Worldcoin Launches Token and Payments Processor Alphapo is Hacked
Market Update
- After weeks of choppy price action, crypto markets fell this morning, with Bitcoin dropping 3.18% and $ETH dropping 2.26%. Higher beta altcoins were hit harder - $ARB, $SOL, and $OP declined 5.50%, 5.82%, and 4.43, respectively. Despite poor performance from most mid-cap altcoins, on-chain activity on Ethereum has remained relatively high, with many on-chain coins such as $UNIBOT, rising significantly, perhaps pulling liquidity away from the altcoins listed on centralized exchanges. Interestingly enough, an exception to the marketwide decline was $DOGE, which is up 3.60% today after Elon Musk changed Twitter's name to "X" on the website and put the Dogecoin logo in his bio, leading to speculation that he may integrate $DOGE could to the site. Traditional markets are up slightly, SPX has risen 0.39%, and NDQ has risen 0.02%. The dollar (DXY) continues its bounce from last week - up 0.18%.
- Worldcoin, the crypto project led by Sam Altman, co-founder of Open AI, has successfully launched its $WLD token and Mainnet today. The launch was announced on Twitter by the Worldcoin Team. Altman describes Worldcoin as a protocol intended to be the world's largest identity and financial public network, open to everyone regardless of background. Worldcoin was founded three years ago and includes three primary parts World ID: a privacy-preserving digital identity, Worldcoin Token: a token that provides utility and governance within the Worldcoin protocol, and the World App: an app that enables payment and transfers using digital assets. $WLD has already been listed on multiple exchanges, such as Binance.
- Crypto payments processor Alphapo, who processes payments for Hypedrop, Bovada, Ignition, and other gambling services, had its hot wallets drained for at least $23 million on Ethereum. This led to Alphapo customer HypeDrop disabling withdrawals. Hypedrop stated on Twitter, "Our provider is currently working to solve some recent issues from their side; they are facing problems specifically related to withdrawals of BTC, ETH, and TRX, as well as deposits for ETH and TRX."
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Bitcoin's support violation to kick off the new week is a short-term technical negative as part of its ongoing uptrend of the last few months. However, despite what appears like a bearish break of $29,500, the technical structure resembles an ABC-type correction, which from an Elliott-wave perspective, will make $BTC an excellent risk/reward over the next couple days on weakness. Pullbacks likely won't undercut 27,500 before turning back higher to test and exceed July highs into end of month. However, the short-term break of $29,500 is definitely a near-term negative on a 1-2 day basis that likely will result in a bit more weakness early in the week to $28k before this can stabilize and turn back higher. Any rebound back above $30k will signal that this decline has run its course, taking BTC back to $31818 and ultimately to $36-$37k before a slowdown and possible reversal into August. One should consider Tuesday/Wednesday of this week to potentially offer an attractive risk/reward potential to buy weakness in BTC.
Daily Important Metrics
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All metrics as of July 24, 2023 1:30 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $565B | $29,056 | ↓ -3.06% | ↑ 75% | |
 ETH | $221B | $1,842 | ↓ -2.22% | ↑ 54% | ↓ -22% |
 ADA | $11B | $0.3031 | ↓ -4.15% | ↑ 23% | ↓ -53% |
 SOL | $9.4B | $23.21 | ↓ -6.90% | ↑ 135% | ↑ 59% |
 MATIC | $6.7B | $0.7219 | ↓ -4.52% | ↓ -5.28% | ↓ -81% |
 DOT | $6.3B | $5.23 | ↓ -3.56% | ↑ 20% | ↓ -55% |
 LINK | $4.1B | $7.54 | ↓ -5.86% | ↑ 36% | ↓ -40% |
 NEAR | $1.3B | $1.38 | ↓ -5.83% | ↑ 8.10% | ↓ -67% |
 DOGE | $0.0000 | $0.0002 | ↓ -13% | ↓ -100% | ↓ -175% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -26% | $19.16 | ↓ -3.60% | ↑ 131% | ↑ 56% |
| BITW | ↓ -48% | $13.05 | ↓ -2.68% | ↑ 143% | ↑ 68% |
| ETHE | ↓ -37% | $10.84 | ↓ -5.66% | ↑ 128% | ↑ 52% |
| BTCC | ↓ -0.00% | $5.33 | ↓ -2.74% | ↑ 76% | ↑ 0.51% |
News
QUICK BITS
Coin Telegraph Sleeping Bitcoin wallet stirs after 11 years, moving over $30M The anonymous Bitcoin whale is up over 600,000% from their 2011 purchase of BTC at $4.92. A dorman... |
CoinDesk First Mover Asia: Bybit CEO Ben Zhou: Regulators See Crypto as an ‘Opportunity,’ Not a Crisis The CEO of the Dubai-based exchange sees jurisdictions competing for crypto business in a post-FTX world. PLUS: Bitcoin holds near $30,000 amid investor cautio... |
The Block Sam Altman’s Worldcoin launches token with more than two million sign-ups Worldcoin has announced the launch of its WLD token — which it will distribute to more than two million people around the world. The... |
CoinDesk Worldcoin's Mainnet, WLD Token Goes Live The launch of the token comes alongside protocol launch and prior release of the wallet. |
The Block Vitalik Buterin outlines ‘four major risks’ with Worldcoin following token launch Vitalik Buterin highlighted four major risks in the biometric-based proof-of-personhood systems used by Worldcoin. The post Vitalik ... |
Coin Telegraph Putin signs law on introduction of digital ruble in Russia Russian citizens will not be forced to use the digital ruble, and use of the CBDC will be a voluntary choice for peopl... |
REGULATION
Coin Telegraph Congressman Warren Davidson calls to ban and criminalize CBDCs “Money should not be programmable by a central authority,” argues Republican Representative Warren Davidson. ... |
HACKS, EXPLOITS, AND SCAMS
The Block Alphapo hot wallets drained for $23 million, HypeDrop disables withdrawals Alphapo's hot wallets have been drained for at least $23 million on Ethereum, Tron and Bitcoin — causing customer HypeDrop to suspend withdrawals. ... |
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