Category: Cryptocurrency News

As you all likely remember back when FTX was crashing they were selling off crypto assets to try and hold the value of FTT. This was repeated endlessly until they could no longer afford to do so. This was especially hard on Alamedas cash Cow, Solana – which dumped repeatedly from $30 during the collapse…
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The Kenyan government has set up a 17-member committee to investigate the operations of American-based cryptocurrency firm Worldcoin, due to its collection of biometric data not satisfying Kenya’s data privacy laws of the country. The process requires a user to give his iris scans in exchange for a digital ID known as global ID and get free Worldcoin tokens as part of plans to create a new identity and financial network, and the Kenyan government saw this as a security risk. Joint Ad-hoc Committee Investigation In Kenya Kenya’s National Assembly Speaker Rt Hon. (Dr.) Moses Wetang’ula, has ordered the Joint Ad Hoc Committee to investigate the activities of Worldcoin and report back to the House within 42 days. Related Reading: The $20 Billion Delay: Appeal Court Pushes Back Decision On Grayscale Spot Bitcoin ETF The Joint Ad-hoc Committee’s investigations on Worldcoin kicked off on Monday after the movement was set afoot following a meeting to outline its Terms of Reference, and to determine potential experts and witnesses to appear before the legislators during its investigation. Gabriel Tongoyo, head of the 17-member committee, stated that the potential experts and witnesses to appear before the legislators will include The Governor of the Central Bank of Kenya, the Cabinet Secretary for the National Treasury, The National Intelligence Service (NIS), the Directorate of Criminal Investigations (DCI), and the Ministry of Health. These experts and witnesses will have to enlighten the legislators on the relationship between Worldcoin and crypto trading in Kenya, and the potential health hazards resulting from the reported iris scans.  Also, the office of the Attorney General, the Registrar of Companies, and the Data Commissioner are expected to answer MP Gabriel Tongoyo’s questions on the legal framework of the operations of Worldcoin in Kenya. This is to ensure that due diligence was taken in the registration process of Worldcoin in Kenya. The committee has been given this very limited time to provide all the answers needed by the Legislators, as local media have reported that more than 350,000 Kenyans have signed up for Worldcoin in exchange for a free $49 worth of WLD tokens valued at 7,000 Kenyan shillings before the operation was suspended. WLD price struggles amid regulatory pressures | Source: WLDUSDT on Tradingview.com Worldcoin Fails to Meet Privacy Laws Worldcoin’s collection of biometrics data in exchange for its tokens reportedly failed to meet regulatory requirements in Kenya due to the requirement that disclosure of personal information should only be done in critical circumstances. Immaculate Kassait, the Data Commissioner for Kenya stated that Worldcoin had not been upfront about its objectives during the registration process. The Kenyan Capital Markets Authority also indicated that Worldcoin’s activities in the country were carried out without regulatory supervision, and this led to skepticism among the citizens in sharing their data with Worldcoin. Related Reading: Rumors Of Robinhood Listing XRP Take Center Stage On Crypto Twitter Due to this, the Interior Cabinet Secretary Kithure Kindiki gave the order to suspend every operation of Worldcoin in the country because of security concerns. Eliud Owalo, the digital counterpart of Kithure Kindiki, has also shared a few warnings about Worldcoin. According to recent reports, a raid on Worldcoin’s facility in Nairobi was carried out two weeks ago by the Kenyan police, leading to the seizure of documents and equipment from the facility for the purpose of accessing the data that has been collected by Worldcoin so that proper investigations can be conducted. However, Worldcoin stated that the company was willing to work with the authorities and outlined how it would restart its operations following the implementation of crowd-control measures. Featured image from BBC, chart from Tradingview.com

Sansiri, one of the largest real estate firms in Thailand, once had Srettha Thavisin as CEO. The firm is known for backing crypto projects like XSpring.

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Solana (SOL) has found itself under the shadow of a foreboding technical pattern known as the “Death Cross.” This ominous occurrence, defined by the 50-day moving average crossing below the 200-day moving average, has historically heralded significant price downturns.  Investors are now eyeing the charts as SOL grapples with this pattern once again, raising questions about its future trajectory. For the uninitiated in the intricacies of technical analysis, the Death Cross is akin to a storm warning on the horizon. It emerges when a short-term moving average dives beneath a long-term moving average, signaling potential tumult ahead. The last instance when Solana encountered the Death Cross was back in 2022, and the aftermath was far from favorable – a considerable downtrend that sent ripples through the crypto market. Fast forward to the present, and Solana finds itself at a crossroads once more. As of now, SOL is valued at $20.84 according to CoinGecko, reflecting a 1.4% gain over the last 24 hours. However, a more concerning figure emerges when considering the seven-day performance, which showcases an 11.1% slump. These numbers underscore the significance of the pending death cross and the apprehensions it invokes. SOL market cap at $8.4 billion on the daily chart: TradingView.com Bearish Solana Trends And Lingering Uncertainties Analyzing the market structure on the 1-day chart reveals a bearish picture for SOL. The cryptocurrency recently established a lower high at $25.68 coupled with a lower low at $22.23 on August 5. Subsequent weeks witnessed the gradual formation of a downtrend, amplifying concerns among traders and investors. Further technical indicators add weight to the concerns.  The On-Balance Volume (OBV) has been painting a discouraging narrative as well, with declining demand for SOL evident through the formation of lower highs since mid-July. Related Reading: Polygon (MATIC) At June Lows Again – Prospects For Bullish Recovery? The Relative Strength Index (RSI) depicts a recent bearish momentum, hinting at potential further declines. Additionally, the moving averages stand on the cusp of signaling a dip, adding to the prevailing unease. Meanwhile, bearish mood prevailed in the market, based on Open Interest. Even though SOL was at long-term support, the drop in OI over the last 10 days was significant, and it has not reversed the downturn. Source: Coinglass Potential Impact On Investor Sentiment And TVL Despite Solana’s current Total Value Locked standing at a noteworthy $243.85 million, the looming death cross looms as a destabilizing factor. Past experiences have shown that such ominous patterns can erode investor sentiment, potentially leading them to seek safer investment options. Related Reading: AVAX Network Activity Down – Will The Planned Token Unlock Bring Back The Energy? Consequently, the TVL could face downward pressure as investors contemplate safeguarding their capital amidst uncertain times. As the crypto community holds its breath, the coming weeks will undoubtedly be critical for Solana. Traders and investors will closely watch for signals of whether history will repeat itself, or if SOL will manage to defy the ominous prophecy of the death cross and forge a different path. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Getty Images