By enhancing liquidity, simplifying the user experience, and supporting diverse trading solutions, an omnichain trading infrastructure like Orderly Network is transforming the DeFi landscape and paving the way for widespread adoption. While the total value of decentralized finance (DeFi) approaches 0 billion as of June 2024, analysts predict the market will grow six times by […]
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Bitcoin’s Scaling Dilemma: Binance Report Sheds Light on BTC’s Enhancement Hurdles
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Do Kwon Faces Extradition Dilemma: Montenegro’s Justice Minister to Decide Between US and South Korea
In a decision by the Podgorica High Court, ex-Terraform Labs chief executive Do Hyeong Kwon (Do Kwon) is set to be extradited following his four-month incarceration in Montenegro for fabricating travel papers. The extradition bids originate from both the United States and South Korea, with the final determination of Kwon’s destination resting in the hands of the court’s Justice Minister.
Judge Will Decide on Do Kwon’s Extradition
The notorious Do Kwon is poised for extradition upon completing his sentence in Montenegro, though his ultimate destination remains uncertain. A recent press release reveals that South Korea seeks Kwon for engaging in fraudulent and unfair trading activities. Additionally, the U.S. also desires his extradition for similar infractions, including securities fraud and market manipulation.
According to the press release, Kwon agreed to be extradited to South Korea. However, the court noted that due to multiple extradition requests, the Podgorica High Court must make the final determination. “The final decision on the matter will be made by the Minister of Justice of Montenegro,” the announcement specifies.
The announcement from the Podgorica High Court further clarifies, “If the Minister of Justice allows the final extradition of the aforementioned accused, the extradition will be executed after the completion of the criminal sentence imposed by the Basic Court in Podgorica in a case against the same individual for the criminal offense of document forgery.”
What do you think about Do Kwon being extradited? What nation state do you think he will be sent to? Share your thoughts and opinions about this subject in the comments section below.
Worldcoin’s Centralization Dilemma: 100 Wallets Still Dominate 93% of Total Supply
Since August 11, 2023, the number of unique digital wallets storing the iris-scanning cryptocurrency worldcoin (WLD) stood around 468,466. But in the weeks since, ownership of the fledgling crypto has expanded by over 26% to 591,633 wallets. However, worldcoin’s value has moved in the opposite direction — plummeting over 35% against the U.S. dollar in the past 30 days. Currently, the digital asset trades at 62% below its all-time high price.
Vast Majority of WLD Tokens Held by Top Wallets
The brainchild of Openai CEO Sam Altman, worldcoin (WLD) burst onto centralized crypto exchanges in late July 2023. The cryptocurrency aims to verify users’ identities by scanning their irises. The project also plans to address financial inequality and online identity authentication through its World ID feature.
On its July 24 debut, WLD struck its zenith of .30 per token. But since that apex, the price has nosedived. Now fluctuating between .20 and .38, worldcoin recently plunged to an all-time low of .02 per coin on September 5. Though WLD wallets have proliferated 26% since August 11, crossing 591,633 unique addresses as of September 7, the pace has downshifted.
From July 24 until August 18, new wallets mushroomed. But in the weeks since then, expansion has decelerated to a crawl, with addresses swelling just over 11% in that period. This slowdown suggests worldcoin’s initial burst of skyrocketing adoption has eased into a steadier, more modest climb. Moreover, while there are close to 600,000 WLD wallets, the top 100 control 93.82% of the entire supply of 176.89 million WLD.
The 100 addresses commanding most of the supply hold 165.96 million worldcoin tokens. The Worldcoin contract address operated by the development team commands 95.87 million WLD or 54.2% of the supply. Worldcoin also owns the second largest wallet, holding 30.98 million tokens or 17.51%.
The largest crypto exchange by trade volume, Binance, occupies the third spot, with 12.05 million WLD or 6.81% of supply. Other big holders include the market maker Wintermute, alongside crypto exchanges such as Bithumb, Okx, and Gate.io.
Despite Worldcoin’s mission to advance financial equality, so far, WLD ownership remains strikingly centralized. For Worldcoin to truly promote financial inclusion as intended, ownership must diffuse from the founders, exchanges, and market makers into the hands of everyday users.
What do you think about the Worldcoin project and the centralization and distribution factors, considering the top wallets hold most of the coins? Share your thoughts and opinions about this subject in the comments section below.
Litecoin Traders Face Dilemma Ahead Of Breakout, Will Price Rally To $60?
- LTC price breaks down into a descending triangle as price failed to break above resistance, holding price from trending higher.
- LTC trades below 8 and 20-day Exponential Moving Average as the price struggles to regain bullish signs as the price continues ranging in a descending triangle.
- LTC prices continue to range as prices aim for a breakout in either direction.
The price of Litecoin (LTC) continues to struggle as price ranges in an attempt to rekindle its bullish movement against tether (USDT). Litecoin (LTC) and other crypto assets enjoyed a relief bounce in previous weeks that saw the crypto market cap looking good for cryptocurrencies across the industry, with many producing double-digit gains; LTC showed some relief bounces but was quickly rejected into a range price movement. (Data from Binance)
Litecoin (LTC) Price Analysis On The Weekly Chart
Despite having a tough time in recent months with the price falling to a low of due to the market condition as the crypto market has remained in a bear market for over six months now, leading to many crypto assets retesting their weekly low while others are just hanging on key support.
After the price of LTC rallied to a high of 0, the price declined as it dropped to a weekly low of , where the price held strong after forming support, and this region looked like a demand zone for prices.
The price of LTC bounced off from this region of as the price rallied to a weekly high of as the price faced resistance to breaking higher as the price retraced to 0.
LTC’s price has since continued in its range movement as price prepares to break out of this range as it aims to retest the resistance at .
Weekly resistance for the price of LTC – .
Weekly support for the price of LTC – .
Price Analysis Of LTC On The Daily (1D) Chart
Daily LTC Price Chart | Source: LTCUSDT On Tradingview.com
On the daily timeframe, the price of LTC continues to trade below the 8, and 20-day Exponential Moving Average (EMA), which is not good for a short-term price trend to the upside. The prices of .5 and correspond to the prices at 8 and 20 EMA acting as resistance for LTC.
The price of LTC continues in a range-bound movement as the price has formed a descending triangle. The price of LTC needs to break out to the upside to resume its bullish movement; a break to the downside would send the price of LTC to a daily low of and likely .
Daily resistance for the LTC price – -65.
Daily support for the LTC price – -.
Featured Image From CryptoCompare, Charts From Tradingview
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