Weekly Report | WLD Is on Fire

Summary of important events (07.22-07.28)

1. Top 3 Hot Events of Last Week 

Worldcoin released token economics and went live on multiple exchanges.

Worldcoin releases token economics, with an initial total of 10 billion tokens, and inflation will start as early as 15 years later. With 75% allocated to the Worldcoin community, 9.8% to the initial development team, and 13.5% to Tools for Humanity investors, over 2 million users have been allocated over 43 million WLD tokens. 

On July 24, WLD listed on exchanges including Binance, OKX, and Huobi.

The Fed raised interest rates by 25 basis points as expected, the highest level since 2001.

On July 27, the Federal Reserve approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years. The quarter percentage point increase will bring the fed funds rate to a target range of 5.25%-5.5%.

The US core PCE price index for June recorded 4.10% year-on-year, lower than expected.

On July 28, the US core PCE price index for June arrived at 4.1% on a yearly basis, down from 4.6% in May and below the market forecast of 4.2%. .

2. Cryptocurrencies & Exchanges

On July 25, Coinbase reserves declined by 513,000 BTC since December 2020.

On July 26, Binance withdrew its application for a cryptocurrency license in Germany.

On July 26, OKX published its ninth consecutive monthly Proof of Reserves (PoR), showing a balance of USD$11.3 billion in BTC, ETH and USDT.

On July 27, Arbitrum claimed funds from the vesting contract to improve adoption, create stronger technical structures, and build amazing sustainable communities.

On July 27, Sui Foundation terminates partnership with MovEx over breach of contract and token mismanagement.

3. Regulatory Updates

On July 25, Namibia's virtual assets bill became an act and was put into law.

On July 26, South Korea officially established the "Virtual Asset Crime Joint Investigation Team."

On July 27, the US House Financial Services Committee passed the "Blockchain Regulatory Certainty Act."

On July 28, the US House Financial Services Committee passed the " Clarity for Payment Stablecoins Act of 2023".

On July 28, the US House Committees on Financial Services and Agriculture passed the "Financial Innovation and Technology for the 21st Century Act."

4. Market Updates

On July 22, Bundle, a cryptocurrency social payment app, will terminate its trading feature and advises users to withdraw funds before September 12.

On July 23, the hot wallet of cryptocurrency payment platform Alphapo was hacked, resulting in a loss of over $31 million on July 23.

On July 24, Korea’s FSS collected public comments on Financial Statement Guidelines for Virtual Asset Entities.

On July 25, Global X submitted an application to the US SEC for the Bitcoin Futures ETF.

On July 25, Binance says it intends to file motion to dismiss CFTC complaint.

On July 27, the Korea Financial Intelligence Unit (KoFIU) held a consultative body meeting on strengthening the compliance capacity of virtual asset service providers (VASPs).

On July 27, A&G launches Spain's first locally-regulated crypto hedge fund.

On July 28, the Bank of Spain approved the registration of eToro as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services.

5. Statements from Individuals/Organizations

On July 23, the CEO of EOS Network Foundation: GameFi has the potential to quickly attract millions of new users.

On July 23, Mark Cuban: SEC “refers to every buyer as investor,” but Ripple proved otherwise. 

On July 24, Bank of America's report emphasizes the need for clear regulatory guidelines for digital assets.

On July 24, Ripple CEO Brad Garlinghouse: the SEC created this mess.

On July 25, International Monetary Fund: strongly opposes granting cryptocurrencies the status of 'official currency or legal tender'.

On July 25, CZ: Binance will re-participate in the Japanese market and will launch a compliant local exchange in August.

On July 25, Former CFTC chairman: stablecoins can be a bridge between two worlds.

On July 26, American Bankers Association: To ensure effective consumer protection and financial stability, it is critical that the stablecoin ecosystem, like the banking ecosystem, is subject to strong regulatory oversight.” 

On July 26, mining pool operator Luxor Mining: is buying miners to expand hash rate scale. Miners are preparing for the fourth Bitcoin reward halving,once the halving occurs, miners will face almost doubling mining costs.

On July 26, the head of research at Coinbase: Dogecoin (DOGE) is already going up in value and it could further strengthen from pennies to the dollar. That makes it much harder to use inside the system.

On July 27, Chairman of the US House Financial Services Committee: digital assets that are not inherently securities may be offered as part of an investment contract but that does not make them securities.

On July 28, Coinbase Chief Legal Officer: the Clarity for Payment Stablecoins Act across the line with bipartisan support. It’s been a historic week, and a big step forward for consumer protection.

On July 28, Gary Gensler: the SEC was yet to take a decision to refile against Ripple or not.