Bitcoin Today: //: BTC returns to $, and WLD soars

2024: BTC returns to $64,000 and WLD soars with changes at OpenAI

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1 week ago

September 26, 2024

Stephen Douglas

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Bitcoin’s (BTC) quest for the $64,000 resistance is slowly reaching its crucial moments. This Thursday (26), the cryptocurrency had a new high and appreciated 1%, which made it return to the $64,200 level. According to CoinGecko, BTC has already registered a 3% increase this week.

Among the Top 10 cryptocurrencies, the leader of the day was Dogecoin (DOGE), which rose 5.4%, followed by TON, whose price rose 3%. Solana (SOL) appreciated 1.9% and Ethereum (ETH) had the smallest increase of the day, with a slight gain of 0.5%.

Meanwhile, Worldcoin (WLD) has surged more than 17% and had the biggest gain of the day in the Top 100 thanks to a change in planning by OpenAI. And as for Bitcoin, the behavior of short-term traders is more evident.

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According to Fernando Pereira, an analyst at Bitget, one chart that deserves attention is the Capital Flow by Short-Term Holders, that is, the flow of cryptocurrencies made by short-term holders. This data monitors the movement of capital generated by investors who hold Bitcoin for a short period of time, usually up to 155 days.

Short-term Bitcoin holders in the crosshairs

“In falling markets, we see negative capital flow, as short-term holders sell their positions, either to take profits or minimize losses, signaling selling pressure. This behavior is also accompanied by the cost basis of younger coins (1 week – 1 month) falling faster than that of holders of coins between 1 and 3 months old, suggesting a net capital outflow,” he explained.

On the other hand, a positive capital flow occurs during bullish periods when short-term investors accumulate, signaling optimism. In such cases, the cost basis of younger currencies grows faster, indicating an inflow of capital into the market.

Currently, younger currencies are trading at a lower cost than older currencies, suggesting a net capital outflow from the market. However, Pereira notes that this indicator, at its current stage, could indicate a reversal, with initial signs of recovery and positive momentum gaining.

Artificial intelligence (AI) giant OpenAI is undergoing a major restructuring, with one of its biggest changes being to no longer be a nonprofit organization. The company will now be a for-profit company, and its former nonprofit board will no longer control the entity.

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There is no set timeline for when the company will complete the move, but the market welcomed the news. As a result, the WLD token, which powers one of the company’s main projects, Worldcoin, soared more than 17% on Thursday.

After the restructuring, OpenAI could be worth as much as $150 billion, making it one of the most valuable artificial intelligence (AI) companies in the world. This shift began in part after OpenAI began charging for premium access to more apps linked to ChatGPT, its main service.