7-Day Market Moves

📉 BTC slid by 3.14% in the past 7 days, according to CMC data, dropping under $29,000 for the first time since June 21. ETH also fell by 3.25%.

ALTs: Except Dodgecoin, most top 10 non-stablecoin cryptocurrencies, suffered losses. Solana (SOL) experienced the largest drop at 5.31%, bringing its price to $23.46.

🧑‍⚖️The crypto market has been impacted by concerns about possible SEC intervention in the Ripple case and alleged volume inflation by Binance. The total crypto market cap fell 2.48% to $1.17 trillion. However, trading volume surged by 40.26% to $35.5 billion.

Macro factors: The Federal Reserve is likely to increase interest rates by 25 basis points, reaching 5.25%-5.50%. This week will also see Q2 results from Microsoft, Alphabet, and General Electric. Slower U.S. business activity in July may support the Fed's inflation control efforts.

Eyes on the price(s)

‍

Bitcoin (BTC) slipped below the $30,000 support zone, moving into a bearish zone and breaking the $29,650 support level. Currently, it trades below $29,500 with a new weekly low at $28,880.

BTC needs to surpass the $29,250 resistance for a potential recovery, but it must clear $29,750 and $30,000 to start a strong uptrend. Failure to cross $29,250 could lead to further declines with immediate support at $28,880, followed by $28,500 and $28,200.

Similarly, Ether (ETH) stayed bearish below $1,900 and declined below $1,880. Currently, it's below $1,880 with a new weekly low at $1,832.

ETH needs to clear $1,880 for potential recovery, with significant hurdles at $1,900 and $1,920. Failure to cross $1,880 could lead to further losses with immediate support at $1,845, followed by $1,825 and $1,780.

Listings

Ongoing IDO/ICO

Upcoming IDO/ICO

Vitalik Has Questions for Worldcoin

TL: DR

• Worldcoin, an identity verification project by Sam Altman is live.
• Ethereum's co-founder, Vitalik Buterin, voiced privacy and security concerns.
• Buterin proposed distinguishing World IDs by manufacturers to prevent misuse.

Worldcoin, the much-anticipated project by OpenAI's CEO Sam Altman, launched yesterday with the promise of providing a digital passport for online identity verification. The system works by using a machine known as an Orb that scans a user's iris to create a unique World ID. However, Vitalik Buterin, the co-founder of Ethereum, has voiced concerns about the system in a recent blog post. He raised issues around privacy, questioning whether iris scans could reveal personal information beyond identity. He also brought up concerns about accessibility, considering the disparity between the number of Orbs and global smartphone users.

Buterin further highlighted problems of potential governmental misuse of the technology and the issue of centralization. He pointed out that Orbs, being physical devices, could be manipulated by rogue manufacturers to create false identities. While Worldcoin plans to conduct regular audits on Orbs, Buterin suggests that the World IDs should be distinguishable based on the manufacturers, to mitigate the risk of misuse.

The final concern raised by Buterin is security, focusing on the risk of generating numerous fake identities if Orbs wrongly authenticate AI-generated images or 3D prints. He also pointed out the possible scenarios of World IDs being sold, rented, or stolen. While he acknowledges that there could be solutions to these concerns, Buterin encourages Worldcoin to collaborate with other proof-of-personhood projects that emphasize decentralization, accessibility, and protection against fake users. Worldcoin has yet to respond to these issues.

In other news,

• The SEC to appeal the Ripple ruling.
• Binance faces wash trading allegations by the SEC.

McDonald’s Launches McNuggets Land

TL: DR

• McDonald's Hong Kong introduces "McNuggets Land" in The Sandbox metaverse game.
• The game offers real-world and blockchain-based rewards for participating players.
• Rewards include local McDonald's food coupons and in-game NFT items.

