered a strong support zone with good liquidity, which has historically provided a base for price recovery. The RSI is nearing the oversold territory, suggesting that the selling pressure might be overextended. This confluence of support and oversold conditions could present a good buying opportunity for investors looking to capitalize on a potential rebound. The current price level is also supported by a significant volume, which further solidifies this support zone as a key area to watch for a potential bounce.
Cosmos (ATOM)
Key points:
The coin was trading at $4.50, at the time of writing.
Low Volume indicated a lack of strong selling conviction.
What you should know - ATOM is currently trading within a descending channel, with the price nearing the lower boundary, which may suggest a potential bounce. The Bollinger Bands show that ATOM is in a squeeze, typically indicating that a period of low volatility is about to end, which could result in a sharp move. The MACD is still in bearish territory but shows signs of flattening, suggesting that selling momentum may be weakening. The long-term resistance could be found within $7.97-$8.81. If buyers consistently push the prices up, a revisit to this resistance level can surely be expected.
Aave (AAVE)
Key points:
At press time, AAVE was trading at $107.35.
It was up by around 13% over the past week.
What you should know - AAVE is currently showing signs of recovery after experiencing a significant dip earlier in the year. The recent price action indicates a strong upward movement, with a rise of 47.37% from its recent low around $80 to a peak near $118. The price is now consolidating near the $107 level, just below a key resistance level at $128.51. The Awesome Oscillator (AO) is showing a positive momentum shift, suggesting that buyers are gaining control. If AAVE can break through the resistance at $128.51, it could see further gains. However, failure to break this level might lead to another retracement, providing potential buying opportunities at lower levels.
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