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Happy Friday! Billy Bambrough here, getting you up to speed with the bitcoin and crypto latest.
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24-hour crypto market snapshot
Bitcoin (-4%) $63,218
Solana (+5%) $202.79
XRP (-5%) $1.10
Stalled 🛑
The cryptocurrency market's rally appears to have hit something of a wall, with prices struggling to return to their highs of earlier in the week. The bitcoin price has lost almost 4% since this time yesterday, with traders spooked by a flash crash on the U.S. arm of major crypto exchange Binance—blamed on a rogue trading algorithm.

Ethereum has followed bitcoin lower but remains above the closely-watched $4,000 level. Ethereum failed to bank a fresh all-time high this week, however, leaving bullish traders disappointed.

Elsewhere, ethereum rival solana has continued to climb over the last 24 hours, charging over the $200 per sol level after its close partner the crypto exchange FTX announced a fresh funding round—see below for details. If solana adds just $10 billion more to its $60 billion market capitalization it could knock the stablecoin tether out of the crypto top five, as measured by CoinMarketCap.

Meanwhile, Ripple's XRP and the meme-base dogecoin have both fallen back since this time yesterday, both losing around 5%.

Good to know: Walmart has quietly begun hosting bitcoin ATMs
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The eyes have it 👁️‍🗨️
Tech investor Sam Altman unveiled his new company Worldcoin yesterday
Tech investor Sam Altman unveiled his new company Worldcoin yesterday Worldcoin
An eye for an eye: Cryptocurrency start-up Worldcoin, which wants to use orb-shaped devices to scan people's eyes in exchange for free cryptocurrency, came out of stealth mode yesterday and immediately upset the entire crypto community.

Catch up quick: Worldcoin, details of which were first report by Bloomberg in June, was founded by tech investor Sam Altman, the chief executive of artificial intelligence group OpenAI and former president of start-up accelerator Y Combinator, theoretical physics student Alex Blania and former investment associate at Bridgewater Associates Max Novendstern. The trio have already signed up 100,000 users globally and are aiming to hit the 1 billion user milestone by 2023.

Turing test: Worldcoin wants to dole out its cryptocurrency via its crypto wallet to everyone in the world but need to confirm users are real people. To do so, it plans to scan users eyes with a chromatic sphere called The Orb.

Why not? One eagled-eyed anonymous Twitter user points out: "Worldcoin's privacy policy states that they can share data 'with third parties who have a legitimate purpose for accessing it.'"

But but but... "We designed the whole system to be fundamentally privacy-preserving," Blania told CNBC. "The iris code itself is the only thing leaving the orb. There's no big database of biometric data."

Who's behind it? Worldcoin, with a valuation of $1 billion, has attracted $25 million from investors including the major U.S. crypto exchange Coinbase, Silicon Valley big shots Andreessen Horowitz, billionaire LinkedIn co-founder Reid Hoffman, Coindesk owner Digital Currency Group and youthful crypto billionaire Sam Bankman-Fried—plus many more. See the full list here.

The bottom line: Worldcoin has grand ambitions but as people are becoming more sensitive about their data, it could struggle to hit its lofty targets.

Now watch this: "This is a metaverse" - Decentraland's art director Martin Shibuya
Nice 😏
🙌 Sam Bankman-Fried (SBF), the chief executive of cryptocurrency exchange FTX, revealed it’s raised another $420 million (specifically $420,690,000) yesterday, pushing its valuation to $25 billion. Read the full story on Forbes.

♋ In total, 69 investors participated in the fundraising, including heavyweights BlackRock, Sequoia and the Ontario Teachers' Pension Plan.

💰 The latest funding round has added billions of dollars to SBF's massive fortune. Forbes estimates that Bankman-Fried is now worth $26.5 billion, up from $22.5 billion just a month ago. Last month, Forbes named SBF as the second-richest under-30 in history.

Now read this: A Houston pension plan dives into bitcoin and ethereum
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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