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Here’s what happened in crypto today

  • August 11, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Worldcoin now allows unverified users to reserve WLD tokens for 12 months, which can be redeemed post an iris scan. Crypto exchange Gemini has become the latest major exchange to relist XRP (XRP) following the July ruling in the SEC v Ripple case. However, users of the exchange have been reporting strange price fluctuations since it restarted trading and deposits. Meanwhile, the former comptroller of the currency in the United States believes a stablecoin is essential for maintaining the dollar’s status as the global reserve currency.

Worldcoin opens up WLD reservations for unverified users

The iris-scanning crypto project Worldcoin has now made it possible for even unverified customers to reserve their Worldcoin (WLD) tokens.

The World App now offers a reservations feature to make it easier for everyone to reserve their WLD tokens before verifying their World ID, as shown in the image below.

World App with reservation feature. Source: Worldcoin

The Worldcoin project consists of three key elements: the Worldcoin ID, the Worldcoin App and the Worldcoin token. Users willing to scan their iris to create a biometric data-based ID system are rewarded with native WLD tokens.

XRP briefly hits $50 on Gemini as users suspect ‘price glitch’

Crypto users have reported seeing “wonky” prices for Ripple’s XRP token on the Gemini crypto exchange, only hours after the exchange relisted the token on its platform for trading. 

Several crypto community members on X (Twitter) on Aug. 11 posted screenshots of what many have described as a “price glitch” that has seen XRP’s displayed price on the exchange rise above $1 a number of times and even spiking to $50 on one occasion.

However, some observers suggest it may be the result of a thin order book and low liquidity, given the recent relisting.

Gemini announced it had made XRP available again for trading on the crypto exchange on Aug. 10.

It comes after the United States District Court Judge Analisa Torres ruled in Ripple’s case against the Securities Exchange Commission that XRP is not a security when sold on exchanges.

Former comptroller of the currency urges stablecoin legislation

Former Binance.US CEO and U.S. Comptroller of the Currency Brian Brooks has penned an op-ed with economics dean Charles Calomiris about the need to push through sensible stablecoin regulation in the United States.

In an Aug. 9 article published by The Wall Street Journal, Brooks and Calomiris argued that stablecoin development could be instrumental in maintaining the U.S. dollar’s global reserve status. “If stablecoins flourish, citizens of other countries will increase the demand for dollars independent of (and perhaps contrary to) their governments’ political decisions,” the authors wrote.

A failure to promote stablecoin development could ultimately lead to de-dollarization — a process that could undermine the U.S. economy and weaken consumers’ purchasing power.

House Financial Services Committee Chairman Patrick McHenry proposed the Clarity for Stablecoins Act in July, but the legislation has lacked bipartisan support in Congress.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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