McYummy. McDonald's Hong Kong just entered into the metaverse with its "McNuggets Land" in The Sandbox, an Ethereum-based metaverse game. The game celebrates the 40th anniversary of Chicken McNuggets, featuring characters and decor inspired by the popular menu item. The game offers quests with rewards in both the physical and digital realms. Though initiated by McDonald's Hong Kong, the game is accessible to players worldwide until August 28.

Rewards vary by region: players based in Hong Kong can win free meal coupons redeemable at local McDonald's restaurants, while those elsewhere can earn NFT-based in-game items and SAND crypto tokens. This marks another step for McDonald's in the Web3 space. Previous ventures include NFT artwork launched by McDonald's France and McRib-themed NFTs by the American division.

The Sandbox, an interactive metaverse platform, has a track record of collaborating with major brands. The user-owned NFT land plots within the game have seen partnerships with several big-name companies, celebrities, and IPs including Adidas, Gucci, Snoop Dogg, The Walking Dead, Ubisoft, and Warner Music Group.

In other news,

• Futureverse raises $54 Million to fuel the expansion of diversified metaverse platform.
• Japan is planning on creating more favourable policies for Web 3.

Ubisoft Partners with Cronos Network

TL: DR

• Ubisoft partners with Cronos network as a blockchain validator.
• Ubisoft to confirm transactions on Cronos network.
• Ubisoft expands NFT gaming involvement with new projects and support for crypto startups.

The Video gaming giant Ubisoft is taking on the NFT gaming sector by aligning with the Cronos network as a validator. Ubisoft, known for developing games like Assassin’s Creed and Just Dance, will operate a node on the Cronos network, an open-source platform compatible with Ethereum and Cosmos. The company joins 27 other validators, including Crypto.com and Blockdaemon, confirming new blocks on the network during transaction processing.

The alliance will leverage Ubisoft's Strategic Innovation Lab's expertise to enhance blockchain gaming. Ubisoft has previously mentored startups in the Cronos Accelerator Program in 2022. Cronos Labs Managing Director Ken Timsit anticipates the collaboration will boost progress on the technical and ecosystem roadmap of the Cronos chain.

This partnership is another step in Ubisoft's ongoing expansion within NFT gaming. The company is developing Champions Tactics: Grimoria Chronicles on the Oasys blockchain network. Ubisoft's past ventures into blockchain include NFT integration within an existing title, Ghost Recon: Breakpoint, and a Rabbids-themed NFT experiment. Ubisoft remains active in supporting several blockchain ecosystems, NFT games, and crypto startups.

In other news,

• Neopets cancels NFT game after raising $4M from Polygon, Avalanche.

Arkham Targets Do Kwon’s Crypto Wallets with First Bounty

TL: DR

• Arkham Intel Exchange awarded its first bounty for info on Do Kwon.
• The investigators found Kwon's crypto wallets and received $4,950.
• Kwon faces SEC charges post-Terraform Labs' 2022 collapse.
• Arkham's bounty system sparked privacy concerns.

The Arkham Intel Exchange platform approved its first bounty hunt on Monday, rewarding two investigators who found crypto wallets linked to Do Kwon. The former CEO of Terraform Labs, now an international fugitive, was the subject of the bounty that paid out 9,519.26 ARKHM, or $4,950.

Terraform Labs, known for its TerraUSD stablecoin and Luna cryptocurrency, collapsed in 2022 in a hard-to-forget industry event. The SEC charged Kwon with securities violations linked to alleged unregistered transactions, insufficient disclosures, and misleading investor information.

Arkham Intel Exchange, launched on July 10, encourages users to locate on-chain data through a bounty system. The platform approves all submissions. Successful bounty hunters receive the reward, while the bounty poster retains the information for 90 days before it is shared with the Arkham community.

However, the platform has faced criticism, with some in the crypto community expressing concern that it could be used to expose the personal information of innocent individuals.

In other news,

• $23 million drained from Alphapo hot wallets, HypeDrop disables withdrawals.

‍

If you enjoyed today’s Digest, forward it to a friend. They can subscribe here.

Thanks for your time, see you next Tuesday!