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Today, the long-awaited drop in Bitcoin (BTC) has occurred. There has been talk of a possible acceleration in sales for some time. On the other hand, Worldcoin has started trading on the Binance exchange today, following in the footsteps of Binance and Coinbase. However, unlike its counterparts that have caused a buzz on social media, it has not contributed much to the market’s rise.
Why are Cryptocurrencies Falling?
The prices of Bitcoin and other cryptocurrencies have dropped as investors await the Federal Reserve’s monetary policy decision this week. The global launch of a new cryptocurrency founded by OpenAI CEO Sam Altman did not do much to boost morale in the industry. As we have been warning for days, the drop could deepen as the meeting date approaches.
As expected, the price, which failed to hold above $30,400, quickly dropped to the $28,800 region after losing the $29,700 level. The Fed will announce its interest rate decision on Wednesday and will likely provide significant signals for a second and final interest rate hike. If it happens as expected, the market’s pricing of a 50bp increase could be painful.
On the other hand, the growing belief that the economy will enter a recession may continue to put pressure on the stock and cryptocurrency markets. Further tightening, recession, reduced liquidity, and all other factors mean that the already declining volumes in the cryptocurrency markets could dry up even more.
Worldcoin (WLD)
The project initiated by Sam Altman has reignited discussions. The altcoin, which is currently trading above $2.5 on the Binance exchange, is not available in the US region. Moreover, due to security and privacy concerns, iris scans are not allowed in the region. In the past, we have seen that such buzz-generating launches have had positive results on the overall market. Today, it didn’t happen as expected.
The price of WLD Coin may experience unexpected drops in the medium term if criticisms become louder. Many cryptocurrency pioneers have already stated that collecting biometric data is dangerous. The collection of this data through OpenAI CEO’s project also increases speculation about Worldcoin.
Advancing technology is pushing us all towards a world where even biometric data is at risk. But what about our identity information? Most countries have already lost their confidential information to the dark web due to cyber attacks. It seems that now, our fingerprints, DNA, and irises are next in line.
