Crypto Industry News:
The Information Commissioner's Office (ICO) announced yesterday that it plans to launch an investigation into Worldcoin, a project overseen by OpenAI CEO Sam Altman. The investigation is expected to start almost immediately. The ICO is the data regulator in the UK.
The authority's decision to investigate Worldcoin is due to the project's unique approach to users. To be part of Worldcoin, individuals must submit iris scans. In exchange for registration and the biometrics they provide, participants will receive a digital identity and free cryptocurrency.
After a successful test period with two million participants, Worldcoin has been introduced to the general market. During the same period, the eye scanning activities were expanded to twenty countries, some of which included locations in London.
According to CoinGecko, the value of the Worldcoin token skyrocketed for the first time when it was launched on Monday, peaking at $3.30.
The launch of Worldcoin's native token, known as WLD, did not include the US due to concerns over various regulations. As a result, US cryptocurrency exchanges such as Coinbase and Kraken did not support it, which was directly affected by the prevailing regulatory environment.
Regarding privacy issues, the Worldcoin Foundation has stated that it adheres to strict privacy policies and consistently evaluates local laws and regulations to ensure compliance.
Technical Market Outlook:
The BTC/USD pair has broken below the key short-term technical support located at the level of $29,623 and made a new local low at the level of $28,880. So far the bulls are bouncing up from the lows, but in a case of a breakout lower, the next target is located at $28,446 (this level will work as the technical support and the line in sand for bulls). The intraday technical resistance is seen at the level of $30,447, but now the level of $29,623 will act as the technical resistance as well. The momentum is weak and negative which supports the short-term bearish outlook for BTC.
Weekly Pivot Points:
WR3 - $30,622
WR2 - $30,209
WR1 - $29,962
Weekly Pivot - $29,796
WS1 - $29,549
WS2 - $29,383
WS3 - $28,940
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.