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The cryptocurrency market has rebounded more than 6 percent in the past 24 hours to about $2.24 trillion, and worldwide (WLD) has not been left behind. According to the latest crypto data, WLD price rebounded more than 8 percent in the past 24 hours to trade around $1.76 on Friday during the early Asian session.
However, the WLD price is still far from full recovery as the holders have experienced nearly 85 percent in drawbacks over the last five months. In comparison, since March this year, Solana (SOL) and Dogecoin (DOGE) prices have retracted by about 30 percent and 50 percent, respectively.
WLD Price Faces Immense Selling Pressure from FTX Liquidation
Alameda Research started depositing their $WLD to CEX!
— Spot On Chain (@spotonchain) August 9, 2024
9 hours ago, Alameda Research moved the very first 205,387 $WLD ($352K) to #Binance, after vesting them from the #Worldcoin a year ago.
Notably, the deposit came after an N.Y. judge officially ordered FTX and Alameda… pic.twitter.com/uD21ntrS6R
On August 7, US District Judge Peter Castel ordered defunct crypto exchange FTX and its sister investment firm Alameda Research to pay creditors $12.7 billion. According to on-chain data analysis, FTX and Alameda Research currently own 24.8 million WLD coins worth approximately $45.6 million.
Notably, FTX and Alameda Research have already begun depositing the WLD coins in different centralized exchanges (CEXs) led by Binance. In the last 24 hours, FTX and Alameda Research deposited 204,397 WLD coins, worth about $352K, to Binance.
Midterm Expectations
The Worldcoin project has grown to a major ecosystem with more than 6.4 million verified World ID users from over 160 countries. Backed by OpenAI’s CEO, Sam Altman, the project could significantly grow further, fueled by speculation of possible integration with Microsoft-backed ChatGTP.
In the meantime, WLD’s price has been attempting to rebound from a major correction in the past five months.
From a technical standpoint, the WLD price against the US dollar has been forming a possible reversal pattern characterized by bullish divergence on the daily Relative Strength Index (RSI) amid consolidation at lower lows.