Scan your eyeballs for crypto? Crypto Investor's Weekly 23.07-30.07

Another week in crypto. Another week of flat prices.??

But that doesn’t mean this week hasn’t been action packed in its own way.??

The Federal Reserve hiked rates another 25 points, as analysts expected. Bitcoin inched higher on the news but came back down to the $29,000s soon after.??

Elon Musk hit the headlines again as he changed Twitter to X. In doing so, laid bare some uncomfortable truths about social media and what we share there.?

How do you feel about scanning your eyeballs for money? That’s what Worldcoin offers – is it as bad as people make out? Or is it just a glorified faceID? Either way, Worldcoin might have global ambitions, but there are signs it launched with less of bang than a whimper, despite what its creator Sam Altman says.??

Then – in the U.S. - the legal psychodrama continues as legislators try to come up with a consistent approach to digital assets in the country.??

Plus, more bad news for Binance as Germany gives the cold shoulder.??

Let’s dive in!?

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Chart of the week?

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Uh oh, guess who’s back? Outflows.??

Last week, digital asset investment products experienced minor outflows of US$6.5 million, contrasting with the previous four weeks of significant inflows totaling US$742 million. The focus was mainly on Bitcoin, which saw outflows of US$13 million, while short bitcoin investment products faced outflows for the 13th consecutive week, amounting to US$5.5 million. Notably, short bitcoin total assets under management (AuM) declined from a peak of 1.3% to just 0.4%, the lowest level since June 2022.?

However, Ethereum showed promise by topping the leaderboard with inflows of US$6.6 million. This suggests that sentiment towards Ethereum, which has been poor this year, is gradually starting to improve. Trading volumes for digital asset investment products were below the weekly average, amounting to US$1.2 billion compared to the prior week's US$2.4 billion. The negative sentiment was primarily concentrated in the North American market, with 99% of the outflows (US$21 million), offset by inflows of US$12 million into Switzerland and US$1.9 million into Germany.??

This week’s crypto prices?

Over the past two days, Bitcoin's price has been protected around $29,134 by the bulls, but they haven't managed a strong recovery, indicating persistent pressure from the bears. The negative trend is further confirmed by the downsloping 20-day moving average at $29,840 and the relative strength index in the negative territory. If the support at $29,134 breaks, Bitcoin could fall to $27,500 and then to $26,000.?

In the case of Ether, buyers are trying to defend the $1,853 level, but they are facing challenges in initiating a strong rebound, suggesting a lack of demand at higher prices. If the support at $1,853 gives way, Ether might decline to $1,700 and then to $1,626, keeping it within a broader range between $1,626 and $2,000.?

To reverse the downward trend, Bitcoin and Ether need to surpass their respective 20-day moving averages at $29,840 and $1,883. If they succeed, they might have a chance to climb higher and resume their upward movement. However, it's crucial for them to overcome these obstacles to signal a potential new uptrend.?

Tweet of the week??

Source: Twitter?

So this tweet isn’t actually about crypto. But it also is. But before we get there, let’s look at what actually happened.??

On Tuesday, Elon Musk turned Twitter into X. We don’t need to go into the details of whether that is a genius or idiot move, but we do need to go into the case of Gene X. Hwang, who had been the proud owner of the @x handle on Twitter for 16 years.??

Between users, changes of desired Twitter handles can involve exchanging significant sums of money, especially if there is corporate capital involved. But Mr. Hwang didn’t get a big payout. In fact, he got nothing at all.??

"[I] got an email basically saying they are taking it," Hwang told Mashable in an email exchange. Them’s the breaks.??

This is a cautionary tale about the monopoly of centralised tech and our online identities. Mr Hwang spent 16 years crafting his presence through his Twitter account only for it to be taken from him. Just like that.??

And, of course, Twitter is totally within its rights to do something like that. It owns the platform, it owns all the content and your attention while you use the social media network.??

Web3 social media like those built on Farcaster, Lens Protocol and apps like Bluesky are examples of what socials could look like if users owned their profiles, handles, data and content.??

Someone wants your handle? Name your price.???

Don’t like the platform? Take it with you and go somewhere else.??

Crypto news??

Bitcoin's price rises after Fed hikes rates as expected?

Bitcoin's price rose after the U.S. Federal Reserve raised interest rates by 25 basis points, as expected. After Wednesday's meeting of the Federal Open Market Committee, the target range for the federal funds rate is now 5.25%-5.5%.?

Full article: The Block?

House Financial Services Committee Votes in Favor of Crypto, Blockchain Bills?

Text The votes mark the first time crypto-specific bills were advanced on their own merits and not as part of broader legislation.?

Full article: Coindesk?

Worldcoin rebuts reports of lackluster takeup as Altman cites Japan queues?

A video shared by Worldcoin co-founder Sam Altman shows a long queue of people in Japan reportedly waiting to collect $50 worth of Worldcoin (WLD) tokens or 25 WLD.?

Full article: Cointelegraph?

Binance Withdraws Crypto License Application with German Regulator BaFin?

Binance has withdrawn its application for a crypto license in Germany, following reports that the German financial regulator had denied the exchange a crypto custody license.?

Full article: Decrypt?

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Thanks for reading – have a great weekend and make the most of celebrating Swiss National Day!??

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Olga Feldmeier??

SMART VALOR?

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