Category: crypto

South Korea’s Personal Information Protection Commission fined Worldcoin and Tools for Humanity KRW 1.14 billion ($861,408) for violating the Personal Information Protection Act. The companies failed to disclose the purpose of collecting iris data, lacked consent for biometric information, and were not transparent about data transfers and retention.

Morocco’s Digital Morocco 2030 strategy, launched with a $1.1 billion budget, aims to establish the country as a global digital hub by leveraging AI and blockchain technologies. The initiative targets job creation, improved public services, and increased digital export revenues, while fostering innovation and attracting global tech companies to its growing ecosystem.

Bitcoin (BTC) shows an 83% correlation with global liquidity, making it the top asset class in this regard. It tends to rise with liquidity expansion and correct during contractions. While its correlation weakens over shorter periods, understanding liquidity’s role alongside on-chain metrics can aid in forecasting Bitcoin’s price cycles.

SEC Chair Gary Gensler confirmed that Bitcoin is classified as a commodity and not a security, amidst ongoing regulatory scrutiny of cryptocurrencies. He criticized the crypto industry for ignoring existing regulations, while Ethereum’s status remains uncertain. Gensler emphasized the need for stronger regulatory frameworks to build investor trust in the market.

Bitcoin (BTC) is testing key resistance at $65,000, crucial for bullish momentum, according to a Kraken report. A daily close above this level could signal further gains; failure may lead to a drop to $60,000. Meanwhile, Ethereum (ETH) and Solana (SOL) show mixed performance in current trading conditions.

Mira Murati, OpenAI’s CTO, has announced her departure after six and a half years, praising her team’s contributions to AI advancements. Her exit follows other leadership changes at the company, which is negotiating significant investments. OpenAI remains focused on innovation and ethical AI development amid increasing competition from rivals.

Crypto analysts suggest altcoins are breaking out, indicating a potential shift towards an altcoin-dominated market. While Bitcoin has outperformed altcoins recently, current trends show both markets gaining strength. Analysts note significant moving average breakouts for altcoins, hinting at a promising start for their recovery alongside Bitcoin.

Ethena Labs introduces UStb, a new stablecoin backed by BlackRock’s BUIDL fund, alongside its existing USDe. UStb offers a distinct risk profile, enhancing resilience against negative funding rates. Ethena aims to innovate in DeFi by providing diverse margin collateral options, with upcoming details on UStb’s integration into exchanges.

Following a $230 million hack, WazirX is working to recover assets and reassure users. A Singapore court granted a four-month moratorium for restructuring, requiring WazirX to disclose wallet addresses and respond to user inquiries. The exchange acknowledges the court’s decision as a step towards resolution, despite users facing potential losses.

Dubai’s Virtual Assets Regulatory Authority (VARA) introduced new marketing guidelines for virtual asset firms, effective Oct. 1, emphasizing risk disclaimers in advertising. The rules aim to protect investors amid the volatile crypto market and reflect a global trend toward stricter crypto advertising regulations. The UAE continues to strengthen its position in the crypto sector.