Bitcoin fell to start the week, falling to around $29,300, down 1.92% in the last 24 hours. The CoinDesk Market Index (CMI), which measures the performance of the broader digital asset market, was in the red, falling 2.38% to 1,266.87. BTC’s trading range is still relatively narrow, reflecting investors’ cautious stance. “While the market dynamics of the summer months may lead to volatility with lower trading flows, the recent period has been relatively quiet for the top crypto assets in the market,” said Simon Peters, market analyst at Idoro. “The price softening we’re seeing right now suggests investors are looking for positivity to stick with, but it’s very much a wait-and-see for what’s to come.”
Elon Musk Rebrands Twitter to X A jump in scores of X tokens is encouraged Traders jumped at the prospect of a small profit. A token associated with a project that was shut down in May soared as much as 1,200%, while a new “AI-X” token launched over the weekend that coincided with Musk’s announcement jumped 10x. “Meme coins are a huge part of the crypto trading landscape whether we like it or not,” James Vo, founder of crypto fund DFG, told CoinDesk at the height of one such meme craze. “While the biggest currencies like Bitcoin and Ether have very low volatility, it’s natural for traders to look for opportunities elsewhere.”
Worldcoin, the crypto project of ChatGPT founder Sam Altman, surged 62% to $2.60 with its token WLD. According to data from CoinGecko. Crypto exchanges Binance, Huobi, Bybit and OKX are listed on WLD and spot trading of WLD/USDT, WLD/USDC and WLD/BTC is available. The project, which raised $115 million in May, aims to establish a decentralized digital identity system to protect individual privacy. Over 2 million people onboarded the project while it was still in beta. WLD is not currently available in the US due to regulatory uncertainty.