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Worldcoin (WLD) Drops 7% Amid Renewed Legal Heat in Kenya
By: crypto news|2025/05/06 21:30:01
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Worldcoin ($WLD), the crypto project co-founded by OpenAI CEO Sam Altman, tumbled 7% to $0.8745 after falling from an intraday high of $0.9441.Worldcoin is down 7.18% on the day/ Source: CoinMarketCapThe drop comes amid renewed regulatory scrutiny in Kenya, adding to the altcoin’s struggles since its all-time high of $11.82 in March 2024.Global Pushback Intensifies Against Worldcoin’s Data PracticesOn May 5, the Kenyan High Court, presided over by Lady Justice Aburili Roselyne, ordered the Worldcoin Foundation and its affiliates to “permanently delete” all biometric data collected in the country.The ruling reflects growing concerns over data privacy and protection violations. One Kenyan official even described the project as “a gang of criminals who are coming to harvest data from young people.”The $WLD token has repeatedly been at the center of legal disputes. In December 2024, it fell below $2 after German regulators ruled the project was in violation of the European Union’s General Data Protection Regulation (GDPR), leading to widespread data deletion requests.Worldcoin continues to face regulatory scrutiny in several countries, including France, Portugal, Spain, Hong Kong, Brazil, and South Korea, underlining the global unease surrounding its data collection practices.Beyond data privacy issues, Singaporean authorities have also raised concerns, with police accusing Worldcoin of potentially violating the country’s Payment Services Act due to citizens reportedly buying and selling Worldcoin accounts and tokens.Worldcoin’s Strategic Pivot: Passport Verification Sparks Market OptimismAmid this intense scrutiny, the project rebranded as “World Network” and introduced a redesigned version of its iris-scanning Orb device during a recent event in San Francisco. The update includes alternative identity verification methods that don’t require iris scans.One such method allows users to scan NFC-enabled passports, enabling age, nationality, and ownership verification without revealing full identities, offering a more privacy-conscious option for those wary of biometric data collectionThe new World ID 3.0 features World ID Credentials, a way for even more people to participate in & benefit from World Network using things like an NFC-enabled passport. pic.twitter.com/sLGRCEzIiD— World (@worldcoin) October 17, 2024This wave of positive updates has helped the project gain traction again, especially after Coinbase announced on April 30 that it added $WLD to its listing roadmap.Traders appear to be capitalizing on the dip, as WLD recorded a 44% increase in trading volume in the past 24 hours alone, with over $171.5 million worth of tokens transacted.$WLD sees an increase in trading volume across notable crypto exchanges/ Source: CoinGlassData from CoinGlass confirms this momentum: across Binance, Bybit, and OKX, the WLD/USD pair saw a combined 560% surge in trading volume, while open interest rose by 4.15% within the same period.Technical Analysis: MACD Momentum and Wedge Structure Hint at $WLD BreakoutOn the 4-hour chart, the WLD/USDT pair is forming an inverse head-and-shoulders pattern. The left shoulder formed near $0.98, followed by a deeper dip to around $0.813 forming the head, and now the right shoulder is developing around $0.876.$WLD shows signs of a bullish reversal pointing towards $1.27 / Source: TradingViewThis reversal pattern suggests weakening selling pressure and the possibility of a trend reversal. Additionally, price action is contained within a descending wedge, another bullish pattern that often precedes a breakout.The neckline resistance for the inverse head-and-shoulders is between $1.00 and $1.02. LONG: #WLDUSDT | $WLD | 1h#WLD is set to break out with targets at 0.946, 0.984, and 1.03. Get notified: https://t.co/JatNmioRSl pic.twitter.com/jC8GmHJRvZ— Crypto | #1 Free Signals (@best_analysts) May 5, 2025A breakout above this zone could open the door to a price target near $1.27, as indicated by the projected blue arrow on the chart.Looking at the MACD indicator, signs of bullish convergence are emerging. Although the MACD line remains below the signal line, the shrinking histogram bars suggest a potential bullish crossover. A confirmed crossover would further support the case for a bullish reversal.The post Worldcoin (WLD) Drops 7% Amid Renewed Legal Heat in Kenya appeared first on Cryptonews.
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